SVS Securities - shut down?

shawdon

Progress (ITI style!):
The missing dividends (everything since 24/9, BP, AVIVA, A-A, GSK etc) are now visible on the ITI dashboard but in a completely confusing and illogical way. So there are no descriptions at all next to the figures and the figures do not get transferred to the total cash figure on my dashboard available to invest or in my case, transfer to HL. This is an example of what i mean:

10/13/2020 12:00:00 AM Income from financial instruments GBP £ 533.22 £ 0.00 £ 533.22 10/13/2020 12:00:00 AM Income from financial instruments GBP £ 259.70 £ 0.00 £ 792.92 10/12/2020 12:00:00 AM Income/Write off profits on financial instrument GBP £ 175.94 £ 0.00 £ 968.86

Fortunately, thanks to DividendMax.com i know exactly which stock these relate to and they are correct to the penny. I am now waiting very patiently to get the cash transferred to HL which i would expect to happen very soon (in an ideal world!)

LEAR1

Josl said:

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.

Don't ring the main number - takes you to the call centre in S. Africa.
I didn't have a direct line for an individual (though I think others might have posted some direct dials previously). I just used the alternative number that routes directly to the account management team - 020 7562 8015. It's the same number that several others have posted previously, so no great trick there, just lots of patience waiting while the phone rang for an eternity time and time and time again. Once you're through though, get the name of the individual who takes your call and try to build a bit of rapport - will help you out when you call back in again, as you will have to I'm afraid plenty of times. Worked though, so was worth it.

My2penneth

Mr Bentley  has not had to "really" deal with ITI ...I posted on the Sharesoc board.....because all we have been doing is sitting around gazing at our navels and twiddling our thumbs!

I would suggest joining Sharesoc (free) just to let him know how crap ITI are!

In all of this, I am amazed at how useless the FCA and FOS appear to have been. Maybe something is going on behind the scenes but I have seen zero improvement from ITI. 

johnburman

Time to talk "Compensation" with ITI?  Or is it too early?

My2penneth

bananasandwich said:

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. 

I'd calculate it for yourself. Then at least you know what the dividends should be. I would  suggest sticking all the calcs in a spreadsheet (which is what I have done).  

It sounds like ITI have just tried to  transfer shares that were left in the on boarding ("Qort" / SC) account. These are shares that the wonderful Phoenix platform does not support so ITI have left them in the on boarding account. 
I would use dividend data to obtain what the dividends should have been - here's the link - look for your company and then click on the right arrow (gray coloured),

https://www.dividenddata.co.uk/dividendyield.py?market=ftse100
Example using AstraZen


Clicking on the arrow brings up the following page where the ex dividend dates and pay date can dividend can be seen.





 

My2penneth

johnburman said:

Time to talk "Compensation" with ITI?  Or is it too early?

If you can get through to them. I thought we'd agreed an order of  1. shares transfer...2. dividends sorted and then 3.  a good kicking...

Compensation would probably involve not contacting the FOS.  I'd rather let the FOS investigate ( £650) and they will judge appropriate compensation. ITI will probably offer £100 plus demand you sign a non disclosure agreement..
I'm not prepared to do that....

Sheris

shiznit76 said:

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.

 

Had the same !!!!!!. they are very smart with there words, notice copies of emails are being sent to a Michael Healy, that was a Director at L&C, but retired a few years ago, email has him down at L&C.
Intersting read if you can find under Keystone Law, Reference (LCBSG)
Love the article on Take proper advice, when L&C told me there was no need for Legal advice at the start of SVS in Administration. 
 

snipkin

I think it's disgraceful that ITI Capital, a member of the London Stock Exchange, has offered 'bribes' of a few hundred pounds -effectively as 'hush money' - to some members of this forum. How can that be acceptable in this country? Or are we in Russia now? I don't want ITI's measly £200 or whatever - I would rather have the cash and dividends that are rightfully mine (but are being held back in ITI's coffers). Why can't they just pay me those?

Emillion1

LC were made aware that transfer of clients was problematic.  They begged to differ, this was always going to happen!

shiznit76

has the Daily Mail been made aware of this farce?