SVS Securities - shut down?

sweeter_strudel

toad333 said:

I’ve been emailing ITI for 10 days but have had no response. Don’t even have a Phoenix account yet. Sent off passport and proof of address scans. What’s the best way to contact them and get a response?

There is no "best" way, I have three Phoenix accounts (don't ask how that happened), the live one is not linked to SVS, the two that having been stuck at Pending Approval for a couple of months are not yet live. All messaging and emails are ignored. 

gonzo7

After the transfer from SVS I had 2 QORT accounts (beginning SC….), one ISA one non-ISA.  I initiated a transfer of these to IWeb about a month ago based on the SC account numbers.  Since I did this ITI has moved most of the stock and cash to Pheonix accounts (beginning PX….).  No valuation seems to have been provided to IWeb.  Is it the understanding of more experienced contributors that I need to initiate a second set of transfers based on the PX account numbers?

 

There is a second issue.  I had a share in my non-ISA account which neither ITI nor Iweb seem to want to deal with and it remains in a QORT account.  It seems to me that I either ask for it to be cashed in or ask for it to be returned to me as a share certificate.  Am I correct in thinking that a sale is still on the SVS tariff?  I can’t see a means of electronic sale so I guess it’s a phone call – is that right?

 

many thanks

My2penneth

I contacted the South African call centre again this morning (8001 number).  Really painful - they are reading from a script and they can't help. They gave me the accounts management number for ITI in London (...8015). As someone mentioned, up the ladder, down the snake.  

My2penneth

sweeter_strudel said:

toad333 said:

I’ve been emailing ITI for 10 days but have had no response. Don’t even have a Phoenix account yet. Sent off passport and proof of address scans. What’s the best way to contact them and get a response?

There is no "best" way, I have three Phoenix accounts (don't ask how that happened), the live one is not linked to SVS, the two that having been stuck at Pending Approval for a couple of months are not yet live. All messaging and emails are ignored. 

Yep, no best way - ANY contact with ITI should be considered as a treat, a rare delicacy..... (huh!)
I'm surprised that your PX accounts are still at pending approval after nearly TWO MONTHS. How long does it take to "flick a switch" in the software.... ?  Mind you - once your accounts are approved, what are you going to do with them ? (!) 

Monsieur_Bourse

Thanks again M2P.

You are correct in your assumption that Phoenix did not know that my shares had gone XD, as they went XD on the  6th and 13th August respectively, before the Phoenix rose from its ashes. The e-mail that I received with the log-in details was received the 5th August, and we all know that it only takes 2 working days to set-up a Phoenix account!

As I posted earlier one dividend is showing in the cash section so it has obviously been transferred across from the Qort account, the other is still only showing in the Qort account, but with no reference as to which company the dividend was paid in from. I assume a tax voucher will show up somewhere eventually, although I will not hold my breath.

Still no cash paid into my wife's bank account from the share sales last Monday, if nothing appears by tomorrow I will send an e-mail threatening them with a FOS complaint, which seemed to work last time.

Glad to hear that iWeb were understanding about your problem. I can really see the transfers out going way past Christmas myself, if ITI have not gone into administration by then. HL are proving to be a bit of a pain in the rectum, it is now 3 weeks since they acknowledged they had received my transfer request, with no updates as to what is or is not happening, and to date they have not even acknowledged receipt of my wife's request. It takes over 20 minutes for them to answer the telephone and it took a week to answer my e-mail, only to try and turn the situation around on me telling we that I should have waited longer for them to answer the phone. I have never liked HL but sadly having an overseas address our choice is limited.

RasputinB

johnburman said:

So My2p, have you asked your new brokers iWeb to tell the FCA (and LSE - after all they are both members) about the tardy performance of ITI?  If there is a systemic problem wiht any regualted entity, don'd they have a duty to report it to the FCA and the LSE?  Why have iWeb not done so?

These would appear to be two specific rules breached by ITI Capital. Are there others?

CASS 6.6.2 - A firm must keep such records and accounts as necessary to enable it at any time and without delay to distinguish safe custody assets held for one client from safe custody assets held for any other client, and from the firm's own applicable assets.

CASS 6.6.3 - A firm must maintain its records and accounts in a way that ensures their accuracy, and in particular their correspondence to the safe custody assets held for clients and that they may be used as an audit trail.

collin618

toad333 said:

I’ve been emailing ITI for 10 days but have had no response. Don’t even have a Phoenix account yet. Sent off passport and proof of address scans. What’s the best way to contact them and get a response?

Email Alex at  <Alexander.Levy@iticapital.com> he sorted mine 
Other email address that work are:
Sabina Khan <sabina.khan@iticapital.com>,
Rahul Agarwal <Rahul.Agarwal@iticapital.com

collin618

Has anyone had a SIPP logon yet?

Halty2

 An update, I have just checked my ISA with HL and all shares have just been transferred across correctly from ITI. Still a joint account to go but at least signs of progress at last.

Monsieur_Bourse

Well that is spooky. I think that HL must be reading this forum, within about half an hour of me posting my lack of response from HL, I have now received a secure message to tell me that HL have received my valulation from ITI and are now carrying out their own checks. I am not sure how long that will take but hopefully things are progressing.