SVS Securities - shut down?

rnf11

Over a period of time I have kept copies of ITIC data, by way of "save (web) page as" or latterly as screenshots.

Curiously some of these "saved" pages no longer contain any info, others contain info that was not on the "live" page at the time, and I have no idea what they represent - thus:-

s Stocks	Stock Code	Quantity	Currency	Value ($)
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200

Any suggestions as to what they might be, please?

johnburman

is Mr Harry Mount the same Harry  Mount who is a journalist for the Daily Mail?

My2penneth

rnf11 said:

Over a period of time I have kept copies of ITIC data, by way of "save (web) page as" or latterly as screenshots.

Curiously some of these "saved" pages no longer contain any info, others contain info that was not on the "live" page at the time, and I have no idea what they represent - thus:-

s Stocks	Stock Code	Quantity	Currency	Value ($)
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200

Any suggestions as to what they might be, please?

Try Googling AB Nit Basic Future...Google reports something called AB Nit BASIS Future.
Maybe that will mean something to you?

https://www.theice.com/products/6590123/AB-NIT-Basis-Future

johnburman

A thought on ITI.  As brokers for us are they not in a fiduciary position to us as clients?

The definition of a fiduciary was explained by Millett LJ in Bristol & West Building Society v Mothew [1998] Ch 1 (CA): (i) a fiduciary undertakes to act for a principal which gives rise to a relationship of trust and confidence; (ii) a distinguishing feature is the obligation of loyalty; and (iii) the principal is entitled to the loyalty of his fiduciary. 

If so where is that obligation of trust and confidence with us, the clients; where is the obligation of loyality - they can't even keep the details of dividends received accurately; they have failed to provide me wiht accurate (or any) contract notes.

Just a thought. 

rnf11

My2penneth said:

rnf11 said:

Over a period of time I have kept copies of ITIC data, by way of "save (web) page as" or latterly as screenshots.

Curiously some of these "saved" pages no longer contain any info, others contain info that was not on the "live" page at the time, and I have no idea what they represent - thus:-

s Stocks	Stock Code	Quantity	Currency	Value ($)
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200
AB Nit Basic Future	ABNT34567	100	USD	$ 1,200

Any suggestions as to what they might be, please?

Try Googling AB Nit Basic Future...Google reports something called AB Nit BASIS Future.
Maybe that will mean something to you?

https://www.theice.com/products/6590123/AB-NIT-Basis-Future

Thanks. I've looked it up. Never dealt in anything like that  - looks quite "exotic".

More crossed wires within ITIC!

Still waiting for inter - broker cash transfers to happen too...

An absolute disgrace.

n_aftab

LC posted this yesterday .. worth a read 
Its a warning of fraudsters claiming to be from LC to get you to buy shares ....
https://www.leonardcurtis.co.uk/wp-content/uploads/2020/09/Client-Update-28.09.2020.pdf

Jamesram

johnburman said:

A thought on ITI.  As brokers for us are they not in a fiduciary position to us as clients?

The definition of a fiduciary was explained by Millett LJ in Bristol & West Building Society v Mothew [1998] Ch 1 (CA): (i) a fiduciary undertakes to act for a principal which gives rise to a relationship of trust and confidence; (ii) a distinguishing feature is the obligation of loyalty; and (iii) the principal is entitled to the loyalty of his fiduciary. 

If so where is that obligation of trust and confidence with us, the clients; where is the obligation of loyality - they can't even keep the details of dividends received accurately; they have failed to provide me wiht accurate (or any) contract notes.

Just a thought. 

John I am sure ITI owe a fiduciary duty, eg not to make "secret profits" in old legal terminology, and not eg to do all the naughty things that SVS are alleged to have done with their bond mis-selling: a prime example of a breach of that fiduciary duty if true.

