SVS Securities - shut down?

My2penneth

Emillion1 said:

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!

A phone call FROM ITI.....We will know the numbers they use to dial out ( they'll be posted here). I look forward to NOT answering their calls. 

( eventually I will just block their calls)

My2penneth

1. Leonard Curtis issued a client update 28th September....it was a warning notice of a potential scammer.

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The Joint Special Administrators (“JSAs”) have been made aware that a person or persons claiming to be connected to Leonard Curtis and/or the Joint Special Administrators has been attempting to contact former clients of SVS Securities PLC by telephone requesting personal information and suggesting various scenarios including, but not exclusively:

 Purchasing shares above market value; and 

 Pension re-buys. 

This communication is considered fraudulent. The JSAs continue to encourage you to remain vigilant and to exercise caution when dealing with correspondence regarding the special administration or ITI. If you are in any doubt regarding the authenticity of any correspondence you may receive, please do not hesitate to contact the JSAs on 0203 457 4871 (selecting option 0) or by 

email at svs@leonardcurtis.co.uk. Support is available to all clients of the Company and further information on the special administration should be sought in the first instance from 

www.leonardcurtis.co.uk/svs.

‐--------------------------------------------------------------------------------------------------
Clearly there has been a GDPR issue here whereby they have telephone numbers.

RasputinB

My2penneth said:

Clearly there has been a GDPR issue here whereby they have telephone numbers.

Chances are that there are on-going data breaches at ITI Capital and in time these should be brought to the attention of the Information Commissioner's Office. But our main concern now is to get all our assets out safely. Until that happens it might be best just to collect evidence rather than risk further delays whilst ITI make their systems secure?

Emillion1

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.

jenwrendorset

Emillion1 said:

helencary said:

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 

You can still transfer the holdings, they will just show a value of zero, bid or mid price depending upon your new brokers software. 

Only if your new broker will accept them - iWeb are unable to accept our unlisted shares so having to leave them in Qort account

sweetsand

My2penneth said:

Please complain to the Financial Ombudsman Service.  The first 25 complaints are free but then it is £650  for every complaint thereafter ( guilty or innocent??.innocent...pleeeeze!).  ITI have  been extracting the urine. They only understand threats but be prepared to carry through! 

Yes, complain and FOS takes time but it will stop this lot from messing up like this again.

Michael_Reynolds

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!

Blueshirt_Joe

Hallelujah praise the Lord and pass the ammunition!!
I logged on to II today to find all holdings transferred from ITI Capital, as promised by Chris Smith.
This settlement date was set out originally by II when I first initiated the transfer on August 8th, I'm impressed they've been able to keep that schedule. 
No cash transferred yet but 
I was pleased to see my RDSB holdings included. So all in all a successful outcome, but it did take a bit of work to get to this point! 

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

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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!