SVS Securities - shut down?

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Looks like I will be sitting here all night, funny thing is with the on-boarding it accepted my out of date invalid passport!

SteveJohnson56

Re-clicking the upload it just uploads to about 1/2 and sits there, also tried the invalid passport same result I don't have fast broadband but this is seriously pi55ing me off!
Must be a case of the,.. "the computer says no" as in Little Britain.

Michael_Reynolds

Jamesram said:

"Don't take it out on yourself - as I said recently, its all ITI's fault, not yours"
OK here we go. I sent him some home truths as follows. Copied to him

Dear Mr Smith & Mr Agarwal,

One week ago Leonard Curtis transferred my five missing dividends to ITI Capital. Ishare paid these on June 24th and i have been waiting ever since . One was GBP, Two were EUR and two were USD.

The one GBP dividend was credited to my ITI cash accounts the day after you received the funds. Two days after the two EUR dividends were credited to my cash accounts.

A WEEK LATER AND YOU HAVE STILL NOT CREDITED THE TWO USD DIVIDENDS TO MY CASH ACCOUNTS.

I am sick and tired of having to pursue this matter. i have sent literally dozens of emails to your team and yet here I am having to write yet another email!! 

My portfolio valuations are still wrong and inspite of receivng Phoneix login details days ago I still have no access.

ITI were given an additional six week extension period in the distribution plan from June 11th to July 23rd to enable them to provide a smooth transfer of assets and cash. SVS Clients were told that with effect form July 23rd 2020 they would have full access to their trading portfolios and cash accounts.

EIGHT WEEKS HAS NOW ELAPSED AND VIRTUALLY NO PROGRESS HAS BEEN MADE WHATSOEVER. SO FAR ALL WE HAVE RECEIVED IS A COUPLE OF MESSAGES ON YOUR WEBSITE MAKING PATHETIC EXCUSES FOR YOUR BLATANT INCOMPETENCE TOGETHER WITH A NUMBER OF EMPTY PROMISES WHICH YOU HAVEN'T KEPT.

I have lodged a formal complaint with the London Stcok Exchange and I would draw your attention to the following IN BOLD:

Rule 1020 provides:

A member firm must, to ensure compliance with these rules, at all times have:
1020.1	adequate trade execution, recording, reporting and settlement procedures and systems and, if relevant, order and quote management procedures and systems;
1020.2	sufficient staff with adequate knowledge, experience, training and competence;
1020.3	adequate internal procedures and controls; and
1020.4	one or more compliance officers who shall be identified to the Exchange and be competent to advise the member firm and its employees on the application of these rules.

This shambles cannot be allowed to continue ANY LONGER. I require the outstanding matters on my account to be resolved within forty eight hours. I was prepared to give ITI a fair go but my patience has now run out.
Yours sincerely, Michael Reynolds
Just got the standard reply:

Michael,

Sorry to hear about your issues. Let me check with the ITI private clients team and I can assure you that this will be solved today.

Best Regards, Oleg.(a friend to all lost and desolate SVS Clients)

Yes I got the missing dividends but the valuations are still wrong and nothing in Phoenix of course. In 67 years of living I have never everencountered such ineptitude and professional incompetence. It is simply staggering that LC and the FCA could have abandoned us to this crowd of dummies.

SteveJohnson56

Uploaded the Closure Form fast, it is 75KB, Driving Licence is 3MB.