SVS Securities - shut down?

pafpcg

eskbanker said:

johnburman said:

I have received an email from Jarvis x-o saying that they have had mass delay with transfers from ITI and HERE IS THE INTERESTING BIT they have informed the FCA.

There is no progress with our transfers which are now 9 weeks old. 

One wonders what the FCA is doing about this.... !!!!!! all for all I can see. BUT we should keep the FCA informed as to our position and keep the complaints to them coming. 

Many ISA transfers between numerous permutations of providers have been conducted well outside guideline timescales this year, given the Covid crisis that has naturally impacted on resourcing and efficiency levels throughout the financial services industry (and all others).  Not saying that the delays with transfers from ITI can be solely attributed to such issues but just highlighting that they're far from alone in not operating at the desired level, i.e. don't expect that FCA to leap into action for this particular company when they're not really out of step with what many others have been doing without apparent sanction.  That doesn't mean that two wrongs make a right of course!

I agree with your caution about expectations of how quickly transfers can be achieved, but ITI haven't helped themselves when they send emails such as the one below to their clients requesting transfers-out (not just to Jarvis, but also HL, IWEB, etc).  The email was sent on 8th September - deep enough into the Covid crisis for ITI to understand how quickly their staff could respond to the brokers.

> We have received an instruction from Jarvis to transfer your account to their management.
>
> We expect the following steps to be taken
>
>   * Jarvis agrees the position to be transferred for your account and relays confirmation back to ITI Capital
>   * ITI Capital and Jarvis agree transfer dates
>   * ITI Capital deliver shares Jarvis
>
> The timescale for this is dictated initially by the response time from
> Jarvis. We will respond to all requests or agreements with Jarvis
> within 24 hours.
>
> Kind regards,
> _ITI Operations_

In my working life, I tried to adopt the policy to "under-promise but over-deliver" - clearly, ITI has a radically different philosophy!

sweetsand

Hi

Are there people here that are still waiting for their:

Cash?
Ability to see and trade the correct amount on their trading platform?

Have you guys contacted the financial ombudsman?

rnf11

sweetsand said:

Hi

Are there people here that are still waiting for their Cash?

Just about everyone, I think.

sweeter_strudel

Progress update....
After that opening oxymoron... I note there are now 44 Trustpilot reviews - all bar one scoring the lowest possible score.
So my ITI accounts:
I have no access to either of my Phoenix accounts, still marked as Pending Approval..... a 48hr process that is now entering its 3rd month....
I managed to get my trading account cash out in early August (I believe they call it first mover advantage / jamie sod), my transfer of the share holdings is mired in delay. The one holding that was delisted chucked a spanner in the works, ii said they would abandon it and leave it with ITI. I have no idea when my request transfer will actually happen.
Did one purchase via the dealing desk on the phone - did get an email with the details of the trade from Sanjeev a couple of days later - but nothing as yet resembling a formal contract note.
Partial transfer of some ISA shares has happened - out to HL during the week. Joy!
I have initiated the second part of the ISA transfer out to iWeb alongside any cash. Fingers crossed but I have had no contact from ITI nor iWeb regarding the request.
Dividends - who knows - with no access to either a crystal ball nor Phoenix I cannot tell you what may have arrived during the time of ITI and what may be missing. I can tally up what I think each account should have but the Qort account figures are so random there is no way you can be sure of anything.
Last week's complaint email to ITI, cc-ing LC and the FCA, has had zero response.

So I thought "enough" !

I have just waxed lyrical to the Financial Services Ombudsman online complaint form about the woes of trying to deal with ITI. Never before has a Submit button felt so satisfying to click.

I heartily recommend it to all.

My2penneth

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

Oh, and i'll be in touch with iWeb (again) and I will be complaining about THEM! They are not pressing ITI hard enough.  Like Jarvis, they need to complain to the FCA too. 

johnburman

We all need to remind ITI (and the FCA) of the 24 hour 'promise' by ITI and their absolute inability to meet it. This is not 'treating clients fairly' as they must as a financial services regulated entity. 

Sheris

eskbanker said:

johnburman said:

I have received an email from Jarvis x-o saying that they have had mass delay with transfers from ITI and HERE IS THE INTERESTING BIT they have informed the FCA.

There is no progress with our transfers which are now 9 weeks old. 

One wonders what the FCA is doing about this.... !!!!!! all for all I can see. BUT we should keep the FCA informed as to our position and keep the complaints to them coming. 

Many ISA transfers between numerous permutations of providers have been conducted well outside guideline timescales this year, given the Covid crisis that has naturally impacted on resourcing and efficiency levels throughout the financial services industry (and all others).  Not saying that the delays with transfers from ITI can be solely attributed to such issues but just highlighting that they're far from alone in not operating at the desired level, i.e. don't expect that FCA to leap into action for this particular company when they're not really out of step with what many others have been doing without apparent sanction.  That doesn't mean that two wrongs make a right of course!

Are you you for real, this has been going on for well over a year.   

Michael_Reynolds

johnburman said:

I have received an email from Jarvis x-o saying that they have had mass delay with transfers from ITI and HERE IS THE INTERESTING BIT they have informed the FCA.

There is no progress with our transfers which are now 9 weeks old. 

One wonders what the FCA is doing about this.... !!!!!! all for all I can see. BUT we should keep the FCA informed as to our position and keep the complaints to them coming. 

Every email I now send to the "so called" senior management team at ITI, which is now daily,  gets copied to the FOS, the FCA and the LSE. I am informed by my case officer at the FOS that these emails are automatically picked up and filed under the case no as evidence. AS SOON AS YOU HAVE A CASE NO AT THE FOS YOU SHOULD ALL BE DOING THE SAME.

Michael_Reynolds

pafpcg said:

Emillion1 said:
......
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!

Sheris said:
Where can the L&C report been found Please ?

Emillion1 said:

https://beta.companieshouse.gov.uk/company/04402606/filing-history

That's the same report (Joint Special Administrators' Second Progress Report) which was published on the LC web-site on 26-August!  The "original" report is easier to read than the one at Companies House which has been scanned from a hard-copy version.

I'm curious where in the Administrators' Progress Report it states or implies that the FX business of SVS is still for sale.  Could you give us a page and paragraph number?  Many thanks.

A 56 page report. Total cost to the British tax payer for the one year admininstration of GBP45M! Over GBP9M in booked time charges at an AVERAGE hour rate of GBP476 per hour! I didn't see any reference to the FX business still being for sale

Michael_Reynolds

Whilst there may be some excuse due to Covid 19 for the turgid pace of security transfers there isn't any for the total absence of cash transfers! There also can't be any excuse for the complete lack of communication. How long does it take to post a weekly update on their website to reassure clients?. There simply isn't any form of cognitive plan at ITI to complete the process. The are not capable of creating one! These people aren't capable of a "!!!!!! up in a brewery". I believe they are now deliberately withholding our dividends in order to prop up their declining cashflow.