SVS Securities - shut down?

Jools2001

Had a reply back about my complaint of ITI, from FOS On 1st September.
reply said it would take a number of weeks to be allocated a case handler!

Anyone here got a time frame they actually had a claim handler allocated?

Jools

eskbanker

Sheris said:

eskbanker said:

Sheris said:

eskbanker said:

Sheris said:

eskbanker, You keep observing from what ever plant you are on, If you are anywhere near the the moon, please pop in and see if my accounts are there, very easy to look in when you do not know the facts.  

Feel free to highlight any statements I've made about transfers in the above quotes that are factually incorrect....

There is no problems with other financial companies on transfers as you stated    

There have been plenty of threads about delays in ISA transfers on this board - granted, more of them are about cash ones than S&S, but the point remains valid, i.e. that the mere fact of not conducting ISA transfers in accordance with the guidelines on target timescales doesn't instantly provoke the FCA into immediate action with sanctions for the offenders, i.e. there is latitude in the circumstances, despite inconvenience for the customers.

https://forums.moneysavingexpert.com/discussion/6157697/iweb-veeery-slow-isa-transfer
https://forums.moneysavingexpert.com/discussion/6135413/isa-transfer-not-happened-yet/p1
https://forums.moneysavingexpert.com/discussion/6184408/isa-transfer-delay
etc....

So three complaints not happy, out of thousands that are more than happy, two of them are many months ago.
How many complaints are there on this forum with L&C and ITI ?
Who knows how many other ex SVS clients in the world that are having the same problems.

You're missing the point - it's not a competitive numbers game of whether there are more or less ITI customers inconvenienced than other brokers (and if it was then there are many more examples for anyone who could be bothered to trawl through the boards rounding them up), my point was a simple one that transfer delays aren't unique to ITI. Anyway, as I said, I'm not trying to defend them, but just putting their performance in context....

My2penneth

Anyone heard of Interactive Investor having the same problems as ITI? Article from The Times, yesterday.

"Interactive Investor, Britain’s second biggest online platform for retail investors, won 23,000 new clients in the first half of the year as locked-down, cash-rich consumers took to the share market.The number was up by 154 per cent on the 9,000 won in the same period in 2019 and it brought in net new assets of £2.3 billion, up 151 per cent. The company posted a 151 per cent increase in pre-tax profits to £18.4 million and suggested it would be ready to float in 2022."

I was one of the 23,000. I managed to open an account and could trade within 20minutes. None of this upload your documents, smile for the camera, shoe size ( i was tempted to write something else here) nonsense. 

( the cash rich bit doesn't apply.. account was opened to transfer to them)

johnburman

Guys arguing about the past vote and the Creditors Committee membership seems to me futile, unless you have a time machine. The question is how do you get ITI to transfer out your shares and /or deal with your dividends properly? Is there a block on transfers BTW formal or informal? If dividends can't be reconciled can shares be transferred? That would be getting ITI into even more problems than it has at the moment. 

coyrls

My2penneth said:

Anyone heard of Interactive Investor having the same problems as ITI? Article from The Times, yesterday.

I would say you're setting a very low bar comparing any mainstream platform to ITI.

My2penneth

leonde said:

My shares at IG are now in - "only" the cash is missing.

Lucky!

My2penneth

I contacted the FCA again...just to raise other issues about ITI (dividends/account transfers) just to log the issues. The more people that report these issues the better.
It's a free call on 0800 111 6768 (freephone) or 0300 500 8082 from the UK, or +44 207 066 1000 from abroad.
I'm hoping that the FCA are applying pressure "behind the scenes"

I'll be in touch with the FOS on the 12th as this will be 8 weeks after writing to David Moss.

johnburman

Leonde can you actually trade your shares with IG? That is have you had a settlement date and the transfer has taken place? 

user1168934

I am in the process of transferring out from ITI, stock seems to have transferred but ITI are asking for bank account details to transfer out cash. I talked to the new broker and they say it should all be handled by the transfer process and that ITI should not be asking any bank details.
Anyone else experiencing the same? Does anyone know what to do in this case please?

My2penneth

Some positive news to share.  I emailed ITI about custody charges. Rahul Agarwal,  Managing Director, International Head of Private Clients replied;

"As you are in the process of transferring out, I can confirm your account will not be charged a custody fee."