SVS Securities - shut down?

My2penneth

Ravima said:

Financial Ombudsman complaint now registered and number supplied.  Interestingly, ITI sent a final response letter today as well. There was an offer of compensation, subject to confidentiality agreement. I have asked for an uplift to be sent to ma, but payable to a nominated charity. Lets see if they agree. 

If you agree to the probably small amount of compensation offered by ITI then this will allow them to "get away with it". By registering a case with the FOS, ITI Capital will receive a £650 case fee regardless of guilt or innocence. Then they will need to stump up any compensation anyway. So, if they offer you £150 to effectively "shut up" then they have won.

Please - don't let them get away with it for a small bribe!  

manorhouse

ITI are by far the worse broker mob i have ever had to deal with , i do not know if it is incompetence or dishonesty.
I took part in a rights issue there was a scale back of excess application.
I was awarded 10 times less then with Iweb when i question just bamboozled and delayed .
I sent them IWeb allocation of scale back and the company RNS on it.
After being told every week we are looking into it two months pass then i am  told nothing we can do 
They have sent another offer  this time they have added this line 

 "Pro-ration rates processed by IBKR on over-subscriptions may differ from the general market rate."

Can anyone throw any light on IBKR ?
Are the using sub contractors ?
Buy the time the excess shares were allocated we had  already seen over 100% gain of the offered shares in the market .
Could "IBKR " have kept these for own gain ?
Would my allocation of been different if there was no premium  or indeed if the market share price had fallen below the offer price ?

Emillion1

manorhouse said:

ITI are by far the worse broker mob i have ever had to deal with , i do not know if it is incompetence or dishonesty.
I took part in a rights issue there was a scale back of excess application.
I was awarded 10 times less then with Iweb when i question just bamboozled and delayed .
I sent them IWeb allocation of scale back and the company RNS on it.
After being told every week we are looking into it two months pass then i am  told nothing we can do 
They have sent another offer  this time they have added this line 

 "Pro-ration rates processed by IBKR on over-subscriptions may differ from the general market rate."

Can anyone throw any light on IBKR ?
Are the using sub contractors ?
Buy the time the excess shares were allocated we had  already seen over 100% gain of the offered shares in the market .
Could "IBKR " have kept these for own gain ?
Would my allocation of been different if there was no premium  or indeed if the market share price had fallen below the offer price ?

How can you get scaled back in a rights issue?  which company was it?

Jamesram

shiznit76 I am afraid that everyone is in the same boat, including my partner and ex-wife- both of whom I would dearly like to help if I could. I said that I got my transfer out after "loads of hassle" but at least some ITI personel were responding at that point, in particular Oleg Jelesko. That was over a month ago though- the drawbridge has since been pulled up. Hundreds if not thousands of people are in the same position- their 10 staff cannot cope. Only the FCA could demand(?) that ITI increase their staffing to comply with CASS obligations. Currently FCA do not appear to us to be wielding a big enough stick, but I don't know what powers of compulsion (as opposed to pursuasion)  they actually have. I am sure they can threaten to suspend ITI's FCA's license, but would that suspension help any of us? ITI I suspect know this perfectly well.

Sorry to be so negative. I have been trying to get Citywire to do a further piece highlighting the lack of intervention by FCA amongst other things, but the journo I am speaking to says he has been rather scuppered by the recent FTAdviser piece. "The challenge for me is adding something new, as an FT Adviser piece came out recently which highlighted ongoing problems – but I think your comments and those of others I’ve seen do add something new + FT Adviser gave the impression the problems have been resolved, which is clearly not the case" He hopes to get a new piece out next week. With everything else going on in the world, it's going to be hard to get interest from the general media though.

manorhouse

Emillion1 said:

manorhouse said:

ITI are by far the worse broker mob i have ever had to deal with , i do not know if it is incompetence or dishonesty.
I took part in a rights issue there was a scale back of excess application.
I was awarded 10 times less then with Iweb when i question just bamboozled and delayed .
I sent them IWeb allocation of scale back and the company RNS on it.
After being told every week we are looking into it two months pass then i am  told nothing we can do 
They have sent another offer  this time they have added this line 

 "Pro-ration rates processed by IBKR on over-subscriptions may differ from the general market rate."

