SVS Securities - shut down?

Jools2001

This is just getting plain ludicrous now! ( e mail from my broker today,about  my ISA transfer  delay from ITI!!!!!!
More ammo to give the F.O.S.. when they eventually take up my case!!

Dear Client,

We write concerning your transfer from ITI Capital to our management, and wish to advise that we are experiencing delays with all transfers from ITI Capital, as they have large volumes of transfers.

We have reported the delay to the FCA.

We continue to chase ITI regarding all outstanding transfers.

We will contact you once the transfer of your account is complete.

Andy Cooke

Settlements Manager

Jarvis Investment Management Ltd

--------------------------------------------

Absolute joke of a firm ITI are!!

Emillion1

Michael_Reynolds said:

Emillion1 said:. 

Incorrect.
The FX business was in the main run via China, most clients were classified as Elective Professional Clients when possibly not qualifying, the client classification rules are quite specific. The FX - clients were screwed over on the B book (run out of Dubai by some Directors of SVS) The FX business has not been sold, who wants 5,000+ small account size Chinese punters who have lost their money!  
The XO business of SVS has never made any money and was a lead generator for the advisory business.  My assumption is ITI will have seen this as a low client acquisition cost and try and cross sell to get a ROI.  Get ready for the phone calls from them!

The FX business was far more profitable than the XO business. XO never made a profit. Regarding FX - The house always wins!

Are we now being asked to believe that ITI were stupid enough to pay GBP 500,000 for the non profitable SVS XO clients and got NOTHING else? Wake up and read the linked article I posted and jamesram detailed in full. The story is all there in black and white!

They are not stupid, if they can cross sell clients to leveraged products, they will get that 500K back very, very quickly. The FX business of SVS is still for sale, it is in the latest LC report - In black and white!

shawdon

A gloomy update to match the very gloomy weather:
Still no progress on 8 of my 10 accounts which are stuck with ITI. It amazes me how they can action 2 but not the other 8 at the same time or even a few days later! Still no dividends from AVIVA or BP yet we know they were paid to ITI on the 24/9 and 25/9!
Hopefully this email just sent to the top 3 ITI managers may have the desired effect:

Chris,

I am disappointed not to have received a reply to my email sent yesterday especially as I was so polite and restrained.

I cannot understand why only 2 of my 10 accounts (xxxx xxxxx x 2) have been transferred and the others appear to be stuck. I have been waiting for nearly 8 weeks for the transfers to be completed which breaches the FCA and LSE agreed standard. The dividend issue is also concerning as there is still no appearance of the AVIVA and BP dividends in any of  accounts despite them being received by ITI on the 24/9 and 25/9 respectively.

I have a follow up meeting with my local MP, Dominic Raab's PA on Monday and I was hoping to be able to advise them that progress was being made at last but clearly at the moment that is not the case.

I will also issue a formal complaint to the FOS relating to the time that these transfers are taking and the lack of clear and accurate communication.

I do hope that you can instruct one of your team to ensure a speedy transfer and advise me of the timescales accordingly.

Thank you

xxxx xxxx

rnf11

shawdon

If I remember rightly, is it possible that you have access to past Share Society newsletters - around last October or November time?

I am trying to confirm, my recollection that the Share Society at the time had made approving noises about the actual nominations to the Client Committee for the Special Administration.

shawdon

shawdon said:

A gloomy update to match the very gloomy weather:
Still no progress on 8 of my 10 accounts which are stuck with ITI. It amazes me how they can action 2 but not the other 8 at the same time or even a few days later! Still no dividends from AVIVA or BP yet we know they were paid to ITI on the 24/9 and 25/9!
Hopefully this email just sent to the top 3 ITI managers may have the desired effect:

Chris,

I am disappointed not to have received a reply to my email sent yesterday especially as I was so polite and restrained.

I cannot understand why only 2 of my 10 accounts (xxxx xxxxx x 2) have been transferred and the others appear to be stuck. I have been waiting for nearly 8 weeks for the transfers to be completed which breaches the FCA and LSE agreed standard. The dividend issue is also concerning as there is still no appearance of the AVIVA and BP dividends in any of  accounts despite them being received by ITI on the 24/9 and 25/9 respectively.

I have a follow up meeting with my local MP, Dominic Raab's PA on Monday and I was hoping to be able to advise them that progress was being made at last but clearly at the moment that is not the case.

I will also issue a formal complaint to the FOS relating to the time that these transfers are taking and the lack of clear and accurate communication.

I do hope that you can instruct one of your team to ensure a speedy transfer and advise me of the timescales accordingly.

Thank you

xxxx xxxx

Official complaint now submitted to the FOS, hopefully there will now be more than 25 of them so it will start to cost ITI some money

shawdon

rnf11 said:

shawdon

If I remember rightly, is it possible that you have access to past Share Society newsletters - around last October or November time?

I am trying to confirm, my recollection that the Share Society at the time had made approving noises about the actual nominations to the Client Committee for the Special Administration.

I am not a full ShareSoc member so i cannot access past newsletters but from memory i think you are correct that at the time ShareSoc were broadly supportive of the nominations to the Client Committee which were approved at the clients and creditors meeting in London on the 10th October.

Sheris

Emillion1 said:

Whilst it is dreadful and down to total incompetence that XO clients have not had their shares transferred, the real sad part is the people who have had their Defined Benefit pensions decimated.  The bonds which have been sold had connected parties, as per the FCA notice.  WHY would an IFA recommend a client to exit a DB scheme, transfer into a SIPP and then give discretion to a manager without a history of managing clients investments or track record.   WHY? Backhanders all the way through the introduction chain. There should be an FCA and police fraud enquiry into SVS and the IFA's.  Conspiracy to defraud springs to mind.

The Police should have been envolved a long time ago and still not to late in the future.

Sheris

Emillion1 said:

Michael_Reynolds said:

Emillion1 said:. 

Incorrect.
The FX business was in the main run via China, most clients were classified as Elective Professional Clients when possibly not qualifying, the client classification rules are quite specific. The FX - clients were screwed over on the B book (run out of Dubai by some Directors of SVS) The FX business has not been sold, who wants 5,000+ small account size Chinese punters who have lost their money!  
The XO business of SVS has never made any money and was a lead generator for the advisory business.  My assumption is ITI will have seen this as a low client acquisition cost and try and cross sell to get a ROI.  Get ready for the phone calls from them!

The FX business was far more profitable than the XO business. XO never made a profit. Regarding FX - The house always wins!

Are we now being asked to believe that ITI were stupid enough to pay GBP 500,000 for the non profitable SVS XO clients and got NOTHING else? Wake up and read the linked article I posted and jamesram detailed in full. The story is all there in black and white!

They are not stupid, if they can cross sell clients to leveraged products, they will get that 500K back very, very quickly. The FX business of SVS is still for sale, it is in the latest LC report - In black and white!

Where can the L&C report been found Please ?

My2penneth

If you have emailed or contacted them in any way and they have not replied after 8 weeks ( includes internal messages via the on boarding account) then submit a complaint to the FOS online. Clearly ITI are not taking this seriously! 

https://www.financial-ombudsman.org.uk/contact-us/complain-online

My2penneth

The next complaint to the FOS will be for custody charges.  If ITI are reading this, then prepare to put money aside to pay these charges back AND additional funds for the raft of complaints to the FOS and the additional £650 per client investigation cost.