SVS Securities - shut down?

My2penneth

I noticed another small increase in a Qort balance of £10.76.  (-£3499.95 increases to -£3489.19).

I have no dividend of that amount due and there is nothing in "Cash Statement" tab that tells me what this is.

Fournotrumps

My wife and I had ISA accounts with SVS. When Leonard Curtis issued the distribution plan on 12th May, together with the Terms of Business of the nominated broker with name redacted but company logo helpfully retained, a quick Google search identified it as ITI Capital. Having investigated the company, we decided then and there to transfer our accounts to A.J.Bell as soon as possible. Our transfer requests went in on 29th July. The transfers – shares and cash – were finally completed yesterday. This forum has been a useful source of information during this process, so I thought I would share some of our experience in the hope it will help others. A.J. Bell liaised with ITI over the share transfers. It took their transfer team from 5 August to 21 September to complete this for my account. My wife’s transfer was completed a couple of weeks later, only after we had secured the help of the Head of A.J.Bell’s transfer team who managed to prise the shares out of IT’s grip. Our cash balances were a different story. They remained with ITI, with no communication concerning their transfer. Finally after repeated e:mails and phone calls went unanswered, I e:mailed Rahul Argawal, whose name I found on this forum. To my surprise he replied within two hours, copying in Muhammet Artykov. We passed Muhammet’s contact details to the Head of A.J.Bell’s transfer team. I kept up pressure on Muhammet with regular e:mails and after four days the cash balances finally appeared in our A.J.Bell accounts. Muhammets e:mail is Muhammet.Artykov@iticapital.com. Reading the comments on this forum, I realise we have been lucky in managing to extricate ourselves from ITI Capital, which from the moment Leonard Curtis appointed them as nominated broker seemed to us to be another SVS in the making. We are now considering our next steps in pursuing complaints against Leonard Curtis and ITI Capital who between them have denied us access to our assets – shares and cash - for over a year.

jenwrendorset

shiznit76 said:

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

iWeb informed that the ITI transfer team consisted of just one person but whether that's true or not I don't know but contemplating another letter to DM to query this, amongst other things.

johnburman

Most shares at long last transferred for our accounts, but not all cash and one share purchase has *not* been transferred.  Wonder where they are in ITI's offices?  Hiding in the toilet?  PS we have the contract notes for the manual share transactions done - they only took 6 weeks after the transactino and about 10 reminders.

Why would anyone wish to remain wiht ITI - please give me one reason?

Sheris

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. 

Surley a complaint is a complaint to what ever e-mails and must be offical.

shiznit76

Sheris said:

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. 

Surley a complaint is a complaint to what ever e-mails and must be offical.

it's ITI you're talking about here

My2penneth

Sheris said:

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. 

Surley a complaint is a complaint to what ever e-mails and must be offical.

A complaint can be a verbal or written. It's easier to prove if it is written. emails to ITI are evidence. Who is saying that your emails don't count? I would simply let the Financial Ombudsman decide - no point in arguing with ITI. Hit them where it hurts with a £650 case fee and possible compensation on top. Stop messing about with this dreadful company and shilly shallying - they are a useless company that needs to be made to buck up or do something else! 

eskbanker

shiznit76 said:

Sheris said:

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. 

Surley a complaint is a complaint to what ever e-mails and must be offical.

it's ITI you're talking about here

To be fair, all financial institutions are required to comply with the FCA regulations in this area, which include in the definition of an 'official' complaint that it "alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience", so all such firms will differentiate between specific formal complaints and generic contact expressing unhappiness or asking questions.  Anyone wishing to make a formal complaint needs to ensure that it's clear that this is what they seek to do, and abide by any directions in the firm's published complaints procedure - best thing is to insist on being provided with a unique complaint reference number, to allow tracking....

Sheris

eskbanker
ITI do not have a complaints procedure, I have made two complaints via e-mail and not had a reply, one was six weeks ago and the other two weeks later.
ITI do not care a dam and this is in a shocking state of total disorder for ex SVS clients.   

eskbanker

Sheris said:

eskbanker
ITI do not have a complaints procedure, I have made two complaints via e-mail and not had a reply, one was six weeks ago and the other two weeks later.
ITI do not care a dam and this is in a shocking state of total disorder for ex SVS clients.   

https://iticapital.com/assets/pdf/Complaints-Procedure.pdf is the first result when Googling for 'ITI complaints procedure' but is admittedly light on detail, claiming to be a summary but without any obvious link to the full version!  And for the avoidance of doubt, I'm not trying to defend them here, just highlighting the importance of jumping through the right hoops rather than giving them any excuse to ignore legitimate complaints, i.e. don't just assume that any negative contact will be treated as a formal complaint....