SVS Securities - shut down?

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."

IanManc

Jamesram said:

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

If by "This is OVER" you mean you're going to stop giving your half-baked advice on this thread then I'm sure that the readers and contributors will all be heartily relieved.  🙄

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.

IanManc

johnburman said:

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.   

In the two sentences I've highlighted you have succinctly described the whole situation.

A nominee broker holds all their clients' assets in a ring fenced entity, so the process of moving clients and their assets should not take long or be especially complicated.

When I began reading this thread over a year ago you began to post contributions which said, in terms, "why is it taking so long? and a year later there is still no reasonable answer.

It really beggars belief in a country which is a financial centre of the world that individuals who do something as simple as holding shares and funds should be left to feel so powerless when a broker fails, leaving them without any recourse to a practical quick means of resolution. A year is a long time to be worried sick.

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.  

Researcher16

Progress 24th Sept: 

Following a rather terse email from me regarding lack of communication, Chris Smith apologised for the delay and requested a scan of my son’s bank statement.  The cash has now been deposited in my son’s account.  Interestingly, the cash is still being shown as present in his ITI account (double value too).   

Chris Smith also commented about some progress being made in the process of our shares transfers: “We are currently working with Equiniti and Hargreaves Lansdowne to transfer multiple client positions. I can confirm that both brokers have notified us of your transfer request. Valuations have been sent to Hargreaves Lansdowne, and we will be sending a valuation to Equiniti this week.”

Message yesterday in Son’s HL account: “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.”

There have been no update messages since 10th August in my husband’s HL account nor my Equiniti account.

Jamesram

johnburman said:

1  can certain gentlemen who post please moderate their speech.  Things are stressful enough as it is without reading 'intemperate' comments

Apologies to one and all- should not allow myself to be "wound  up". No one wants to read a spat about nothing less than 2 different points of view- and no one ever "wins".