SVS Securities - shut down?

pafpcg

Michael_Reynolds said:

.......
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.
.........

If he wants to restore any credibilty to ITI, then he has to do it for more than one client!

gibson81

rnf11 said:

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.

This website has comprehensive information on dividend payment dates
https://www.dividenddata.co.uk/dividend-payment-dates.py
The dates for my two accounts are 8th October and 16th October. I would hope everything will be done and dusted by the end of this month!

SteveJohnson56

My initial cash withdrawal was completely ignored as were multiple complaints.
Eventually after submitting another withdrawal which was also not forthcoming and further complaints threatening FOS compensation involvement I received an email from Rahul with the cash promptly paid into my account that day (two weeks fighting to get some cash out)

After exchanging emails with Rahul Agarwal FWIW he gave me written confirmation that my transfers only recently submitted, will not incur the custody fee 25bps if not completed by the 23rd October 2020 (evidence for the FOS). He also confirmed this in a subsequent phone call to myself also saying the Custody Fee date  "will probably be extended by a month."
I asked why don't you put that on the website,...he didn't really answer that question,... so take that with a large pinch of salt until it is!
I won't be surprised if I am still charged one and it is not extended.

I asked regarding concerns about my transfer out when my assets are no longer in the SC accounts and the closure/withdrawal/transfer form showing only SC. I really wanted my assets moving from PX to SC accounts but was fobbed off that he couldn't personally do it and/or it will take days, cause delays.

If I remember correctly Rahul  agreed it was ok to also include my PX account details on the form as that is where all my assets are, he tried to assure me the accounts will be linked anyway, I certainly hope so as to not cause unnecessary delays.
It's all a bit stressful when logging in though to see account closure in progress only refers to the SC accounts and not the PX accounts which show as open.

I asked about the linked U accounts to  PX accounts. He said the U will remain open in case a customer wishes to return. YEAH REALLY!

I do not want any open accounts, I believe he agreed I would be able to close those accounts by email but i'm not really convinced of anything I hear coming from ITI Capital to be honest.

pafpcg

olderbutnowiser said:

@Michael_Reynolds

"Does anyone have any thoughts on the split of the SVS database between FX & XO?"

Thanks for taking this up for us. My recollection is that there was a communication somewhere from LC where the number of FX clients was stated to be around 7,000 with around 11,000 XO clients.

ITI were clearly chosen because they would accept foreign based clients and the composition of the creditors committee was biased towards those.  

The majority XO clients have been treated as an after-thought, if that. One bizarre example is that AIM stocks are not tradeable on the Phoenix platform!

Paras 11 & 12 of the Court Judgement in May have numbers which might shed some light:
11  At the date of the administrators’ appointment, on 5 August 2019, SVS had approximately 18,600 clients for which it held client assets and client money.  The client assets had an indicative valuation at that date of approximately £286 million held for approximately 11,100 clients.  Client money was in excess of £23.7 million with some smaller euro and dollar amounts of some 16,600 clients of which 7,550 have client money claims only.  The client money was held in a segregated client account in accordance with CASS 7.
 
12  The large majority, about 92% of the clients by number, were retail clients with portfolios averaging less than £10,000 in value.  About 66% of the clients are domiciled in the United Kingdom.  ........

I find it difficult to believe that 7,550 X-O clients out of a total of 18,600 would have only cash (ie no equity assets) in their SVS accounts. So my guess is that the bulk of those 7,550 are F-X clients.

I'm also surprised that one-third (6,200) of the SVS clients were not UK-based.  This too supports the contention that there are several thousands of F-X clients overseas.

What is clear that assets in the X-O business (£286M) is a magnitude greater that that of any F-X assets (maximum of £23M), so it would be reasonable to suggest that LC should be giving priority to the X-O clients.  But maybe it's the F-X clients who generate far greater overall profit than X-O clients which inevitably leads to the negotiation between the Administrators and ITI being all about the F-X clients, with X-O clients an afterthought.

Michael_Reynolds

pafpcg said:

If he wants to restore any credibilty to ITI, then he has to do it for more than one client!
Yes right of course but from an entirely selfish point of view sorry but ME first.

johnburman

Of course the FX clients took and still take priority for ITI.  They can deal on margin and trade CFDs whcih make much more money than the £7.95 per trade for XO clients.  Which is why XO clients need to transfer out of ITI, if they will let us!

