SVS Securities - shut down?

My2penneth

ITICAPITAL said:

Has anyone else been offered compensation from ITI capital regarding there complaints?

I'm surprised that they didn't ask you to agree to a non disclosure agreement? 

Sheris

Hi all, this is a very silly question, but as ex SVS clients, are we classed as clients or creditors ? with regards to the Administrators,
Might have found some very important info.   

9406824

My2penneth said:

ITICAPITAL said:

Has anyone else been offered compensation from ITI capital regarding there complaints?

I'm surprised that they didn't ask you to agree to a non disclosure agreement? 

They said that I wasn’t allowed to discuss the merits of my complaint and what it contained.

RasputinB

Josl said:

FCA's own guide to 'Fair treatment of customers'
https://www.fca.org.uk/firms/fair-treatment-customers
ITI Capital fails 5 out of 6 criteria set for any financial/corporate firm

I think that the Principles for Businesses as detailed in the FCA Handbook may be more relevant and the FOS refers to them https://www.handbook.fca.org.uk/handbook/PRIN/2/1.html?date=2020-10-06#D3

These are Rules, not just Guidance.

Ihadanideaonce

Hello all. Ok..... 465 pages in here... its a shame that major threads can't have an FAQ added. There's a lot of info in here.

I was an SVS client. I feel like I (and everyone else) should be entitled (ugly word these days, but I can't think of another) to getting a sum back that is equal to what their portfolio was valued at on the day of suspension.... e.g. if it was worth £5K on the day of suspension and it's worth £3.5K when access is/was regained, FSCS should stump up £1.5K. We didn't choose for the stockbroker to go under (does that situation even come up in risk disclaimers?!) and we didn't have warning to pull our money out.

Sounds idealistic and very simple...... does it have any chance of holding up? I have contacted the FCA with that idea, who promptly threw it out. I've been in contact with the Financial Ombudsman about the FCA decision.

ahouse185

I sold all my shares last week and the proceeds appeared in my cash account within four business days. I then completed a cash withdrawal form and emailed it direct to a person in ITI with whom I had had previous contact. I think this person is a mid level employee. The cash was in my NatWest account within a few hours. 
I sent an email thanking this person and hoping that their stress levels were not too high.
Months of angry emails got me nowhere, but discovering an actual working person and being polite and expressing sympathy for their individual work problems worked a treat.

jh_aux

Re. those of us on the lookout for Dividends
Be aware, some companies have suspended Dividend payments due to Covid/economic reasons, such as Aviva, some Banks, Royal Mail, etc., so they are not going to materialise in any platform.  Search ‘company name’ and ‘dividend’ and it may reveal your answer.  

SVS_Disgrace

I've finally received my cash from ITI, so now that I know that process can work, I want to sell my share holdings, then transfer out the resultant cash as well. Some people on here seem to have phoned up ITI and traded over the phone, but I can't see any phone number for trading - can anyone give me such a number please?
And anyone who has experience of selling just using the ITI website:
- If I go to set up a 'sell order', it doesn't show my holdings, does it, so I have to be careful to enter that accurately?
- If I choose, 'Order Type' = Market and 'Time-In-Force' = Day, then ITI has all day to sell my shares for whatever market price they find, right? Has anyone done that successfully? Has anyone had problems with ITI not executing the trade at all, or not doing it accurately? 
Thanks. 

Jamesram

jenwrendorset said:

ITICAPITAL said:

manted said:

I wanted to start a thread for all of us who cant see our dividends in Qort accounts at ITI Capital.
There's been many shares going ex-dividend since July. The ones I know of from reading this forum so far, that we havent seen dividends for are - 
AVIVA,
BP,
Dominos Pizza LSE,
GoCompare,
SSE,
Any others ?
Surprisingly, Shell dividends have been processed already. Atleast a few folks have said they are able to see the cash.

Imperial brands is another - due 30th sept still not there on 6th October.i have imp’s in my iWeb Account as they were there in my account on the same day,go figure?

Legal and General was due on 25 Sep, no sign yet

ADD Standard Life Aberdeeen SLA.L Record Date 21 August. Payment date 29 September.

My understanding is that it's the record date which is significant to ITI responsibility- ie ITI being on the record at that date means that he Company receives the divi. Those fortunate to have transferred before the record date should not have this problem. For others, and ITI, the issue is just mounting as a huge potential problem.

I am only concerned with a small divi of under £250 from SLA. So I have just put them on notice that unless I receive that  payment from them in 3 working days OR their reason as to why not,   I will issue a court "money claim online".  If I hear nothing by Monday I will send one further email, and if nothing transpires will be issuing that claim on Tuesday.

The dividend does not appear in my Phoenix account record - the account remains empty but "live" notwithstanding my full transfer out to iWeb- I have declined to close it. It is JUST possible that ITI will maintain that they are "in the process of" transferring the divi cash over to iWeb. I am not sure whether they have my instruction to do this- did my transfer request made through iWeb extend to all later dividends received on those stocks? If my account was an ISA then I guess that is what I would prefer. In fact it is not, and I have in my email "Notice of Intended Court Action" asked ITI to transfer the divi cash to my own  bank account.

Lastly, if the divi cash WAS shown in my Phoenix account, then I suppose I could/should just request a cash drawdown to my bank, which others have manage to achieve recently. But as NO divi is actually showing, how can I even start to make the drawdown request?

Just a few thoughts.

My2penneth

I've raised the issue of dividends in Qort accounts several times with ITI....they have never responded.  I also asked Leonard Curtis to bring up the subject with ITI. To date, nothing heard back.