SVS Securities - shut down?

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.

Michael_Reynolds

snipkin said:

"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".

There are two managing partners of Da Vinci which owns ITI. When it comes to Russian dummies these two are the highest you can go.  EMAIL OLEG THE CHAIRMAN OF DA VINCI. HE'S A DEARLY BELOVED FRIEND TO ALL LOST AND DISILLUSIONED SVS CLIENTS!. oleg.jelezko@dvcap.com

My sincere thanks to Jamesram who did ALL the leg work on this discovery

Michael_Reynolds

SteveJohnson56 said:

Looks like I will be sitting here all night, funny thing is with the on-boarding it accepted my out of date invalid passport!

THAT IS SIMPLY STAGGERING NEWS!

IT TAKES REAL TALENT TO DEVELOP THAT LEVEL OF INCOMPETENCE! A LONG SPELL IN THE GULAG IS THE REQUIRED PRESCRIPTION

Josl

Finally some good news. Just got a message from Barclays Investments that valuations sent over by ITI Capital have been confirmed and a date for transfer of both accounts has been set for next week. Cash holdings have also been paid to my bank today.
I would like to thank prominent forumite who engaged in thoughtful messages with me. I wish all of you best of luck with your transfers. 

shiznit76

Could we have a winner in the first escapee stakes?

SteveJohnson56

Must be 4 hours now and the upload documents are still stuck. Another complaint going to LC tomorrow.

rnf11

RasputinB said:

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.

Prescient - considering the mess they were setting up by selecting ITIC.

I am now starting to see reports of ex SVS clients whose holdings - after all this time - are now found to be not acceptable on ITIC's system. This is clearly on a par with miss-selling and should be dealt with accordingly.

Note that LC have never stated why they would not split the SVS clients up by type, eg. UK x-o share dealing, forex, overseas so that we would have ended up with more suitable brokers. PWC were able to do that with clients who were previously clients of BACSL's Colwyn Bay office in the course of the Beaufort Securities Special Administration..

LC - how about some contrition?

My2penneth

ITI have told me some shares are not supported on Phoenix. That is why they are stuck in the holding account.

Doesn't explain why they can't transfer my wife's Hargreaves shares from Qort to Phoenix.....after all, I actually bought Hargreaves shares on Phoenix ( where they are supposedly not supported! ).

Looks like iShares are not being moved neither...even though one can log onto Phoenix and get a price under " Trade".  

I really don't understand what their problem is...it seems they are deliberately making things difficult.  Setting up the ITI call centre in South Africa might be cheap but it is bad idea ( and I wasn't best pleased when the lady on the other end of the phone hung up on me for no reason).