SVS Securities - shut down?

Josl

Researcher16

LC are outright lying to you about these timescales and procedures. 
Beaufort Securities [Collapsed 2018] Administrator [PWC] Clients access to holdings [8-months] Broker [Shares.com]+Opt-out to get choice of client broker.
Reyker Securities [Collapsed 2019] Administrator [Smith&Williamson-LawFirm] Clients access to holdings [12-months] Broker [5x Different Brokers ]+Opt-out to get choice of client broker.

rnf11

sweeter_strudel said:

iWeb transfer of ISA out.... progress and news of sorts

Did the little matter of any cash emerging from ITIC crop up in your discussion?

More broadly, if those numbers for IWeb are in any way typical of other popular brokers, then it does rather highlight the numbers that ITIC must be having to deal with - with all the email/phone call bombardments on top. Morale must be lousy there by now.

rnf11

Josl said:

Researcher16

LC are outright lying to you about these timescales and procedures. 
Beaufort Securities [Collapsed 2018] Administrator [PWC] Clients access to holdings [8-months] Broker [Shares.com]+Opt-out to get choice of client broker.
Reyker Securities [Collapsed 2019] Administrator [Smith&Williamson-LawFirm] Clients access to holdings [12-months] Broker [5x Different Brokers ]+Opt-out to get choice of client broker.

I recall raising the very same point at the time with PWC in the case of the Beaufort affair. The advice was the same as LC gave with SVS - it would be quicker to go with the mass transfer and subsequently move on to a broker of choice. Which I did. No great hassle with that one though....

snipkin

But it could have been so much easier for ITI. They just needed to COMMUNICATE with us about what is happening and why,  with estimated timescales, etc. That might have helped to reduce some of the stress for us and also perhaps reduce the volume of complaining/irate emails they presumably are being snowed under with. It is a situation entirely of ITI's own making.

Sheris

Researcher16 said:

Like others I am still awaiting transfers of shares and the appearance of dividends.

I have complained to the FOS, LC and ITI including attaching a detailed timeline of (non) events from when I first received account log in information from ITI.  I have had almost no replies from ITI at any time.  

I asked LC why shares couldn’t have been transferred directly to our brokers of choice.  I was sent the lengthy explanation of the process leading to selection of ITI that others on here have also received as well as a statement about how transferring to brokers of our choosing would have made the process even longer.  I am not convinced of this as I pointed out in part of my reply that I have copied below. I haven’t had a response.

You state that “The alternative to transferring clients to ITI Capital …… could have added at least another 6 months (maybe even a year) to the administration”.  As things stand it is already almost 4 months (and counting) since the legal transfer of client assets and client money to ITI was completed.  Presumably the process of getting to the legal transfer after ITI had been selected took some time which would be added on to the time of whittling down the shortlist of 100 bidders in the first place so I am not convinced the alternative would have been longer, especially as batch transfers could have been made to common alternative brokers of SVS clients. 

Had the same answers as yourself from L&C, I shall fight this to the last bone.  

Ravima

Anyone able to assist in completing this form?
I simply want to transfer to another broker. What has the 'cash withdrawal' form have to do with it?
Where do I insert the Stock Code, Description and Quantity? There is not much space for it on the form! 
I don't know why they (kindly) dated it 03/09/2020.
Given that my account is still not live with ITI, I finally managed to have them send me the forms via email, after threatening to contact FSO/FCA.

Michael_Reynolds

gibson81 said:

I received two days ago some dividend cash held by ITIC into my HL account. I have now messaged HL to push for the remaining sum. From an earlier post, I understand these monies are not visible in our ITIC accounts because it is being held in some sort of holding account because technically our accounts have been closed since we made our transfer requests. 

You may well be correct but they have no right whatsoever to do this!  The rules regarding dividend record keeping are quite clearly laid out by the FCA and the LSE. They have broken every rule in the  book since July 23rd. The trouble with these people is that are SO HOPELESSLY INEPT that they have tried to create these so called short cuts. Everything is done manually! I recently submitted a comprehensive complaint to FOS running to many pages. I have documented and supported with emails every step of the way from the identity verification nightmare stage to the Phoenix/Dodo extinction stage. I have consistently maintained to the FOS that right from the word go on July 23rd ITI have not done one thing right. By not providing full access to our securities and cash on July 23rd they were immediately in breach of contract. The trouble with ITI is that they have far too many CHIEFS with grand titles and big salaries and no INDIANS to do the grunt work. The truth is all these Grand Viziers seem to be able to do is buckpass. They aren't worth salaries of a 100 Roubles a year! I received yet another of these infuriating emails this morning. I have a whole library of these. I'm sure he has this one setup as a template.
"Email received. Currently investigating. 

Regards,

Rahul"
Possible nomination for this year's Nobel prize for literature?

Michael_Reynolds

Nbs222 said:

Gibson81 : I understand these monies are not visible in our ITIC accounts because it is being held in some sort of holding account because technically our accounts have been closed since we made our transfer requests.
If above is true then ,why can't ITI communicate this to everyone , It will save us lot of stress but also ITI will have less emails from us.

Because if they have to take the time to communicate with all those annoying SVS Clients then they might just as well use the time to update their Quort accounts. It's only Russian logic don't you see that? They just decided to do neither.

Ravima

leonde said:

For me, after filling in various details online, the form generated for me had the stocks on it. On your form, they should be under the table with the columns Stock Code, Description, Quantity - only for you, that's all it says.

edit: Maybe you could just send them the form you sent to your "next" broker?

Thank you Leonde. My problem, is that I still have no access to my online account!  

Michael_Reynolds

rnf11 said:

More broadly, if those numbers for IWeb are in any way typical of other popular brokers, then it does rather highlight the numbers that ITIC must be having to deal with - with all the email/phone call bombardments on top. Morale must be lousy there by now.

Frankly my dear I couldn't give a flying Fu.... about their morale. They brought all of this on themselves. It's your morale and mine that I care about and I can assure you mine is at a lifetime low right now!