SVS Securities - shut down?

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

My2penneth

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.

#SteveJ56
We have 4 accounts - 2 for me and 2 for the wife. 

Bit of background first - I emailed ITI about my accounts (with account refs) and they emailed back to say that "we've made mods so that the next time you log on to your wife's accounts it will come up with the closure request screen.

To answer your question - I started to fill in the on screen form but I was not happy with the instructions to "close" accounts and I noted that balances were incorrect, misleading and in conflict between Qort and Phoenix. Thus, I stopped in my tracks. (If we log on to my wife's accounts now we get prompted to CLOSE accounts...I will not do this).

(many attempted phone calls & emails followed with ITI - especially to the new South African call centre which is extremely noisey !!)

I did note that I was apparently giving the instruction to close accounts that contained a list of zero stocks - where the shares should have been listed , it was empty.

I've posted screenshots previously ....many pages ago. I've had all the usual things that many report - shares missing, negative shares, valuations twice what they should be, valuation of zero.  

RasputinB

My2penneth said:

This thing about dividends.....when HMRC get involved it will get very sticky for ITI senior management.  

I had an issue with another stockbroker about errors on their Consolidated Tax Advices and they said (among other arguments) that the CTA document "isn't a document we are regulatory obliged to send out to customers" and therefore if overseas dividends were incorrectly classified as UK they weren't responsible!

My2penneth

ITI have done something right...Looking through the Phoenix reports I noted that they have refunded overcharges on dealing costs. My account cash balance has increased by £27.30 and there is a note to say "Incorrect Commission"