SVS Securities - shut down?

shiznit76

i got my Phoenix username and password emailed to me weeks before my shares were populated in to it, which only happened within the last fortnight

SteveJohnson56

gibson81 said:

SteveJohnson56 said:

I gave uploading the first of several accounts forms after 4 hours late last night and emailed further complaints to LC and ITI Capital to sort the confusion, mess of their creation out.
It is just not right when as a client I am asked to sign a  'Cash Withdrawal Order' with a sub-section titled  Cash Withdrawal/Transfer Request Details, showing £0 no stock, whilst giving my bank details which I hasten to add I did not.
It's almost tantamount to fraud on their behalf. 
I can see and have screenshots showing I do have assets/cash in my three accounts but as others have said it is worrying they will withdraw cash from an ISA .

My2penneth or anyone else I take it the form  you downloaded and signed during the 'Closure Form' process did yours show as £0 zero cash and no stock?

This has become very stressful and sole destroying dealing with shITI Crapital.

The closure forms I downloaded listed all of my share holdings correctly. This was on page 2 - Securities Transfer Order. I have signed them and uploaded them both. I then had to provide ITI with the account number for my receiving brokers and that was that.

I am surmising there is nothing in mine as all cash/assets have been moved from SC accounts to linked Phoenix accounts. I did mention that in the email I sent ITI to reset my status.

johnburman

There has been some heat generated by the "transfer" out requests but as far as I can see nobody (other than one) has actually been transferred out of ITI.  It is now 8 weeks since my requests went in and no transfer.  Anyone else actually been transferred out?
AND
Complaints go to ICI, LSE and FCA; LSE and FCA especially.   And perhaps also to the FOS.  But why to LC?  They have no access to our shares or funds so what can they do?

Jamesram

Josl and shiznit76: Could we have a winner in the first escapee stakes?

Congratulations Josl. I thought my stock transfer was in a winning position but I have been nobbled at the last by ITI Capital- they sent over the  3 stocks from my QortSC a/c as an ISA (wrong) and 7 others from my PX a/c correctly as ordinary trading account stocks.

iWeb tell me today that this has been rectified by themselves, and now they need a "Settlement date" (same as Josl's "date for transfer" I assume) which they should achieve to be effective on a date next week- so all bets are still on for an exciting finish.

It's sad if this is just a two horse race though - there should be hundreds if not thousands of other runners with low odds.

ToughG

The endless frustration. I managed to get a 'valuation' from ITI yesterday. Except it was only for my QUORT account, not the Pheonix one. I (amazingly) then got a valuation for the Pheonix account too. Stock holdings were all correct, but the cash position was significantly overstated. I resisted the temptation to simply approve the valuation - I may live to regret that. How much longer might it now take ITI to reconcile the cash position on a single account. My bet: at least a week.

The specific account management person dealing with my case has also told me that his "secondment" to ITI ends on 30 September. Is this a signal that they expect to be completed by then (ha ha ha ha ha) or will this simply lead to a load more issues as the minimal additional resource they've put in place all disappear? And why tell me that? I am expecting (unrealistically based on past performance) for it to be dealt with by then. Until it is I shall keep hassling senior people at ITI through multiple channels until it is sorted.

shahtx2

Complain about an insolvency practitioner

Pls lodge your complain here:

insolvency-practitioners.org.uk/regulation-and-guidance/complaints-procedure/

foi@insolvency.gov.uk

gov.uk/complain-about-insolvency-practitioner

I've taken my money out of ITI as our case is against LC who are totally to blame for our losses. We all need to make a cohesive effort to get compensation from them or the FSCA.

LC chose ITI without vetting them. FCA chose LC professional services with adequate compensation insurance for negligence.

(LARGE firms can also make mistakes: check Sharesoc article on Deloitte ..Record Fine on Deloitte)

RasputinB

toad333 said:

Hi guys

I’m an overseas client.
I think I will sell everything and transfer the cash to Interactive Brokers. Not sure if they transfer to accounts
outside the U.K.

Hi, I'm non UK too and I have an account with Interactive Brokers but I only use it for USD. I find their platform, reports etc. complicated. I have no idea how they are with Sterling but USD wires from my US bank account go through same day. Yeah, UK choices for non residents are very limited but I do have a Hargreaves Lansdown account.

Jamesram

shahtx2 said:

Complain about an insolvency practitioner

Pls lodge your complain here:

insolvency-practitioners.org.uk/regulation-and-guidance/complaints-procedure/

foi@insolvency.gov.uk

gov.uk/complain-about-insolvency-practitioner

I've taken my money out of ITI as our case is against LC who are totally to blame for our losses. We all need to make a cohesive effort to get compensation from them or the FSCA.

LC chose ITI without vetting them. FCA chose LC professional services with adequate compensation insurance for negligence.

(LARGE firms can also make mistakes: check Sharesoc article on Deloitte ..Record Fine on Deloitte)

 Polite Observation;- Be aware that you cannot expect any cash award to result from such a complaint, if that is the motivation

".UPDATE ON MY PROSPECTIVE COMPLAINT ABOUT LEONARD CURTIS TO THE INSOLVENCY SERVICE

https://www.gov.uk/government/publications/insolvency-practitioners-guidance-for-those-who-want-to-complain/insolvency-practitioners-guidance-on-how-to-complain-about-an-insolvency-practitioner

21. Will I receive any compensation if my complaint is upheld?

No. The authorising body cannot award or compel an insolvency practitioner to pay you compensation for any financial loss you consider you may have suffered.  If you believe that you have suffered a financial loss as a result of negligence by an insolvency practitioner you should pursue your own legal remedies.

Never mind, eh! I was only going to spend weeks formulating my complint case, gathering and providing evidence and dealing with enquries and responses from LC just for the fun of it. I have nothing better to do."

RasputinB

As suggested by My2penneth I tried logging into Pheonix through the IB portal. It works - I get to the same page "Your account application is pending approval".

Josl

gibson81 said:

Josl said:

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. 

Good news. I was told my transfer would take 4 to 6 weeks but this is for an ISA account. Was your transfer just a normal trading account?

1 standard and 1 ISA