SVS Securities - shut down?

rnf11

RasputinB said:

I’d complained with a very strongly worded email to Leonard Curtis and I threatened to make it public on the Internet. I had a swift response threatening legal action. 😊

I had started a transfer request for my remaining holdings to go to Hargreaves Lansdown but I am wondering whether I would be better to do a reverse transfer back to SVS, as offered by Leonard Curtis.

Your first paragraph above is very interesting. Maybe they are now starting to get worried by the mess they set up.

Second paragraph re a reverse to LC. I floated this possibility with them a few weeks back, their response indicated that it would be passed on within LC. Guess what. Nothing heard from them since.

However just after that there were the muted rumblings of life from ITIC -  the email acknowledgment of the receipt of the other broker's transfer requests, then email asking for their closure forms et al - so I have left things to take their course.

No doubt LC have no desire to be swamped with angry returnees, but if no further transfer progress is reported to me by the end of this month, then I will review the matter.

Nbs222

How do you do the reverse transfer to LC

My2penneth

Email to client service with copy to Rahul Agarwal

Please amend this form - it is incorrect and misleading. 

This looks like it is a request to close accounts - we want to transfer them, not close them.

You know the form is incorrect - why do you not change it?

I would imagine that ITI Capital would be held legally & financially responsible if losses ensued by providing incorrect instructions to clients.

 

You might wish to confirm this with your legal department/team.

 

name 

 

p.s. I have copied this email to a senior member of ITI Capital to draw their attention to the section underlined above.

snipkin

Just saw this on Google's reviews for ITI - 81 reviews now average score 1.7 (nearly all one star with a few rather suspicious 5 star reviews): A review by P Cronshaw (1 star):
<QUOTE> Update 16 Sep 20: Still waiting for shares to be transferred to another broker. Nothing seems to be happening except ITI told me to ask new broker to initiate the transfer and the new broker asked me to get ITI to send me transfer forms. Great! ITI's MD (look at website) is copied on emails I send to the company and today he emailed me to say "I am not aware nor involved with the situation" politely requesting that I do not involve him. As they say in USA, 'go figure'. <END QUOTE>

Perhaps more of us should email the MD - and force him to be 'aware' and 'involved' in the situation - like us who have no choice.

Jamesram

My2penneth said:

Email to client service with copy to Rahul Agarwal

Please amend this form - it is incorrect and misleading. 

This looks like it is a request to close accounts - we want to transfer them, not close them.

You know the form is incorrect - why do you not change it?

I would imagine that ITI Capital would be held legally & financially responsible if losses ensued by providing incorrect instructions to clients.

 

You might wish to confirm this with your legal department/team.

 

name 

 

p.s. I have copied this email to a senior member of ITI Capital to draw their attention to the section underlined above.

That's great My 2penneth - wish I had  said that. so clearly. I must be getting soft. Its a completely stupid, confusing innappropriate and totally unnecessary "Closure Form" anyway, and the Uploads (for so called security) it goes on to require are even more stupid  inappropriate and unnecessary. Well written, if I may say so.

rnf11

Nbs222 said:

How do you do the reverse transfer to LC

That is what I was trying to establish a couple of weeks back (see my post at 17.55 today - second paragraph).

ronkswood

Reverse Transfers dealt with by Rachel Grier Leonard Curtis Legal Department.
<Rachel.Grier@leonardcurtislegal.co.uk>

Jamesram

snipkin said:

Just saw this on Google's reviews for ITI - 81 reviews now average score 1.7 (nearly all one star with a few rather suspicious 5 star reviews): A review by P Cronshaw (1 star):
<QUOTE> Update 16 Sep 20: Still waiting for shares to be transferred to another broker. Nothing seems to be happening except ITI told me to ask new broker to initiate the transfer and the new broker asked me to get ITI to send me transfer forms. Great! ITI's MD (look at website) is copied on emails I send to the company and today he emailed me to say "I am not aware nor involved with the situation" politely requesting that I do not involve him. As they say in USA, 'go figure'. <END QUOTE>

Perhaps more of us should email the MD - and force him to be 'aware' and 'involved' in the situation - like us who have no choice.

Pierre-Emmanuel Iseux., is noted on Linkedin as Managing Director Transaction and Advisory at ITI Capital

His perspective on the Company is that :

"ITI Capital is an independent FCA regulated Investment Bank dedicated to satisfying the financial needs of mid-market companies by providing integrated and comprehensive range of financial services such as Strategic Advisory, Structuring, Fund Raising in equity, debt and/or other instruments."If only I was a mid-market company I am sure all would be fine.Sadly, as a pensioner with a modest ISA  to play with I am perhaps not surprised that he has less awareness or involvement.

RasputinB

Nbs222 said:

How do you do the reverse transfer to LC

Have a look at page 13 Section 8 of the Distribution Plan.

This is the paragraph that I like -

8.5 The Transferee shall not, without the prior written consent of the Transferor and the Administrators or unless required by law, include in any communications (written or otherwise) to Clients any reference to the rights of the Clients to Reverse Transfers nor shall they encourage (whether in writing or otherwise) any such Clients to demand a Reverse Transfer.

My2penneth

snipkin said:

Just saw this on Google's reviews for ITI - 81 reviews now average score 1.7 (nearly all one star with a few rather suspicious 5 star reviews): A review by P Cronshaw (1 star):
<QUOTE> Update 16 Sep 20: Still waiting for shares to be transferred to another broker. Nothing seems to be happening except ITI told me to ask new broker to initiate the transfer and the new broker asked me to get ITI to send me transfer forms. Great! ITI's MD (look at website) is copied on emails I send to the company and today he emailed me to say "I am not aware nor involved with the situation" politely requesting that I do not involve him. As they say in USA, 'go figure'. <END QUOTE>

Perhaps more of us should email the MD - and force him to be 'aware' and 'involved' in the situation - like us who have no choice.

That's one MD that I'd sack - "not aware" ,not involved" - you're the bloomin' MD and you are basically ignoring the issues.