SVS Securities - shut down?

Josl

An FCA spokesperson told FTAdviser the regulator was aware a number of former SVS clients had experienced difficulties accessing their assets with ITI and in attempting to transfer their assets to an alternative provider.
The spokesperson said: "This is a consequence of IT system failings and errors which ITI has been working to resolve.
"We have held regular discussions with ITI on how it has sought to address these outstanding issues and delays as soon as possible, including responding appropriately to clients and taking steps to ensure they do not suffer financial detriment as a consequence of ITI’s actions.

I have suffered losses in excess of £5500 as a result of ITI deliberately dragging its feet or as FCA puts it 'technical failure'. I'd like to see myself compensated but shifty Rahul Agarwal had told me straight up 'We apologise for delays but we are unable to compensate for these accounts'. What does FCA have to say about that?

My2penneth I guess we are two of the 10 who have filed with FOS.

rnf11

The FTadviser article fails to make any mention of the substantial cash balances which ITIC are not transferring out to other brokers, and also that many direct cash withdrawals are still not being actioned too.

I think that SVS_Disgrace (above) has done the right thing in this respect, by formally reporting the circumstances to the police.

My2penneth

The FOS "8 week" rule might be putting people off from complaining with them thinking that the issue will be surely resolved by the time 8 weeks have elapsed? 

Maybe there are loads of complaints to the FOS that are creeping towards the 8 weeks and are thus currently not counted?

Maybe the customers of ITI are simply  bending over and taking ........no verbal lubricant from Agarwal will appease me!

Josl

Another painfully hilarious reply yesterday from my email sent on 24 Jul complaining that holdings are missing from the account received yesterday.
Account Management "We apologised for delay in replying to your message. We can view that your account has now been closed therefore we consider this matter to be resolved"

johnburman

Josl  -a) Report ot the FSA; and b) sue in the small claims court (and remember to include interest)

My2penneth

I've just received an email from  ITI...I took a screenshot. ( honestly, I have NOT made this up, I  promise!)


Looks like I now work for ITI Capital and I'm sending emails to myself!  So watch what you say about my beloved company and if you want your accounts transferred then slip me a few quid ...
:-).

Maybe I should write to myself again when I've resolved the non specific complaint.?

Nbs222

MY2P : I got the same emails last week , The email doesn't reference the email you sent  nor it's addressed to you. This is just to show the authorities that they are responding, but nothing actually happens.

Now everything has stopped , transfers are not happening , dividends are not credited , even cash withdrawals to your bank are not actioned.

My2penneth

I received this email this morning from the FOS. (Sorry about the spaces - it won't let me take them out)

Our ref	PNX-3839658-Q3Z8
Your ref

Dear Sir/Madam

(not a good start if they can't be bothered to check !!)

Your complaint about ITI Capital Limited

Thank you for the information you sent us. I’m sorry we’ve not been in touch with you sooner.

Like many organisations adapting to the Covid-19 outbreak, we’re having to work differently. For the safety of our staff, and in line with government guidance, our case handlers are currently working from home and we have limited access to our office.

We are receiving letters, but there are delays in opening and replying to them. So please only send us post if you can’t contact us by phone or email.

We’ll be in touch as soon as we can. In the meantime, if you’re experiencing severe ill-health or financial hardship – or your particular circumstances mean that you need our help more urgently – please call us to let us know.

Kind regards

Meena Love | Head of customer help teams | 0800 023 4567

gibson81

Surely our strongest line of attack is to continue to push our new brokers to action these requests on our behalf? Once my final dividends are into my ITI account, I will be contacting both HL and iweb to sort this out. These guys must have some clout with the regulators...

RasputinB

rnf11 said:

The FTadviser article fails to make any mention of the substantial cash balances which ITIC are not transferring out to other brokers, and also that many direct cash withdrawals are still not being actioned too.

I think that SVS_Disgrace (above) has done the right thing in this respect, by formally reporting the circumstances to the police.

Yes, formally reporting to the police is the right thing to do (as well as to the FCA, FOS, your MP etc.)

Understandably the main concern of many is to get their holdings and cash out but I also worry about the security aspect of this SVS / LC / ITI fiasco.

I am very surprised that there hasn't been much comment about Leonard Curtis putting the list of our shareholdings into the public domain when they knew that SVS client contact details were being misused.
Their "urgent notices" suggest that a list of SVS clients which includes postal and email addresses as well as telephone numbers is being used illegally.
If that list includes, for example, the largest holding or the number of holdings for each client it would be easy to cross reference with the data that Leonard Curtis made available.
It quite likely means that an unauthorised person or persons can work out the portfolio of individual clients.
This may also mean that if our accounts at ITI become "compromised" it will be difficult to ascertain where the data breach occurred.