But for us and ITI  I think the situation is simpler, and covered in the main by:

Consumer Rights Act 2015 Chapter 4  (as abbreviated by me)

"s48 Contracts covered by this Chapter: (1)This Chapter applies to a contract for a trader to supply a service to a consumer.

s49 (1)Every contract to supply a service is to be treated as including a term that the trader must perform the service with reasonable care and skill.

s52 (1)This section applies to a contract to supply a service, if—(a)the contract does not expressly fix the time for the service to be performed, and does not say how it is to be fixed, and (b)information that is to be treated under section 50 as included in the contract does not fix the time either.

(2) In that case the contract is to be treated as including a term that the trader must perform the service within a reasonable time.

(3)What is a reasonable time is a question of fact.

s55 (3) and (5) [Allow customer to requiring trader to “repeat performance” [ for god's sake not in the case of ITI!] and/or a price reduction of the contract price charged

But the section then  goes on to say:

(6)This section and sections 55 and 56 do not prevent the consumer seeking other remedies for a breach of a term to which any of subsections (3) to (5) applies, instead of or in addition to a remedy referred to there (but not so as to recover twice for the same loss).

(7)Those other remedies include any of the following that is open to the consumer in the circumstances—

(a)claiming damages;

(b)seeking to recover money paid where the consideration for payment of the money has failed;

(c)seeking specific performance;

(d)seeking an order for specific implement;

(e)relying on the breach against a claim by the trader under the contract;

(f)exercising a right to treat the contract as at an end."

So the CRA 2015 really sets out the framework of a Broker's contractual obligations to the Client in addition to not acting fraudulently and against the client's interest (fiduciary duty): - the Broker has to provide a competent level of service.

I don't think the breach of contract is the difficulty here- its just that we always come back to the issue of recoverable heads of damages in the Court.

NOTE to any lurking trolls- I am not getting engaged in any more discussions as whether and how this, my understanding of the law, may be appalling and completely unreliable. I set it out in good faith and people can make of it what they will.

shawdon

Progress report and some hope for us long-suffering inmates, i now have 2 accounts out of 10 transferred to HL although these are still missing the dividends which i am told will follow soon! Very slow progress and of course no communication at all from ITI who are still showing all the shares that have now been moved to HL as still listed in Phoenix. Maybe i should try to sell them all and see what happens!

johnburman

My one account going to HL is halfway there, none to the other brokers.  'Halfway' as there is no settlement date given.  And a small warning.  One ETF has been transferred to HL in the USD denominated version not the one in GBP?  Weird and I have no idea why or what it means as the GBP versionwas transferrd to ITI by SVS (by LC). I have raised the issue with HL who will raise it wiht ITI whcih will delay matters still further no doubt.  But let the transfers happen, then raise queries has been my motto, it's just a shame I do not follow my own advice!

pafpcg

Jamesram said:

John I am sure ITI owe a fiduciary duty, eg not to make "secret profits" in old legal terminology, and not eg to do all the naughty things that SVS are alleged to have done with their bond mis-selling: a prime example of a breach of that fiduciary duty if true.

But for us and ITI  I think the situation is simpler, and covered in the main by:

Consumer Rights Act 2015 Chapter 4  (as abbreviated by me)

.........

So the CRA 2015 really sets out the framework of a Broker's contractual obligations to the Client in addition to not acting fraudulently and against the client's interest (fiduciary duty): - the Broker has to provide a competent level of service.

I don't think the breach of contract is the difficulty here- its just that we always come back to the issue of recoverable heads of damages in the Court.

NOTE to any lurking trolls - I am not getting engaged in any more discussions as whether and how this, my understanding of the law, may be appalling and completely unreliable. I set it out in good faith and people can make of it what they will.

At the risk of being thought a lurking troll, here's a question about whether ITI have a fiduciary duty to ALL ex-SVS clients:  I declined to accept ITI's Terms of Business at the initial login (August 5th) and opted for an immediate transfer-out.  I don't regard myself as a client of ITI and ITI can argue that I'm not a client;  what duty does ITI have towards me and any other refuseniks?