SVS Securities - shut down?

Michael_Reynolds

I just received the following reply to my email this morning
Email received.
Requests have been sent to the appropriate departments.

Regards,

Rahul
He appears to be completely Teflon coated! How long can this nightmare go on before someone in authority takes action at the FOS, FCA or LSE? 

snipkin

FCA steps in after SVS clients face delays at new broker

See ftadviser . com - perhaps someone could post the link (I'm not allowed)

saitai

snipkin said:

FCA steps in after SVS clients face delays at new broker

See ftadviser . com - perhaps someone could post the link (I'm not allowed)

https://www.ftadviser.com/your-industry/2020/10/05/fca-steps-in-after-svs-clients-face-delays-at-new-broker/

My2penneth

"While we are experiencing a slight backlog with processing client transfers to external brokers, we have allocated additional resources to this area so that we are caught up."

We read the report and we realise that they are talking bollo!

My2penneth

"FTAdviser understands the ombudsman has received about 10 complaints about ITI Capital, but these are not necessarily in relation to SVS clients."

Well I've submitted one complaint! 

johnburman

Really interesting FT article - a MUST read for all posters.  2 things caught my eye:

The ITI Capital spokesperson added: "While we are experiencing a slight backlog with processing client transfers to external brokers, we have allocated additional resources to this area so that we are caught up. 

But we know that to be untrue - itis a huge backlog, which my new brokers have even confirmed

Secondly is it right that only 10 have complained to the FOS?  Surely more have done so?
ITI are as to be expected minimising the problem and the FSA are ....well what are they doing?  My suspicion is that sim[ply not enough clients have complained to them and so they do not know the extent of the problems.

Final comment - it is interesting that at ITI unless you Trade, people always pass you on/say they will  pass you on to another department to deal with things.  and they never do/that dept. does not.  Transfering out to another broker is the test, as that means the securities and cash, all reconciled, are moved away from ITI.  And are their systems in a fit state to reconcile and allow that?  If not that may explain the delay.       

My2penneth

I think I'll nominate the article for the Booker short fiction award. 

jenwrendorset

Michael_Reynolds said:

Securties may be moving BUT CASH IS NOT! This is extremely concerning. I had GBP 800 worth of dividends paid to Crest on Sept 29th & 30th which still haven't appeared in my ITI cash accounts. I wrote to Rahul today and included the following: 

"I would like to remind you that any deliberate attempt to withhold dividends without good reason may be considered to be a criminal act of fraud."

I have copied the email to the FOS, FCA & the LSE.

Day after day this charade goes ON AND the authorities just stand on the sidelines MONITORING!

We're in the same position, two sets of dividends due on 24 and 25 September but nothing showing in account, still one outstanding cash withdrawal waiting action, that was sent on 15 September - I sent off another letter to David Moss: LC: FCA and my MP yesterday (I forgot to include FOS so will forward to them now)  complaining about this issue; plus the inordinate transfer delay with two of our accounts and the complete mess up with our third account which is joint. 

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.