SVS Securities - shut down?

johnburman

"Peter" is a well spoken older man.  He is a middleman whose job it is is to telephone you, ascertain if you have suffered a loss or you have any possible claim and then pass you over to a claims management company.  I had a long chat with him. 

For ordinalry XO clients it is a complete waste of time.  For the (few) pensions or mini-bonds people who have suffered a loss owing to SVS's bad practices the route to go is the FSCS and/or FOS not some claims management company that will charge you x%  [over 20% I am told - but not by Peter!] of what they recover for you.

Obviouly if you have suffered a loss make a claim but do it yourself, not through a claims management company.  

olderbutnowiser

Our contact details were distributed shortly after this fiasco started in August 2019 and the consensus was that it stemmed from a disgruntled SVS employee. I have had a fair few calls over the past 14 months but they seem to have tailed off recently. Still getting a smattering of emails spam though, mainly property related investments.

manted

My2penneth said:

Just had a phone call from a guy called Chris (a self employed advisor) who was hoping to raise awareness about SVS and possible compo claim.

How did he get my number?

He rang on 02034760393

The same guy rang me - but gave his name as Peter. Highly suspicious

ronkswood

manted said:

The same guy rang me - but gave his name as Peter. Highly suspicious

I think most people would be on their guard if someone gave their name as Peter. Highly Suspicious

jenwrendorset

manted said:

My2penneth said:

Just had a phone call from a guy called Chris (a self employed advisor) who was hoping to raise awareness about SVS and possible compo claim.

How did he get my number?

He rang on 02034760393

The same guy rang me - but gave his name as Peter. Highly suspicious

Our answer machine light was flashing when we got home yesterday afternoon but no message just some very heavy breathing.....thought my luck had changed.  Just checked with 1471 and it's the same number.

jenwrendorset

Latest update.  My account has finally transferred across to iWeb and it seems to be correct.  Cash still outstanding which accounts for the Phoenix dividend (not to be confused with ITI Phoenix account), withdrawal form was sent on 13 September however another withdrawal form sent on 15 Sep re. my son's account resulted in cash in bank 8 days later (things have been so bad that I'm beginning to think that was quite a result!).  Still waiting on Legal & General and BP dividends but maybe expecting too much there as they were only due a few days ago.  Haven't had the heart or enthusiasm to ring iWeb re. hubby's and son's accounts but hope that they soon transfer.  After laboriously completed the W-8BEN/Self Certification form/Application form re. joint account absolutely nothing has moved there.....all I want to do is close the thing down!!

rnf11

It's beginning to look as though ITIC are wilfully not transferring the residual cash to other brokers. No one here, as far as I can see, has had any success with this part of a transfer out.

RasputinB

rnf11 said:

It's beginning to look as though ITIC are wilfully not transferring the residual cash to other brokers. No one here, as far as I can see, has had any success with this part of a transfer out.

A delaying tactic would make sense to me. That way other dividends can come in and they can do just the one transfer to clear the cash.

gibson81

RasputinB said:

rnf11 said:

It's beginning to look as though ITIC are wilfully not transferring the residual cash to other brokers. No one here, as far as I can see, has had any success with this part of a transfer out.

A delaying tactic would make sense to me. That way other dividends can come in and they can do just the one transfer to clear the cash.

That's my thinking too. Shares held in our ITI account at ex-dividend date will be paid to ITI even if our shares have been transferred. I suspect ITI is waiting for the last dividend to be paid in then the cash will follow.

pafpcg

Jamesram said:

pafpcg - I am not fooled by your apparently  innocuous approach- I can see that you are trying to get me to commit to an opinion on the Investment Bank Special Administration Regulations 2011 ("IBSAR"), which I assume will then  turn out to be your specialist subject on which you will roast me!

Eh?  My original specialist subject was thin-film toroidal drives for continuously-variable-ratio automotive transmissions, but since my thesis was nearly half-a-century ago, I guess it's now just "grumpy old man"!

Thanks for all your research, and do continue with it even though most is way over my head, but I did want to flag-up the two streams of "ITI clients" - those who signed-up, created accounts and then thought better of it & decided to get out, and those who decided long ago that they wanted nothing to do with ITI. 

But will quoting UK financial regulations at them actually get us anywhere?  I get the impression from all the posts containing quotations from emails and phone conversations with ITI, that the senior management at ITI just don't care about what is happening.  I doubt that they care about their responsibilities under the regulations, the agreement with LC for the transfer from SVS or whatever, except perhaps if they were to become criminally or personally liable in some way.  They don't seem to be concerned about the FCA or their reputation.  I'm sure they are not stupid, so why did they think that ITI should try to absorb the SVS clients without the necessary planning and resources?  What was/is their real objective?  Is ITI just some Trump-style loss-making operation to set against a tax bill or is there something deeper?