Can anyone throw any light on IBKR ?
Are the using sub contractors ?
Buy the time the excess shares were allocated we had  already seen over 100% gain of the offered shares in the market .
Could "IBKR " have kept these for own gain ?
Would my allocation of been different if there was no premium  or indeed if the market share price had fallen below the offer price ?

How can you get scaled back in a rights issue?  which company was it?

I did write this .
 "there was a scale back of excess application".
Hopefully we are all here to help each other , i am only a blue collar worker so no FA.
But this i have experienced .
Sometimes you are given an extra opportunity to apply for more then you right .
This is scaled back sometimes , sometimes a company might issue even more shares to cover ( unusual )
I hope Masonic can throw some light he seemed more educated on this game then myself .
The company in this case was Scancell .

RasputinB

manorhouse said:

Can anyone throw any light on IBKR ?

Interactive Brokers U.K. Limited Registered Office: Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY.

Website: www.interactivebrokers.co.uk

manorhouse

I do not want to pay for this horrible service , did they not give an extension to the original time for free transfers and move to there own level of charges  ?
I thought this was because they admitted people could not access on line .

I still can not see anything on there  "P" nonsense screen  , they tell me there are two types "the better one" i can not download 

The C.A  i have taken part in was myself  bringing it to there attention then done via phone calls .
And it has not been strait forward and has cost me hours of my time.
Is there no way of shaming LC . 
To dump us with this lot was shameful .

Emillion1

manorhouse said:

Emillion1 said:

manorhouse said:

ITI are by far the worse broker mob i have ever had to deal with , i do not know if it is incompetence or dishonesty.
I took part in a rights issue there was a scale back of excess application.
I was awarded 10 times less then with Iweb when i question just bamboozled and delayed .
I sent them IWeb allocation of scale back and the company RNS on it.
After being told every week we are looking into it two months pass then i am  told nothing we can do 
They have sent another offer  this time they have added this line 

 "Pro-ration rates processed by IBKR on over-subscriptions may differ from the general market rate."

Can anyone throw any light on IBKR ?
Are the using sub contractors ?
Buy the time the excess shares were allocated we had  already seen over 100% gain of the offered shares in the market .
Could "IBKR " have kept these for own gain ?
Would my allocation of been different if there was no premium  or indeed if the market share price had fallen below the offer price ?

How can you get scaled back in a rights issue?  which company was it?

I did write this .
 "there was a scale back of excess application".
Hopefully we are all here to help each other , i am only a blue collar worker so no FA.
But this i have experienced .
Sometimes you are given an extra opportunity to apply for more then you right .
This is scaled back sometimes , sometimes a company might issue even more shares to cover ( unusual )
I hope Masonic can throw some light he seemed more educated on this game then myself .
The company in this case was Scancell .

Manorhouse - Sorry, I wasn't trying to be rude.  Normally a rights issue is determined by the number of shares in issue and you receive an entitlement based upon your own share holding. Therefore should not be scaled back.  My guess is it was an Open Offer which can be scaled back.  I agree we are all here to help and am more than happy to do so in any way which I can.   

sweeter_strudel

Latest cold callers, within 5 minutes of each other!
Avoid having any dealings with someone who may claim to be Jack O'Neil, says he is an independent financial advisor. He rang me on a number that only SVS knew - the old compromised database of SVS clients rears its ugly head.

Then someone saying their name was "Kate Reiley" (020 3582 0537, but hey, numbers can be spoofed) rang me, during her "second week of working for ITI Capital", saying I had been mis-sold "wholesale products unsuitable for retail investors", and as I had lost money they could help recover that via SJS Legal.

I know SJS Legal have been mentioned on here before..... and questions about the legality of ITI Capital (if it really is them....?) drumming up business from SVS clients for mis-selling. I managed to get her to hang up on me by demanding she remove my contact number from her database......

If only they had beefed up the transfer team numbers, not the  drumming up business for their legal team...!

Josl

sweeter_strudel Same people are ringing from a shared database. I had 2 of these today and 3 yesterday. One CMC yesterday too.