SVS Securities - shut down?

Emillion1

I think the main question clients should be asking is actually to LC.  Where are my assets? Who is administering my assets, have my assets (cash & stock) been transferred out of SVS to ITI?  If so, I would want to know whether the CASS rules have been breached putting my assets at risk? CASS Rules 6.2.2 , 6.6.19 and 9.5.4 come to mind.  

johnburman

Emillion1, the answer is that it is almost certain that assets and cash have been transferred to ITI Capital.  if not they would not have made the very few transfers that have been made.  The CASS Rules have been and are being breached on a daily basis. That is why the FCA is involved.  But what can any one client do about it?  Answer appears to be "nothing".  My concern is that the ITI IT system is so terrible, shares will be "lost" and dividends will not be captured.  This is why we all neeed to transfer out ASAP.  But in the meantime keep on updating the FCA with our complaints so they at least know what is going one.  My fear is that ITI are minimising the issues with the FCA...back to the old "teething troubles" line.   

Jamesram

Johnburman said  "You do not threaten and then [not] carry out that threat.  The problem is that we can not quantify losses.  So any claim is likely to be for a small amount.  I wanted to start a class action but i was told by solicitors who handle that sort of case to spk to them after 3 months non-access to accounts, 6 weeks was too short.  Anyway do issue proceedings and post your Particulars of Claim here.  I do think that a breach of contract/negligence claim (and conversion) BUT do check the T & Cs that we all signed.  What do they say restricting a claim?"

Quite agree with all that's in bold John. The FSO is the way to go in my view -will take many months but any class action of the sort you describe could easily take years.

As regards Particulars of Claim I am not sure if you are referring to my discussions re. the position of Monsieur Bourse and others trying to get an identified amount  of their CASH back, and ITI are not complying with Cash Withdrawal demands. That is of course quite different and a lot simpler, and the claim can be issued through Money Claims Online without the need for a solicitor.

I would not worry too much  about the T & C's myself by the way- any global attempt to restrict legal liability is likely to be found void for unreasonableness under Unfair Contract Terms legislation.

helencary

Hi, 
can anyone give me email addresses for people that I can contact at iti that I might actually get a reply from please? 

Jamesram

Ianmanc said to me "Your advice to people embroiled in the ITI fiasco doesn't assist them. If you are going to give legal advice to people it should at the very least be competent"

Sorry not taking the bait .This is OVER

RasputinB

This is the (edited) reply I have received from the FCA after asking them if rules have been breached.
"I understand you're looking for clarification on rules within our FCA handbook as you have a complaint with a firm."
"I appreciate you've asked for clarification of a specific rule within our handbook, however we wouldn't be able to tell you or provide our opinion as to whether our rules have been breached or not. We can't interpret the rules within our handbook, if you'd like an interpretation you'll need to seek you're own legal guidance on the matter."
"We set the rules and regulations for authorised firms to follow in relation to their regulated activities; however we must remain impartial, this means we can’t investigate consumer’s individual complaints or disputes with an authorised firm, as we do not hold complaint resolution powers. Whilst we can't investigate or intervene we can log the information provided to us by consumers about their experiences with the firms we authorise, this is then made available to the relevant supervision teams here for their review."

Monsieur_Bourse

I would like to thank everybody who has contributed to the discussion as to whether instigate a court claim against ITI Capital, I really did not want to start a heated debate on this forum.

This morning I can report that the requested cash transfer has been instigated and the money is now in my wife's bank account. I assume that it was the intervention of the dealer than she e-mailed that pushed the transfer through, this morning I have e-mailed him thanking him for his assistance. My plan this morning if the money had not shown up was to e-mail ITI threatening them with court action if the transfer was not instigated within 24 hours. If this was not forthcoming then I was going to start the formal action. 

Jamesram once again thanks for flagging up this option of taking out a court claim against ITI for the non payment of cash that is our own money, as you say it is indefensible, so this option may be of help to all ex SVS clients who find themselves in the same situation.

We now plan to sell all the shares left in my wife's account, not an option that I particularly like, but just to be rid of one of our ITI accounts. I now have to make the decision whether to pay the £10 to supposedly instigate an instant cash transfer or go through the same hassle trying to withdraw the cash. You could say that if I pay the £10 then ITI have 'won' but it may be worth the price to be shot of them. My wife is still waiting for her Phoenix account to be populated after 9 weeks, so we will still be making a formal complaint to the FOS (for what that is worth).

Jamesram

helencary said:

Hi, 
can anyone give me email addresses for people that I can contact at iti that I might actually get a reply from please? 

The only person I can honestly say I have had a response from and which produced some urgent effect is the Chairman of the Board of the DaVinci Capital partnership Mr Oleg Jelezko Oleg.Jelezko@dvcap.com. He won't do stuff himself of course- he willl instruct others.I would suggest that you need to tell him that you have tried contacting A B and C at ITI Capital  but have had no response and explain a little as to the urgency of your particular case. It IS kind of a nuclear option- if he does not respond I don't know who will!

Good luck anyway

Jamesram

Helencary Sorry Helen, should have clarified that the DaVinci partnership effectively own ITI Capital- thats the connection if you did not know.

johnburman

1  can certain gentlemen who post please moderate their speech.  Things are stressful enough as it is without reading 'intemperate' comments
2  The FSO is the way to go in my view -will take many months but any class action of the sort you describe could easily take years.  Yes and Yes.  So what can one do in the meantime? 

The press are not interested.  Shame, but there we have it.  The FCA do scare ITI, but they have their own issues (as they did not object to ITI inthe first place), but my concern (expressed several times) is that the FCA do not know of the full extent, AND CONTINUING NATURE, of the problems.
3  If anybody does sue, could they post the Particulars of Claim they are using.  I fear that a claim is rather difficult to sustain and threatening without litigaiton is counter-productive.