SVS Securities - shut down?

shiznit76

did you not confirm with Iweb already what holdings were in the valuations ITI had sent over? When i checked with Iweb they knew all my holdings in both my Qort and Phoenix accounts, even though i had only gave the the account number for the Quort account (this was the only one i had when i put in for a transfer)

Sheris

My2penneth said:

I wouldn't mind but
(1) ITI Capital should bloomin' well know what is in my accounts
(2) I'd actually emailed and agreed accounts with Argawal ..line by line, share by share, quantity by quantity.
I suspected that they had lost details on what should be in my account - why would they feel the need to ask me? 
 
Who sorts it out.?...muggins here on the end of a phone to a call centre in South Africa because he can't get through to an office in London. 

Of course, my valuation reports are one of many that ITI will claim they have processed and sent to the new brokers....I wonder how many others are getting reports of "nothing in the account"? 

This situation is wearing rather thin! 

(still, all these conversations are good reminders for my complaint to the FOS).

Muggings here as well, trying to solve out the incorrect shambles from L&C of which they have charged me the cost of 10k of tax payees money, unbelievable where my taxes are going.      

My2penneth

shiznit76 said:

did you not confirm with Iweb already what holdings were in the valuations ITI had sent over? When i checked with Iweb they knew all my holdings in both my Qort and Phoenix accounts, even though i had only gave the the account number for the Quort account (this was the only one i had when i put in for a transfer)

I was surprised they had actually sent anything....even "nothing".  But they will tell the FCA that they've sent out valuation forms to brokers. I asked iWeb last week if I'd have chance to verify but they said ( I misquote) not to worry my sweet head ( I was concerned that ITI would miss out a few shares....not ALL of them) and it was rare to mess this stage up. I,of course , knew that we are dealing with ITI here! 

I must admit that I only gave the qort number because ITI told me that they would sort everything out...besides, what is in PX should match the SC accounts....but they don't as we know!

fmmajid

Holders in IAG who are with ITI caught up in this fiasco have a deadline for the rights issue of tomorrow***
My stock is not even showing!
WILL THE FCA COMPENSATE FOR THIS???
DURING THE LOCK OUT PERIOD IAG SHARES REACHED 660p; now trading at 110p.
Again will the FCA compensate for this huge loss??

Michael_Reynolds

I'm wondering whether we should ALL do a reverse transfer back to LC? They have warned that it would be a long & slow process but can it really be any slower than the "Glacial" pace that ITI move at? LC won't like it but it would clearly place the responsibility back with them. I honestly don't think this will ever end at ITI. Last week I was more hopeful after emails from Rahul, Smith and Oleg but it's all "flim flam". There is Zero progress. They are just playing for time

RasputinB

fmmajid said:

deadline for the rights issue

Hi. You will need to check but if my memory is correct there was an "overider" in the Distribution Plan that means that ex SVS clients should be advised of pending rights (corporate events). I don't think the ITI Capital terms of Business gives them any obligation to advise. This is from the distribution plan "You should be aware that, for administrative purposes and in order to ensure that we meet the deadlines imposed by companies, registrars and settlement systems, it is often necessary to impose an earlier deadline on corporate actions and those set out in company documents. You should clarify the timetable for any actions either with your account executive or through the Company online team. If the Company requires your instructions on a Corporate Action and does not receive a reply, or is unable to contact you by the deadline day, then the Company's default option will be to accept the company's basic offer. In the event of a Corporate Action that requires payment (i.e. a rights issue) where the Company is unable to obtain a response from you by the deadline date then our default option will be to lapse the offer".
Clarifying "the timetable for any actions either with your account executive or through the Company online team" might have been impossible so I hope you will be able to show what steps you took to try to do that. Personally, I would always involve LC in such communications.

Nbs222

I have also received  IAG rights issue letter from ITI , the letter is not easy to follow or understand. Why can't they have simple form with  no of shares to subscribe and the price. They don't even mention  my stock qty  in the  letter. I know the offer is for 3 for 2. i.e if you have 100 shares you can subscribe for 150 shares at £0.88. 

I don't know what format to use when replying in order not to cause any ambiguity. At the moment my stock is in Qort  ISA account but there is very little cash in that account as they have moved the cash  to PX ISA account.  So If I subscribe will they say there isn't  sufficient cash to subscribe or will they pay for it from PX account.

The reason I am worried is because this is what they did with our transfers , they just sent valuations with whatever was left  in Qort  after they had moved UK based stocks  into PX accounts , that's why some didn't had any stocks to transfer .

rnf11

Some little time (and many pages) back,

Rasputin B said (inter alia)

....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. 😊

If they did, whether to you or anyone else, then surely the disclosure process should make them think twice!!!

My2penneth

rnf11 said:

Some little time (and many pages) back,

Rasputin B said (inter alia)

....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. 😊

If they did, whether to you or anyone else, then surely the disclosure process should make them think twice!!!

What legal hold do LC have on anyone.....has anyone signed a non-disclosure agreement (NDA)?
Threatening 'legal action' may be justified if one was libelling the company but if what one reports to the media is actually  true then what would the legal case lead to? I'd suggest further bad publicity for LC, loss of future work on special admin cases and a whole heap of court costs.  
Not having seen the original complaint content then what else can we say?

johnburman

Weird response from LC. Presumably their threat against you would be for defamation. But what you say is true. They were special administrators. They sold on 20k SVS clients. They selected the final vendor. The vendor was and is a shambles. No one can electronically trade 2 months after completion. They selected an incompetent purchaser. All factual and true. The issue is their diligence on the new purchaser. It self evidently was not suitable. 
But good you have LC rattled.