SVS Securities - shut down?

My2penneth

toad333 said:

I've just settled a trade from August 2019. It seems to have cost £29.46 (can't be sure since the ITI's portal is as clear as mud). But a bit of assuming and arithmetic would suggest that's the cost.
The original trade cost £7.95. Shouldn't ITI be charging me the cost of the original trade? And if not, can I claim the difference from the FSCS?
Also, I'm missing the dividends for the shares that were unsettled. Any ideas what happened to the dividends from unsettled trades?
As usual, no answers from ITI.

This whole rigmarole would make a good story for BBC's Money Box.

ITI overcharged me. I complained to them ( my computer has a special button marked " complain to ITI" but it's hard to read as the letters are rubbing off). After a while, they reimbursed the overcharge. There was no email or letter from them, I just noticed a Phoenix transaction which was for a transfer in of funds. So, complain to accounts management. 

My2penneth

pafpcg said:

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"!

Coventry?

rnf11

Michael_Reynolds said:

Ths is worth reading:
 https://www.intellinews.com/uralsib-s-london-business-vanishes-to-stardust-after-sale-119316/

Key phrase in light of what has since emerged:-

" His team has been pared back to the bone by a Moscow parent anxious to cut costs."

Ho hum.

rnf11

Still no cash coming out to accompany the transferred holdings.

Those who believe it to be just a matter of waiting for the "last dividend", just which one do they think it will be, and when is it due to be paid? There can be a very long gap between the "record date" and corresponding "pay date" with many companies.

eskbanker

RasputinB said:

Michael_Reynolds said:

Clearly we have been asleep at the wheel where LC are concerned. They have walked all over us at every stage in the proceedings ..

Now we know that we should have been at every meeting we could have attended!

Who nominated the members of the Creditors' Committee?

Should XO clients have been given the opportunity?

I'm sure LC would have covered their backsides on this and I'll try to look through the paperwork later but I can't remember being asked if I'd like to nominate a member.

This was covered in the 25 September 2019 JSA proposals document:

If you would like to nominate yourself or someone else to be elected to the Creditors' Committee, please submit your nomination in advance of the Initial Meeting to the Administrators' office at c/o Leonard Curtis, 5th Floor, Grove House, 248a Marylebone Road, London NW1 6BB or by email to svsproxy@leonardcurtis.co.uk.

ahouse185

I managed to get some money withdrawn from ITI last week and on Monday, having had enough of this mess, I rang the ITI dealing room and sold all my shares. The dealing room answered quickly and were very polite and chatty. They emailed me the details of each trade but now I wait with baited breath to see when the money appears in my cash account, at which time I shall submit another cash withdrawal.
Where I have come across real names, I have emailed my thanks and my understanding that as employees the ITI problems are not of their making and that I understand the stress that they are under. It works wonders and one individual said that I had made their day by saying thank you.

coyrls

eskbanker said:

RasputinB said:

Michael_Reynolds said:

Clearly we have been asleep at the wheel where LC are concerned. They have walked all over us at every stage in the proceedings ..

Now we know that we should have been at every meeting we could have attended!

Who nominated the members of the Creditors' Committee?

Should XO clients have been given the opportunity?

I'm sure LC would have covered their backsides on this and I'll try to look through the paperwork later but I can't remember being asked if I'd like to nominate a member.

This was covered in the 25 September 2019 JSA proposals document:

If you would like to nominate yourself or someone else to be elected to the Creditors' Committee, please submit your nomination in advance of the Initial Meeting to the Administrators' office at c/o Leonard Curtis, 5th Floor, Grove House, 248a Marylebone Road, London NW1 6BB or by email to svsproxy@leonardcurtis.co.uk.

And discussed in this very thread https://forums.moneysavingexpert.com/discussion/comment/76331192#Comment_76331192

sweetsand

ahouse185 said:

I managed to get some money withdrawn from ITI last week and on Monday, having had enough of this mess, I rang the ITI dealing room and sold all my shares. The dealing room answered quickly and were very polite and chatty. They emailed me the details of each trade but now I wait with baited breath to see when the money appears in my cash account, at which time I shall submit another cash withdrawal.
Where I have come across real names, I have emailed my thanks and my understanding that as employees the ITI problems are not of their making and that I understand the stress that they are under. It works wonders and one individual said that I had made their day by saying thank you.

Indeed. Often, like stated here many times, the front line staff are just earning a crust and polite but can only do so much.
If you have not complained to the financial ombudsman, you should as this is disgraceful.

helencary

Hi, I have two investments that will not be supported on my new brokers platform when I do finally transfer. Both of these shares are currently suspended. I don’t want them left with iti as I do not want to leave my account open. Thank you in advance for any advice 

Michael_Reynolds

Don't want to say too much right now but I seem to have got Oleg, Raul, Chris & David Moss running around like scalded cats this morning at ITI. Initially in July  I had intended to give ITI a fair go. I didn't have alot of choice because brokers that take Australians residents are now thin on the ground. It's taken me six weeks to get my account approved at Swissquote Luxembourg but finaly it came through today. Yippee! They are paranoid about proof of origin of funds and I've had to provide God knows how much documentation. So with that in hand I sent Oleg an email first thing this morning telling him I no longer had any faith in ITI's abiliy to resolve this shambolic transfer process and that I would be moving my assets to Swissquote. I copied all of his team plus the FCA, the LSE and the very nice lady handling my complaint at FOS. Suddenly Raul is wanting to phone me here in Australia! I've rejected his offer and told him that if he wishes to apologise and restore some credibility to his company the best way he can do that is to facilitate a speedy and efficient transfer of my assets. He seems to be working on it as we speak. Fingers crossed! I'll keep you all informed.