SVS Securities - shut down?

Monsieur_Bourse

My wife instigated a cash withdrawal on the 14th September for 2 shares that she sold, no cash has shown up in her bank account to date. Like Rasputin she e-mailed the dealer who carried out the sales and he asked for the withdrawal form, this was yesterday so if he has managed to enact the withdrawal then I guess it will show up in the next day or two. This really should not be the case having to fight for your own cash, totally disgraceful, but who on earth can you complain to? Nobody seems to be penalising ITI Capital for dragging their feet for nearly 9 weeks now, I had hoped that ShareSoc may have shaken things up a little but they seem content to just warn ITI not to be naughty boys, maybe that is being unfair to ShareSoc.

Today my wife received an e-mail from ITI about a complaint she made on the 26th July, it's OK they have confirmed that she has now received her log-in details for her Qort account! They still have not transferred her shares into an open Phoenix account, still it's only been 9 weeks what can she expect?

Like everybody else I am totally !!!!!! off with the whole situation, I just cannot believe that this is allowed to continue with seemingly no end in sight. Not wishing to bring politics into this, but I am beginning to think that either there must be a Tory politician or a large Tory donor involved with ITI Capital who is dong a great job in suppressing what a total shambles is unfolding, I really cannot think of any other reason.

Jamesram

IBS1947 Here is one we made earlier- just found the "scan doc  in" facility

Josl

Nbs222 said:

Has any  managed to withdraw cash recently (from ITI)

Cash withdrawals made on 05-Aug paid out last Friday on 18-Sep. Settlement date for securities transfer is Friday 25-Sep so I'll post when this is over.

Jamesram

Oh by the way HAPPY MONTHLY ANNIVERSARY EVERYONE! 23 July 23 August 23 September

Here's to absolutely no more.

ibs1947

Thanks jamesram you’re a star this lot going to drive me to an early grave..

Josl

Anyone else getting calls from Claims Management Companies? I have had 5 this week alone. Two were very specific and knew that I was a client of SVS. I have not given out my details to anyone. Wonder who is selling out or info to CMC?

n_aftab

Josl said:

Anyone else getting calls from Claims Management Companies? I have had 5 this week alone. Two were very specific and knew that I was a client of SVS. I have not given out my details to anyone. Wonder who is selling out or info to CMC?

LC warned of the same thing a few times - which makes me think it was one of the out going svs securities member of staff that had access to the contact data

Jamesram

Monsieur_Bourse said:

"My wife instigated a cash withdrawal on the 14th September for 2 shares that she sold, no cash has shown up in her bank account to date. Like Rasputin see e-mailed the dealer who carried out the sales and he asked for the withdrawal form, this was yesterday so if he has managed to enact the withdrawal then I guess it will show up in the next day or two. This really should not be the case having to fight for your own cash, totally disgraceful, but who on earth can you complain to? ....."

If there is a specific sum of cash that ITI is effectively with-holding you could enter a Court claim for debt using the Money Claim Online MCO, which is linked to the County Court Sytem bur works independently and allows creditors to issue a claim on line. There is a fee, recoverable from the Defefendant if judgment is entered. The system is easy. I have used it succesfully.

I had been thinking of having to use it for unpaid Dividends but it might interest you M Bourse. You have to send a "letter before action"- the system expects it. That can be to your advantage. An email to ITI account management or whoever is dealing, entitled Letter before Formal Court Action or something like that might shake them up - give them 3 days to sort it, failing which "you intend to issue  Court debt proceedings  for the sum of £xx due together with statuory interest thereon and Court fees, without further notice to yourselves"

You never know- might shake some action.  More info and details of fees at https://www.gov.uk/make-money-claim and other sites

manted

Update on my post from yesterday

Here's my summary - based on reading posts on this forum regularly - 
AJ Bell - 1 successful outcome posted
HL - Multiple people reported successful outcomes
iWeb - Multiple people reported successful outcomes
Interactive Brokers (USA) - 1 successful outcome posted. Basically as Phoenix is their platform, transfer is simpler.
Interactive Investors  - No Success yet
HSBC - No Success yet
IG - 1 partially successful outcome posted ?

Barclays - 1 successful outcome posted (settle date 25th)

Equiniti - No Success yet

Any others that I maybe missing ?

Monsieur_Bourse

Thanks for that Jamesram, I will certainly threatening them with that if nothing shows up tomorrow. I have used the threat of a complaint to the FOS successfully in the past, but now they just probably roll around the office floor laughing at that. But your idea certainly will carry some weight, I will look into the fee involved, we had planned to run my wife's account down gradually and repurchase any shares she wished to keep with another broker once the cash had been returned to her bank account, just to get away from ITI.