SVS Securities - shut down?

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.

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.

IanManc

Jamesram said:

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

Three 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."

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.