SVS Securities - shut down?

Josl

My MP has written to FCA to address these issues, following my complaint. MP says if FCA does not respond favourably then we can discuss other options to remedy the situation. Hopefully MP can wake someone up in FCA.
I have written on behalf of everyone affected by this disgraceful company.

sweeter_strudel

My2penneth said:

We've been getting an inordinate amount of phone calls today - I don't answer (I can see the number on caller ID display) and I then block it. 

It was bloody annoying yesterday as I received one call, picked it up and then line went dead so I blocked it. 10 minutes later the phone rang again....this time it was a genuine call alert to tell me that my 91 yo mother in law had fallen over and an ambulance had been called (true). If I had ignored this call it would not have been good.

Feel for you 2p....
My aged mother used to struggle to answer the phone with arthritic body in her latter years - and was in tears with the number of spam, scam and dead line calls. She always worried that she'd miss that important call.

I now make it a hobby to keep the scammers on for as long as possible knowing that I am stopping them from having the time to phone someone vulnerable during their shift of sh! T

pafpcg

Nearly there!  Jarvis have emailed me to report that the cash balance from ITI has been credited to my account.  And the amount, including all the expected dividends to date, is correct to the nearest penny.   So, with the equity holdings transferred last week, the transfer process is complete as far as it can be.   The only issue outstanding, and which can't be finalised until November, is the dividend on one of the holdings which went ex-dividend before the transfer and won't be paid to ITI until 2nd Nov. 

Updated outline of chronology:
04-Aug:  Opt-out & closure request submitted
12-Aug:  Closure Form completed & submitted
31-Aug:  Email to say closure approved and front-page for ITI account shows status as "Closure Approved"
08-Sep:  Email from ITI confirming transfer in progress
08-Oct:   Holdings credited in account at new broker (Jarvis X-O)
18-Oct:   Cash balance credited in account at new broker (Jarvis X-O)

shiznit76

i would give up my outstanding dividends to get my holdings out. I always mention the Ombudsmen in my emails asking what's the hold up, but no one ever replies. Today i even tried pleading with them, that's how desperate i am getting. Usual email to Rahul, compliance, account management and Phil Eva, result? No reply, I wonder how some brokers are managing to get the transfers done, but Iweb don't? Any answers? 

Sheris

Josl said:

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

Three calls in the last two days from different numbers, BA just got a nasty fine for data protection.  

shiznit76

might be worth getting one of these ambulance chasers on to the case

eskbanker

leonde said:

The most recent review on the ITI Capital page for Google Reviews has what seems to be sound advise - basically, if you're having problems with ITI, you won't lose anything from emailing your complaint to every ITI email address you can find, while cc-ing various regulatory bodies.

I completely get why people do that sort of thing when frustrated but IMHO it's a mistake to think that it's effective - the more often recipients of such emails receive messages that are clearly intended for someone else, the less time they have to do their own job and the more likely they are to ignore such emails, while some people actively pay no attention to emails that are addressed to others, in the belief that someone else will handle them, or, depending on the exact structure chosen, it may genuinely not be clear who is expected to action them.

Having said that, I'm conscious that some have reported that they've had results after adopting the carpet-bombing approach, although that may be circumstantial, i.e. there's a difference between correlation and causation and so it may be that simply choosing the right recipient in the first place would have achieved the same outcome....

Michael_Reynolds

I have had a good deal of success just recently with ITI. My dividends are now all up to date and I am very close to succeeding in getting my all my securities and cash over to my new broker. Numerous times I've posted on this blog that you MUST copy everyone on your emails addressed to Rahul. Oleg the grans master David Moss, FCA complaints, the FOS, the LSE, LC. I'm also now including Mark Bentley. I was absolutely furious about his stupid Sharesoc article and I told him so in no uncertain terms. This is the only thing that works. I am now coming round to believing that ITI are just grossly incompetence rather than deliberate fraudsters. It's going to be a very expensive eduction lesson for them.

Danie6

So it could be more efficient rather to send the same email separately to ITI individuals than to just cc the lot of them? The only cc should then be the likes of FCA, FOS, etc for warning purposes.

manorhouse

Emillion1 said:

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.   

Emillion1
It was indeed an OO i just put Rights to help you understand
The main difference i think from experience is no trading nil paid and if you do not take up you are entitled to noting ( you might get a payment if a rights ).
You still get an entitlement and sometimes like this one ( and there's is further OO right now in this same share that you might find interesting to look at ) they give you opportunity to apply for more ( above your entitlement  )

It was this excess application which was scaled back more then other brokers were scaled back, and that news after it was known the market price for same shares was three times as high at time they announced  there scale back.
I smell a rat !