SVS Securities - shut down?

Jamesram

On 19/10/2020 15:13, accountmanagement wrote:

  Good afternoon Mr Ramage,thank you for your email. Unfortunatley i am unable to locate the postal transfre form, however i chekced the details attached and logged the remaining transfer to be processed/reviewed. apologies for the delay and thank you for your understanding Kind Regards  Mani Nasseri-Chahpar

On 20/10/2020 14:14, Mani  wrote:

Good afternoon Mr Ramage,thank you for your email [requesting clarification and suggesting action on my partner's transfer] My comment regarding your transfer was about the £243.31 which are currently in your account. [???] Each email correspondence is dealt with individually, so i am afraid i was not aware of the transfer request fro Miss B.  I have chased Miss B's transfer and will check with my colleague what the latest state is and we will keep you updated. thank you for your understanding [nope still mystified] and apologies for the confusion caused. Kind regards Mani Nasseri-Chahpar

Part of my response to Mani this morning:-

 " I still don't understand your first email to me 1) it refers to an email I supposedly sent you-but I did not send any emails to you on 11 October?  2) you refer to postal transfer forms- why? 3) you make no reference to any cash on my account- why not, if that is what you were commenting on? "  and  re:

Unfortunatley i am unable to locate the postal transfre form, however i chekced the details attached and logged the remaining transfer to be processed/reviewed. 

What postal transfer form?   2  What detail "attached" to a form you cannot locate was checked by yourself?  3 What process/review do you have in mind?  YOU may think it acceptable to take up my time with impenetrable statements that only you can understand but  I have had this with ITI since 23 July and its not funny any more.

Or maybe its just me- its all finally sent me completely crazy?

Josl

Jamesram, In my experience, weirdest emails (which make no sense) tend to originate from accountmanagement. Only MysticMeg can decipher what they are on about. I personally think, staff at AccountManagement are indulging in heavy use of narcotics. 

My2penneth

Josl said:

Jamesram, In my experience, weirdest emails (which make no sense) tend to originate from accountmanagement. Only MysticMeg can decipher what they are on about. I personally think, staff at AccountManagement are indulging in heavy use of narcotics. 

Possibly,  they seem to be doing !!!!!! all else!

jenwrendorset

Have also received offer of compensation, by my reckoning it probably works out at about 20p/hour - I dread to think how many hours/days/weeks I've wasted of my life on this debacle however it never was about compensation, I just want it sorted so I can get my life back again.  Spoke with iWeb just now and no valuation yet received and, to quote, "there is a huge back-log of transfers waiting to be actioned by ITI but only one person working in the transfer team"........I sincerely hope that's not true.  I'm tempted to go back to ITI and say that if they sort out this mess within 14 days I'll take the compensation and skidaddle but that's not going to happen.  Obviously won't be accepting the offer of compensation, not because of the amount but because very little progression has been made since my original letter of complaint.  Also received email from another unknown ITI name requesting I send more ID so they can progress further with setting up joint account - they've got enough ID etc on us already so going to throw in the towel with that one and just sell up before we start getting custody charges thrown in.  Does anyone know when that could happen?

shiznit76

is that 1 person on ITI team or IWeb? I have been told by Iweb they have received my valuation, but can't tie ITI down to a settlement date. Mad how banks can do current account transfers in 7 days including all direct debits but ITI can't pass valuation and settlement date on in 4 months

RobHun

After my initial joy at HL at last making contact with someone at ITI everything seems to be back to square one with ITI ignoring all e-mails from myself and HL.  I've decided  (somewhat belatedly) to register a complaint with the Financial Ombudsman. I realize that this could take up to eight weeks as seemingly all my e-mails complaining to ITI don't count as they were not "official". As most of my contact with ITI has been with Account Management I was wondering if someone could give me the contact details of a real person in authority and any information  that might help me steer my way through this. 

My2penneth

jenwrendorset said:

Have also received offer of compensation, by my reckoning it probably works out at about 20p/hour - I dread to think how many hours/days/weeks I've wasted of my life on this debacle however it never was about compensation, I just want it sorted so I can get my life back again.  Spoke with iWeb just now and no valuation yet received and, to quote, "there is a huge back-log of transfers waiting to be actioned by ITI but only one person working in the transfer team"........I sincerely hope that's not true.  I'm tempted to go back to ITI and say that if they sort out this mess within 14 days I'll take the compensation and skidaddle but that's not going to happen.  Obviously won't be accepting the offer of compensation, not because of the amount but because very little progression has been made since my original letter of complaint.  Also received email from another unknown ITI name requesting I send more ID so they can progress further with setting up joint account - they've got enough ID etc on us already so going to throw in the towel with that one and just sell up before we start getting custody charges thrown in.  Does anyone know when that could happen?

I thought I'd post this reply from RA regarding custody charges. I do actually expect them to TRY to invoke charges as their rented trading platform will generate an account charge. This will be the subject of a separate complaint no doubt. Does anyone think that ITI Crapital will have sorted this with Interactive Broker (based on past performance and overcharging on trades)?   Note, the email was also sent to the administrators (Carl Lever).


 

Jamesram

jenwrendorset ".....sell up before we start getting custody charges thrown in.  Does anyone know when that could happen?"

Ciustody charges and ISA fees (see Rate Card) are supposed to start from 23 October. Should not apply to accounts awaiting transfers out- LC agreed that this "would seem unfair", but ITI have not confirmed this. Edit -They have now- see My2Ps above post Charges could be the subject of a claim back under Consumer Rights Act 2015, if anyone wanted to take it that far (I would!!)

RobHun  "... I was wondering if someone could give me the contact details of a real person in authority and any information  that might help me steer my way through this."

Rahul Agarwal is the Head of Private Clients UK. Rahul.Agarwal@iticapital.com. Sometimes he responds to emails, sometimes not.

Muhammet Artykov Muhammet.Artykov@iticapital.com is a Senior Relationship Officer if you fancy that sort of thing- he does at least seem to reply to emails for the most part.

Mani Nasseri-Chahpar  Mani.Nasseri-Chahpar@iticapital.com is a Customer Service Analyst and a recent addition to the ITI accounts management  family - he seems willing if incompetent- see my post above.

I am afraid it really is pot-luck- people have applied different "strategies", from emailing everyone identifiable, to targetting particular individuals. The situation is also fluid- some ITI  people will engage for a time, then just "disappear". All I can do is wish you luck and suggest you persevere - it does seem that those clients who are lucky enough to have the time and energy to put into this make a little better progress, but there is no guarantee.

As regards making a complaint, I assume you are aware of the Complaints Procedure, which does at least seem to be responded to seriously now, from reports of others on this forum.

My2penneth

I've just emailed Agarwal to ask him whether ITI have taken steps to ensure that the IB trading platform doesn't automatically generate a custody charge.
 

My2penneth

RobHun said:

After my initial joy at HL at last making contact with someone at ITI everything seems to be back to square one with ITI ignoring all e-mails from myself and HL.  I've decided  (somewhat belatedly) to register a complaint with the Financial Ombudsman. I realize that this could take up to eight weeks as seemingly all my e-mails complaining to ITI don't count as they were not "official". As most of my contact with ITI has been with Account Management I was wondering if someone could give me the contact details of a real person in authority and any information  that might help me steer my way through this. 

When was your very first unaswered contact with ITI - was it via their internal messaging system . If so, I would cite that as the 8 week start point.