Nbs222

I don't understand why ITI takes so long to process cash withdrawal  into your bank account.

olderbutnowiser

SteveJohnson56 said:

My initial cash withdrawal was completely ignored as were multiple complaints.
Eventually after submitting another withdrawal which was also not forthcoming and further complaints threatening FOS compensation involvement I received an email from Rahul with the cash promptly paid into my account that day (two weeks fighting to get some cash out)

After exchanging emails with Rahul Agarwal FWIW he gave me written confirmation that my transfers only recently submitted, will not incur the custody fee 25bps if not completed by the 23rd October 2020 (evidence for the FOS). He also confirmed this in a subsequent phone call to myself also saying the Custody Fee date  "will probably be extended by a month."
I asked why don't you put that on the website,...he didn't really answer that question,... so take that with a large pinch of salt until it is!
I won't be surprised if I am still charged one and it is not extended.

I asked regarding concerns about my transfer out when my assets are no longer in the SC accounts and the closure/withdrawal/transfer form showing only SC. I really wanted my assets moving from PX to SC accounts but was fobbed off that he couldn't personally do it and/or it will take days, cause delays.

If I remember correctly Rahul  agreed it was ok to also include my PX account details on the form as that is where all my assets are, he tried to assure me the accounts will be linked anyway, I certainly hope so as to not cause unnecessary delays.
It's all a bit stressful when logging in though to see account closure in progress only refers to the SC accounts and not the PX accounts which show as open.

I asked about the linked U accounts to  PX accounts. He said the U will remain open in case a customer wishes to return. YEAH REALLY!

I do not want any open accounts, I believe he agreed I would be able to close those accounts by email but i'm not really convinced of anything I hear coming from ITI Capital to be honest.

Well I'm just impressed that you have actually managed to make contact with someone at ITIC and had a meaningful discussion!

Despite endless emails I have not yet managed to get a response from them about the missing cash in my account.

Could you let me have the email address of this Rahul Agarwal and a phone number would also be very helpful. I am at my wits end with all of this and not getting a reply after weeks of trying is getting me down.

Nbs222

I haven't had any response from ITI  either and nothing is happening to my transfers

SteveJohnson56

olderbutnowiser said:

SteveJohnson56 said:

My initial cash withdrawal was completely ignored as were multiple complaints.
Eventually after submitting another withdrawal which was also not forthcoming and further complaints threatening FOS compensation involvement I received an email from Rahul with the cash promptly paid into my account that day (two weeks fighting to get some cash out)

After exchanging emails with Rahul Agarwal FWIW he gave me written confirmation that my transfers only recently submitted, will not incur the custody fee 25bps if not completed by the 23rd October 2020 (evidence for the FOS). He also confirmed this in a subsequent phone call to myself also saying the Custody Fee date  "will probably be extended by a month."
I asked why don't you put that on the website,...he didn't really answer that question,... so take that with a large pinch of salt until it is!
I won't be surprised if I am still charged one and it is not extended.

I asked regarding concerns about my transfer out when my assets are no longer in the SC accounts and the closure/withdrawal/transfer form showing only SC. I really wanted my assets moving from PX to SC accounts but was fobbed off that he couldn't personally do it and/or it will take days, cause delays.

If I remember correctly Rahul  agreed it was ok to also include my PX account details on the form as that is where all my assets are, he tried to assure me the accounts will be linked anyway, I certainly hope so as to not cause unnecessary delays.
It's all a bit stressful when logging in though to see account closure in progress only refers to the SC accounts and not the PX accounts which show as open.

I asked about the linked U accounts to  PX accounts. He said the U will remain open in case a customer wishes to return. YEAH REALLY!

I do not want any open accounts, I believe he agreed I would be able to close those accounts by email but i'm not really convinced of anything I hear coming from ITI Capital to be honest.

Well I'm just impressed that you have actually managed to make contact with someone at ITIC and had a meaningful discussion!

Despite endless emails I have not yet managed to get a response from them about the missing cash in my account.

Could you let me have the email address of this Rahul Agarwal and a phone number would also be very helpful. I am at my wits end with all of this and not getting a reply after weeks of trying is getting me down.

I emailed Oleg.Jelezko@dvcap.com letting him know the appalling service ITI were providing and that I will be submitting multiple complaints to the FOS for withholding my cash denying me access since July 23 2020, not replying to complaints, causing me stress and that I will claiming compensation / statutory interest at 8% and a £650 fine from the FOS, and within 30 mins I received a reply that my complaint was being passed to Ruhal. He emailed with an hour or so saying my cash would be in my account that day, it was. He then offered to phone me which he did at a time of my request and I let him have both barrels.
He seemed polite and courteous enough, reassuring even but ITI are clearly struggling with well known issues but he tried to make out they were getting to grips with the problems, but was it all just spiel.
Rahul.Agarwal@iticapital.com

Believe me, i've had stomach pains because of all the stress, I HATE THESE FCKERS.