SVS Securities - shut down?

johnburman

Write to the FCA.  Get a complaint number.  Weite to the FOS.  Get a complaint number.
Write to ITI Rahul  

Rahul Agarwal <Rahul.Agarwal@iticapital.com>   cc Compliance (David Moss)

and mentinon both complaints and numbers.

Josl

johnburman said:

Write to the FCA.  Get a complaint number.  Weite to the FOS.  Get a complaint number.
Write to ITI Rahul  

Rahul Agarwal <Rahul.Agarwal@iticapital.com>   cc Compliance (David Moss)

and mentinon both complaints and numbers.

Done this already. No luck.

shiznit76

who else can i contact if getting nothing back from account management, compliance or Rahul?

eskbanker

shiznit76 said:

who else can i contact if getting nothing back from account management, compliance or Rahul?

I think the standard advice on this thread is to indiscriminately spray communications around some or all of LC, LSE, FOS, FCA, your MP, the police, the Daily Mail, the BBC, the European Court of Human Rights, the United Nations, etc, etc....

bananasandwich

First time poster, but have been following this board since the start-I'm by no means an expert investor so the help on this thread has been invaluable! Anyway, I'm in the same position as many others, attempting to transfer out of ITI (into Jarvis XO). Yesterday 2 of my holdings (out of 16) had transferred across, Jarvis saying that's what ITI put in my valuation  I have sent Jarvis a list of all 16 and they are chasing for me. My question is how are people confirming/estimating what dividends they should have accumulated? The cash balance in my ITI account doesn't look right, but I'm not sure where to start in checking what it should be. Do I just need to google search each holding to look up past payments and calculate it myself or is there a simpler/faster way? Any advice much appreciated. 

LEAR1

Josl said:

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. 

Hi everyone,

Reading all of your posts with disappointment - that you've not had better fortune with your transfers thus far.

All I can tell you is what I did and why... not sure if it was blind luck, or my approach, that aided my "relatively" swift exit*.

Others have posted previously suggesting that the various things that I ended up doing I shouldn't have needed to have done - eg filling in HL (my receiving broker's) cash account bank details on the paperwork for ITI. Equally, they have implored us all to do things that I didn't do. I don't care about that though - I just took a measured course of courteous persistence which I reasoned would either work (great) or not (then, but only then, would I steel myself to exert energy and time going down the formal complaints / litigation / claims etc routes discussed at length on this board).

By persistence, I mean that I called ITI and HL frequently - at least once a week and often twice (or even three times when the transfer date was looming). In the case of ITI, it sometimes took me 15 attempts (!!) of the phone ringing out / being cut-off before I finally got through to a human being; in the case of HL, it was normally a case of 15/20 mins in a holding pattern to get through to a member of staff. When I did finally get through, I asked any question I could think to get them to retrieve my details, find out the status, repeat back what needed to happen (even though I'd done all the paperwork and listed it all again in various direct emails), chase colleagues etc - essentially not leaving any stone unturned. As My2penneth put it above, I certainly didn't leave anything to chance - I listed out, for both ITI and HL, the exact composition of my account and my record of the cash that should have been there, including accrued dividends (with a breakdown of these as well). With all of my emails to ITI, I forwarded these on to HL too, so that they knew that together we were taking a two-pronged approach to getting the transfer done, and it also kept them right up to speed with what ITI were or were not doing.

As for courteous, while I was - like everyone else - immensely dissatisfied with ITI's overall service, I tried to remain calm and pleasant with the ITI staff - ultimately, I think those on the end of the line had nothing to do with the shambles that has ensued; that blame sits squarely at the feet of ITI management. The back end staff are the guys who will actually action the transfers, so, aside from not being a confrontational type of person, I reasoned getting angry and hostile with them would only alienate them from wanting to help me, so hurt my chances of getting out sooner.

Final suggestion. My assets were never transferred to the Phoenix account; I never registered for this, knowing I wanted to transfer away immediately. What point was it going to serve me? But my Qort account, like others, was also volatile in terms of what it decided to display from one day to the next. I didn't expend any energy at all worrying about this or trying to get ITI staff to look into it. My thinking was simply that it's a rubbish back-end that they're using, and I knew what my assets were based on my final LC account statement at end July (and ITI would know this too, when a human being actually got around to investigating properly), so why bother throwing energy and effort at a display problem that wouldn't really concern me once I was shot of ITI once and for all. (Ref my * comment below, it might well be that, had I complained about the platform arrangements and lack of transaction / dividend visibility etc, I might now be able to properly reconcile the small cash variance between what HL received and what I think was due, but that's small beer compared to the much greater prize of being in proper possession of 99%+ of my assets.)

I don't know whether any of the above is helpful or not. Hopefully it is. I've tried to break it down as best I can, and hope it doesn't come across as patronising - certainly not my intention. Just trying to give you all a clear steer as to what I found to work best for me. I'm sure others who have been successful getting most of their assets away will have had other tricks, so not suggesting for a minute this is the only way to approach this terrible situation.

Wish you all the very best with your efforts.

* NB, still a slight cash reconciliation matter outstanding, related to dividends I think, but frankly it's a rounding error compared to the overall assets transferred to ITI by LC.

My2penneth

My2penneth said:

Something weird going on ...I mentioned that I had one share (GBDV) transferred to Interactive Investor with cash pending. I've just logged onto my ii account and the share has now vanished. 

Queried with ii about a share which had been transferred but then disappeared!  Guess where the problem lies..?

---

Dear Mrs xxxx

Thank you for your secure message.

I'm sorry about the confusion here, we agreed dates to transfer with ITI
Capital however our instruction was not matched by them so we have had to go
back to them to re-arrnage new dates to complete the transfer for you. As soon
as they respond with new dates i will update you.

Best regards,

Robbie 

The Transfers Team

Interactive Investor

shiznit76

no luck from LC:

Thank you for your email below. I’m afraid as your issues relate to ITI Capital Limited, I am not able to comment. The Joint Special Administrators have complied with the legislation governing the special administration and implemented the operation of the Distribution Plan as required.

 

If you have already followed ITI Capital Limited’s complaints procedure and have not received a satisfactory response from them within the allotted timeframe (8 weeks), you would be free to take the matter to the Financial Ombudsman Service.

 

johnburman

LC are washing their hands of everything.  Frankly I don't blame them; I would do the same.  Unlike the FCA they can put no pressure on ITI.  They are out of it.  The FOS, and FCA are the ones that can pressure ITI.  And the LSE who seem very keen (to me) not to answer why they are not enforcing thier own rules against ITI...I am thinking particularily of R1020.  You have given an update to the Trustpilot review haven't you.  I have given 2 updates to my original 1* review, all of 1* (and would have been less if I could have done so).

Josl

LEAR1 Thank you for your detailed insight. Could you please post telephone numbers and departments of ITI that helped you along the way.
I never got past receptionist/call centre adviser who is working from home and is unable to put me through to the transfers.