SVS Securities - shut down?

KingGBK

Yeah I do find it weird that they do not do it themselves, I would say its potentially laziness but it took him way longer to explain it then if he had done it himself so not sure. 
He did mention the account is still in a holding account at Leonard Curtis rather than sitting with ITI so that may be why they are unable to do it.
I think once you fill out the closure form they then send it to Leonard Curtis and it allows them to wash their hands of it. 

SVS_Disgrace

By the way, after submitting my complaint to the "Action Fraud" website, I received a crime reference number and an email, the main contents of which was:
"I am sorry to hear you have been a victim of crime. Thank you for taking the time to report to Action Fraud. Your report has been sent to the National Fraud Intelligence Bureau (NFIB) for review.

Experts at the NFIB will examine the information you provide. Where possible, the information is also matched against other available data in order to enrich and corroborate the details of the fraud. An assessment will be made as to whether there are viable lines of enquiry that would enable a law enforcement body, such as the police service, to investigate. The NFIB aim to provide you with an update on your report within 28 days."

It's not too time consuming a process, if anyone else is thinking of doing it... If so, best to keep a record of what you wrote, as Action Fraud don't seem to quote that back in their response. Here's what I wrote:

(oops, I wrote an extra "illegally")

olderbutnowiser

My2penneth said:

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.?

Well I know you are not making it up My2P, I received exactly the same email last Friday after emailing all concerned about the 4K that has gone completely missing from one of my accounts. It's one thing not getting access to funds, it's another when they have disappeared. The email did not instill a feeling of confidence that anything good would happen.

Michael_Reynolds

Yesterday's FT article is so tame? There is no sense of urgency and there is no mention of the transfer of cash accounts which frankly is the biggest concern of all!. I have immediately replied to the FT on their email address pointing this out. The strange thing about all of this is that none of the authorities, LC, FOS, FSCS, FCA & LSE seem to want to have a go at ITI.  I can only assume that they've been told by the powers that be that patience right now is a better alternative  than the FCA closing down ITI. That in itself would open up a can of worms and each of these authorities has a dirty secret and was complicit in the approval of the sale of SVS to ITI. If the FSCS had to pay a second time that would mean admitting that they made a mistake and would definately cause senior heads to roll. I suspect that Oleg has worked this one out for himself and realised that for the time being he's safe and can take his time. It's extraordinary that the FCA haven't imposed a deadline after an 11 week dleay (Thu) for the completion of this nightmare transfer process. I 'm sorry to say I think this story still has a few more pages in it. 

RasputinB

SVS_Disgrace said:

Here's what I wrote:

ITI Capital are refusing to give me my money. I requested them to transfer my cash from my account at ITI Capital to my personal bank account on 4 September 2020. I followed ITI's required process for such a cash transfer. ITI themselves specify that such a cash transfer request “will be processed within two working days of receipt", but I can see that the cash has still not left the account at ITI Capital. AII my emails and phone calls to chase up this with ITI Capital have simply not been answered.

I know that many other clients of ITI Capital are having similar problems – i.e. their cash is being withheld by ITI Capital. I believe that ITI Capital are using clients’ money (including mine) illegally for their own purposes. However, regardless of where my cash is now and what ITI Capital may be doing with it, I consider refusing to pay me my cash for such a long time simply amounts to theft. Please let me know what Action Fraud and the Police will do to help recover my money.

https://www.actionfraud.police.uk/reporting-fraud-and-cyber-crime

LEAR1

johnburman said:

No KINGGBH the brokers should do it themselves. You should not need to do anything. That they make you do is for reasons I do not know but I suspect it is to delay matters or reduce the numbers transferring. 

In theory, johnburman, that is of course correct and how other broker platforms operate. But I, like several others, followed the path KINGGBK describes above (in my case, also with the process being explained at length on a phone call with someone in account management) to close - or 'revert' - my account, and it has ultimately resulted in all of my stocks being transferred out correctly to HL. Now that could of course be a coincidence - perhaps I've just been lucky - but what have you or KINGGBK, or anyone else for that matter, really got to lose by jumping through one more ITI Capital hoop? A little bit more of your time, I guess, but is it not worth it, especially as there is some evidence that it might be what they require (rightly or wrongly) to get a transfer moving?

LEAR1

LEAR1 said:

In theory, johnburman, that is of course correct and how other broker platforms operate. But I, like several others, followed the path KINGGBK describes above (in my case, also with the process being explained at length on a phone call with someone in account management) to close - or 'revert' - my account, and it has ultimately resulted in all of my stocks being transferred out correctly to HL. Now that could of course be a coincidence - perhaps I've just been lucky - but what have you or KINGGBK, or anyone else for that matter, really got to lose by jumping through one more ITI Capital hoop? A little bit more of your time, I guess, but is it not worth it, especially as there is some evidence that it might be what they require (rightly or wrongly) to get a transfer moving?

I should add 'cash transfer-out is another matter' and, in that regard, I'm still stuck in the same boat as everyone else!
That said, I have literally just come off the phone with HL, asking whether there was any news on this aspect. The individual I spoke with rang through to the transfers team and reported back that ITI had communicated to them that they were 'preparing for a transfer of cash' - no specifics about whether this is for a single account, bulk transfer of cash for many accounts, or indeed any suggested timeframe, but at the very least, I think it's positive that there is a line of communication that is open and ITI are talking about a cash transfer....

KingGBK

When transferring your cash out you need to provide the bank details of the broker not your bank account to avoid delays (and then reference your account so that recipient broker will be able to add the cash into your account. This is what I was informed on the call earlier today as I almost made the mistake of adding my account details rather than my brokers this may be why your cash has been delayed. 

rnf11

KingGBK said:

...
He did mention the account is still in a holding account at Leonard Curtis rather than sitting with ITI so that may be why they are unable to do it.
I think once you fill out the closure form they then send it to Leonard Curtis and it allows them to wash their hands of it. 

That doesn't match at all with what LC have previously stated - whereby even if there is a "reversion to LC" the assets themselves are still held by ITIC as custodian.

supremetwo

KingGBK said:

When transferring your cash out you need to provide the bank details of the broker not your bank account to avoid delays (and then reference your account so that recipient broker will be able to add the cash into your account. This is what I was informed on the call earlier today as I almost made the mistake of adding my account details rather than my brokers this may be why your cash has been delayed. 

No.
It's your broker that supplies that information to ITI.
Just suppose you get a digit wrong and it goes astray.