SVS Securities - shut down?

RasputinB

Nbs222 said:

RasputinB : was the cash withdrawal in the the last 2 weeks

Yes. Two transfers, £10 fee for each, went by faster payments on 18th September and a couple of days earlier.

johnburman

HL told me to-day they were batching transfers with ITI.  Good for some bad for others.

snipkin

manted said:

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 ?

(1) Jarvis x-o - still waiting transfer from ITI (the remainder of my non-ISA account, having sold most of it via telephone and withdrawn the cash to re-invest it myself a month or so ago) (ITI Capital acknowledged my transfer request 8 Sept 2020,19:17)
(2) HL - (ISA account) still waiting transfer of whole account from ITI (HL message 21 Sept: "I am pleased to confirm that we have had acknowledgement from ITI Capital that they have received our transfer request and we have sent our formal acceptance.")

gibson81

SteveJohnson56 said:

Well there's a coincidence, just had a scam call from 02080576022 with my email address and my name. The only people this could have come from  are SVS/ITI Capital as the number they have of mine has only ever been giving out to them.

I've also received several calls from this number. I haven't answered. When will LC intervene and sort this shambles out?

collin618

Apologies for banging on about Corporate Finance Bonds and Angle Fish bonds sold by SVS in SIPP and ISA's but I find out today that they have been written down to nil and as such valueless. I hear that Meriden? may be taking on the assets.
Have any sipp or Isa customers heard anything I seem to have lost the best part of the pension claimed re FSCS limited to 85K
Complaint into the FCA for letting SVS continue to risky bonds in to pensions 

Sheris

gibson81 said:

SteveJohnson56 said:

Well there's a coincidence, just had a scam call from 02080576022 with my email address and my name. The only people this could have come from  are SVS/ITI Capital as the number they have of mine has only ever been giving out to them.

I've also received several calls from this number. I haven't answered. When will LC intervene and sort this shambles out?

Just had the same call from that number 19.25 also companies wanting me to sign forms on line as they are taking legal compensation for ex SVS clients, be careful and I'm ex directory, data broken.     

gibson81

Sheris said:

gibson81 said:

SteveJohnson56 said:

Well there's a coincidence, just had a scam call from 02080576022 with my email address and my name. The only people this could have come from  are SVS/ITI Capital as the number they have of mine has only ever been giving out to them.

I've also received several calls from this number. I haven't answered. When will LC intervene and sort this shambles out?

Just had the same call from that number 19.25 also companies wanting me to sign forms on line as they are taking legal compensation for ex SVS clients, be careful and I'm ex directory, data broken.     

How many temp staff have ITI taken on to deal with the backlog and how can we be confident our data and contact details are being treated confidentially? Scam calls would suggest they aren't!

Jamesram

IanManc said: 3 days is far too short a period for inclusion in a Letter Before Action. The "Practice Direction - Pre-Action Conduct and Protocols" sets out what should be done before civil proceedings are begun, and states:

"Steps before issuing a claim at court
(...........) The steps will usually include—

(a) the claimant writing to the defendant with concise details of the claim. The letter should include the basis on which the claim is made, a summary of the facts, what the claimant wants from the defendant, and if money, how the amount is calculated;

(b) the defendant responding within a reasonable time - 14 days in a straight forward case and no more than 3 months in a very complex one. The reply should include confirmation as to whether the claim is accepted and, if it is not accepted, the reasons why, together with an explanation as to which facts and parts of the claim are disputed and whether the defendant is making a counterclaim as well as providing details of any counterclaim; and

(c) the parties disclosing key documents relevant to the issues in dispute."

  Reply: Thank you Mr Manc. Very perceptive. You deserve a Merit pass in the Civil Procedure Bar Examination. Just a few points:-

Point 1. Under PRACTICE DIRECTION – PRE-ACTION CONDUCT AND PROTOCOLS in civil cases, there is no Protocol for use in simple debt cases- check Para 18

Point 2. Under Para 6 "Steps before issuing a claim at court"

            6....... Where there is no relevant pre-action protocol, the parties should exchange correspondence and information to comply with the objectives in paragraph 3, bearing in mind that compliance should be proportionate. The steps will usually include—

(a) the claimant writing to the defendant with concise details of the claim.

(b) the defendant responding within a reasonable time - 14 days in a straight forward case........

Point 3   Para 3, which is pivotal, sets out the Objectives of pre-action conduct and protocols

3. "  Before commencing proceedings, the court will expect the parties to have exchanged sufficient information to—
(a) understand each other’s position;

(b) make decisions about how to proceed;

(c) try to settle the issues without proceedings;................................................

Point 4     Para 4. A pre-action protocol or this Practice Direction must not be used by a party as a tactical device to secure an unfair advantage over another party. In other words, ITI should not be able to insist on a unnecessarily long period to, for instance ,"understand each other's position "in situations where he respective positions are as plain as a pikestaff.

Have you read the background to the problems people like M Bourse are experiencing with these shysters ITI, who are completely out of their depth and breaking fundamental obligations of a broker registered with the FCA and the LSE?

Are you seriously suggesting that the Court would find that ITI required more than 3 days (a)  to understand its and M Bourse's position and (b) decide whether to pay M Bourse his own money back? and (c) settle the matter by paying him? [As per Para 3 above]

Do you really believe the Court would strike out a judgment entered in default of a Defence, for instance, purely on the basis that ITI  had not had long enough to see whether they owed M Bourse his money when he had previously demanded it and their own records show that is owing to him?

Plus the fact that of course most people who are deperately trying to get their money out of ITI have been asking them to pay it out to them for at least 14 days already.

Bearing all the above in mind, do you really believe that the Court would criticise any Claimant in M Bourse' and other SVS clients in similar positions for not giving ITI another 14 days to eff about? You are having a larrf my friend.

And of course  anyway there is absolutely nothing in the Court Rules of procedure to preclude M Bourse bringing a Claim on 3 days notice- no court clerk or computer programme will prevent him from doing so. ITI would then  have to satisfy the Court that he had been beastly and unfair to them, and that therefore they should have any  judgment set aside. I would wish them luck with that!

pjm1976

Hello!
I have been following this board for a while and it’s been a great help!
just thought I’d let you know that I’ve had a successful transfer from ITI to my iWeb account!
trading account and an isa account all shares correct.
forms sent into iWeb around 4th August same time as m2p just used the sc account numbers.
shares just appeared in my accounts on Monday.
thought I’d let you all know.
hopefully everyone gets sorted soon!
thanks phil

Jamesram

Phil you are a very fortunate Phil. Congratulations- do you have friends in the Kremlin by any chance?