SVS Securities - shut down?

Sheris

rnf11 said:

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.

With a good Barrister, L&C would not have a chance with all the evidence and still no end to the total shambles.       

My2penneth

Jamesram said:

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.

email sent at 17:59
reply received at 18:07 from Mr Agarwal.

Seems ITI are aware of the issue from customer feedback and will be correcting the form to make it clearer to the customer. 

The reason given for the current status of the form was 
"For what it’s worth, the reason why this was marked as ‘Close’, is because when SVS client data was initially loaded to our systems, clients were provided temporary accounts in our back office system to book their positions. When the registration process kicks off, the client makes a decision to transfer away from ITI and is essentially telling us to ‘close’ his account. "

(no, not very clear if you ask me..but that's why there is confusion)

I thanked Mr Argawal for his prompt reply and hopefully they will be able to action the transfers out asap.  

SteveJohnson56

I'm attempting to fill the closure form right now after having LC intervene after waiting a week to have my status reset, next day after complaining to LC. My accounts have no cash or shares showing, really are a bunch of shysters,... as Jamesram suggested I have also entered bank details as 00000000, so far so good.

SteveJohnson56

Downloaded the Closure Form, not a happy experience when it gives the impression I have nothing to transfer.

SteveJohnson56

Not even sure where to sign the form, they really are tw@ts, making it so confusing, sitting here pondering.

SteveJohnson56

The Closure Form is actually titled Cash Withdrawal Order totally baffling and I don't even want to withdraw any cash, although I have not given them my bank details.

shiznit76

i take it if ITI have sent our valuations to new brokers that we don't have to close our accounts also?

Sheris

SteveJohnson56 said:

The Closure Form is actually titled Cash Withdrawal Order totally baffling and I don't even want to withdraw any cash, although I have not given them my bank details.

Be careful what you sign if you you are not fully sure, even L&C told me on the phone many weeks ago its very confusing. 

SteveJohnson56

This account is non ISA, I've signed it, now trying to upload documents, first one says passport, I don't have a valid one so uploading my driving licence, the bar showing the upload has reached half way and does not want to budge. exactly the same problems encountered with the on-boarding, I hate these fckers with a passion, the hours, the stress.

SteveJohnson56

Looks like I will be sitting here all night, funny thing is with the on-boarding it accepted my out of date invalid passport!