SVS Securities - shut down?

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. 

My2penneth

Nbs222 said:

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 .

That looks like what they've done.  The ITI staff are probably in autopilot mode having made a start on the accounts of people who did not on board originally and are used to dealing with SC numbers only.  

Does this mean that we need to issue 8 transfer requests for a couple who hold a non ISA and an ISA account each..?  
There was no mention  of not being able to transfer shares to Phoenix (PX). Seems that shares which ITI say cannot be transferred would sit in limbo unless one actually did submit a transfer request for all residual shares in an SC  account and all shares in PX! Thus we would need to submit 4 forms per person !!

I have asked ITI previously as to what number to put on the transfer form and was told that it didn't matter as they could cross reference accounts.  ITI never told us they were just using the on boarding accounts as a temporary holding platform ( first mention I've seen is by Argawal in a private email to myself last week)....we all expected to be trading once on boarded at the end of July. Only last week I contacted the 8001 call centre and asked the same question ..which account is the one to quote?. The reply was that it didn't matter as the content ( shares holdings) should be the same in both accounts ( SC and PX).   Clearly incorrect information.

RasputinB

rnf11 said:

Rasputin B said .....

I think that saying too much at this stage could be counter-productive and allegations may be unfounded anyway.
We might all be in a much greater mess if ITI Capital was shut down by regulators.
At the moment it is possible to trade and it is possible to get cash out.
Looking back on previous posts I found that someone had sold all his holdings and taken the cash over a month ago.
https://forums.moneysavingexpert.com/discussion/comment/77504871/#Comment_77504871
Obviously that won't work for most of us so we have the nightmare of transfer to another broker (or staying with ITI).
Transfers can get messy even between good brokers so I am leaning towards a reverse transfer.
Meanwhile I'm going to check my portfolio for potential Corporate Actions.

My2penneth

leonde said:

I haven't even been given a Phoenix account yet - no idea if that makes a transfer easier or impossible. I just used the SC number.

You are "behind the curve "( quite a lot of peoplehad their Phoenix accounts assigned in early August,  6th or 7th from memory ). I was able to trade online by about 3rd September using Phoenix.  When you come to put your transfer request in, I would suggest quoting both SC and PX numbers for every account!