SVS Securities - shut down?

johnburman

Quite right Michael_Reynolds, keep everyone up to date with the issues/problems so they can not say that they did not know/though teat the 'teething problems' were solved.

My2penneth

Latest from Sharesoc

Since our last report on the situation for clients of failed broker SVS Securities, I am pleased to report that there have been significant positive developments.

Firstly, ITI Capital has been in contact with ShareSoc and appears willing to work with us to ensure a satisfactory resolution for former clients of SVS. This is a very positive development. According to this news report the FCA has been monitoring the situation too. It is good to hear that the FCA has been fulfilling its role in protecting the interests of users of financial services.

In concrete terms, ITI now offers a call centre to help handle the volume of client queries and, we understand, has added resources to handle a higher than anticipated number of enquiries. Most significantly, requests to transfer accounts to alternative brokers are now being actioned by ITI, and a number of clients have reported to us that securities have been successfully transferred to their preferred brokers.

We applaud these developments, but there is still a way to go, with some clients still complaining that they are having difficulty getting their queries addressed and lots of enquiries about dividends and in relation to account transfers.

To help address these issues, which clients have not been able to resolve directly with ITI, ShareSoc has created an SVS Client Support Group. We have launched an electronic forum for ShareSoc members to serve this support group. Group members can report problems to us via this forum or, confidentially, via a dedicated email address. The email address for problem reporting can be found under the “Problem Reports” topic within the forum. We will log those problems and have agreed to review them on a weekly basis with ITI, which will allow us to report back on progress to the SVS/ITI clients.

Given the very long delay in completing the administration of the client assets originally held by SVS, it is not surprising that SVS clients are very concerned about any difficulties in gaining access to their assets. With the assistance of ITI, we hope to be able to reassure them that any outstanding matters will be addressed soon and, through our weekly calls, to make sure that they are.

Mark Bentley
Director, ShareSoc

But we know the reality !!

shiznit76

another week in and still no updates from Iweb, gettinn really fed up here

rnf11

Have not received any cash which was supposed to be transferred out of from ITIC.

The day of reporting the suspicion of fraud to the City of London police is drawing closer.

My2penneth

shiznit76 said:

another week in and still no updates from Iweb, gettinn really fed up here

I would suggest that you send an email to iWeb to say this is what I am expecting to transfer to you from ITI Crapital.
Then list out the shares and quantities for the "valuation" stage.

Send to brokertransfers@halifax.co.uk

That means they can contact ITI and they know what they should be expecting to receive.

shiznit76

My2penneth said:

shiznit76 said:

another week in and still no updates from Iweb, gettinn really fed up here

I would suggest that you send an email to iWeb to say this is what I am expecting to transfer to you from ITI Crapital.
Then list out the shares and quantities for the "valuation" stage.

Send to brokertransfers@halifax.co.uk

That means they can contact ITI and they know what they should be expecting to receive.

They have supposedly already had my valuation sent over and still waiting on a settlement date form iTI

My2penneth

shiznit76 said:

My2penneth said:

shiznit76 said:

another week in and still no updates from Iweb, gettinn really fed up here

I would suggest that you send an email to iWeb to say this is what I am expecting to transfer to you from ITI Crapital.
Then list out the shares and quantities for the "valuation" stage.

Send to brokertransfers@halifax.co.uk

That means they can contact ITI and they know what they should be expecting to receive.

They have supposedly already had my valuation sent over and still waiting on a settlement date form iTI

If the "valuation" is correct then ok, but is it correct? 

When I say " valuation " ( a misnomer) I refer only to the quantities of shares in each company. Do iWeb have a full list of what they should be receiving or will they just be expecting what's in the qort account? 

My suggestion was simply to leave no doubt with  iWeb as to what they should be receiving.

Sheris

My2penneth said:

shiznit76 said:

another week in and still no updates from Iweb, gettinn really fed up here

I would suggest that you send an email to iWeb to say this is what I am expecting to transfer to you from ITI Crapital.
Then list out the shares and quantities for the "valuation" stage.

Send to brokertransfers@halifax.co.uk

That means they can contact ITI and they know what they should be expecting to receive.

iWeb are chasing ITI with very little response from ITI
i log in every day with ITI and nothing showing for months, how can anyone deal with the situation with ITI

Monsieur_Bourse

Thanks for posting the latest update from ShareSoc My2P, but forgive me for not getting too excited. Thank goodness that the FCA are monitoring the situation, just imagine how bad things would be is they were not!

My wife still has not had her shares transferred into her Phoenix account, she cannot even log-in to it now as the password she created does not work. My transfer out is now in week 7 after ITI sent HL the wrong valuation, there are 2 dividends missing from our accounts, my wife has not heard anything about her transfer out to HL for a month now, I could waste at least 20 minutes of my life telephoning HL, but I have got to the point of not really caring anymore.

I just see the whole thing dragging on and on, some have been lucky in transferring out, but for some of us I think that we have a better chance of winning the lottery than escaping from ITI.

Still at least the FCA are monitoring the situation.

Sorry all the above doesn't solve anything, but it makes me feel better.

Josl

Can people who have had shareholdings transferred early share (from their experience) effective measures which can be employed to get ITI to move on the transfers except emailing, accountmanagement, transfers, rahul.agarwal, chris.smith, david.moss? My transfers are stuck even after ITI management agreed on settlement dates with my broker twice.