SVS Securities - shut down?

Monsieur_Bourse

snipkin, you must be the lucky one dealing with a decent person at ITI. Today I have had two rows with ITI staff, one dealer and some guy who telephoned this evening from ITI.

My wife decided to sell all her shares last Thursday, having had enough of ITI and to a point HL who she was going to transfer to. She sent in her cash withdrawal form which would have been there for ITI staff Monday morning, agreeing to pay the £10 fee for an immediate transfer,. quelle surprise nothing has shown up in her bank account. This morning I telephoned their dealing desk explaining the situation to him, he promptly got stroppy claiming it was nothing to do with his department, I had to put him straight telling him that I had an e-mail from (Removed by Forum Team) instructing me if I had any concerns about my account to in fact contact the dealing desk. The dealer reluctantly agreed to look at his end to ascertain the cash balance in my wife's Qort account from his end and confirmed that the money was still in her account. He did not offer any assistance in sorting out the problem. I then telephoned the helpline which to my surprise was answered in about 10 seconds, but it was the helpline in South Africa, slight problem with the accent, but she looked up my wife's account and said that the transfer out of her cash had been approved, and would e-mail the accounts department for me, so no real help.

I then decided to use the carpet bombing approach with a less than subtle e-mail complaining about her treatment and lack of cash return. To his credit (Removed by Forum Team) answered within about 2 hours, stating that he had looked up my wife's account and could find no record of her submitting a cash withdrawal form, contrary to what the lady in South Africa told me earlier. He went on to say that if she e-mails the form again he would pass it on to the relevant department. I e-mailed back saying the the form had already been submitted, but again e-mailed the form to him. Stating  that as my wife had asked for her cash and ITI had not given it back to her I considered this to be theft, and would be contacting the relevant departments if the cash is not return immediately.

This evening the telephone rang about 6.15pm and I could see that it was somebody from the UK phoning, when I answered it the man said he was telephoning about the e-mail that (Removed by Forum Team) had forwarded to him. After giving him both barrels and telling him that I considered that ITI Capital are the worst company that I have ever dealt with in my life, he retorted 'we are better than SVS as they were shut down', not quite the response I would have expected from a customer service employee. Things got rather heated after that and it would appear that nothing had been done about my wife's cash transfer, I demanded that it is dealt with immediately, he started to argue again, so I put the phone down on him. So no idea when we will see the cash back in my wife's bank account. I will leave it until tomorrow when I have calmed down a little to decide as to whether I made a formal complaint about him, not that anybody at ITI will really care.

Total shambles.

Monsieur_Bourse

Out a matter of interest can anybody post their experiences when telephoning the broker that you wish to transfer your accounts to. I am interested to know on average how long it takes for your chosen broker to answer your call. HL who I am trying to transfer to take at least 20 minutes, and last week it was 23 minutes, not good enough to my mind.

shiznit76

RasputinB said:

dustywarrior said:

these are the emails I'm currently sending to

I would suggest sending an email to SVS@leonardcurtis.co.uk demanding a reverse transfer. (Deadline tonight?)

When I did it I had a response from their transfer man the same afternoon and SVS are now responsible for sorting out dividends, transfer etc. The only future contact I should need with ITI Capital will relate to compensation and my GDPR rights.

when i contacted this email last week i was told in no uncertain terms that ITI are who i need to contact as LC no longer are responsible, quote:
"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."

Michael_Reynolds

Anyone had success in transferring their securities or cash to Interactive brokers? I had a vague memory of reading many pages back that Phoenix the bird that never got off the ground is just a copy of Interactive's trading system? Any shared experiences much appreciated?

Jamesram

M Bourse 22 Oct 8.08 pm "After giving him both barrels and telling him that I considered that ITI Capital are the worst company that I have ever dealt with in my life, he retorted 'we are better than SVS as they were shut down'.

Famous last words?

jenwrendorset

Thought we were going forward with this shambolic scenario but seems we're back a step or two today.  I've just received another email re. our joint account which is struggling to 'on board' requesting that I complete another 2 x W-8BENs, CRS & Joint application forms - all which I considered unnecessary first time round but which, to keep the peace, I completed and returned over a month ago !!  However this email coincided with us throwing in the towel and selling our holding in the joint account and once the funds are credited (I'm forever optimistic) we will shut down the account.  Needless to say the shares went up today but I was expecting to be charged a custody fee w.e.f. 23 October as this account wasn't able to transfer.  On the positive side, Peter on the dealing desk was very efficient and I did receive the contract note on the same day and he advised that funds should be available within two business days..........I'm not convinced but will wait and see.......ITI 'business days' bear a similarity to 'Cornish miles'.

My2penneth

Monsieur_Bourse said:

Out a matter of interest can anybody post their experiences when telephoning the broker that you wish to transfer your accounts to. I am interested to know on average how long it takes for your chosen broker to answer your call. HL who I am trying to transfer to take at least 20 minutes, and last week it was 23 minutes, not good enough to my mind.

iWeb - couple of minutes total elapsed time ( including the press 1 for xxx, press 2 for yyy options) 

pafpcg

Monsieur_Bourse said:

Out a matter of interest can anybody post their experiences when telephoning the broker that you wish to transfer your accounts to. I am interested to know on average how long it takes for your chosen broker to answer your call.

Two five-minute phone calls to Jarvis X-O on Monday (19th) either side of 10am:  first call was answered within 30 seconds, second call within two minutes (the automated response reported that I was in a queue).  Both calls were answered by support staff who were competent and what I needed to do was successfully accomplished quickly and effectively.

RasputinB

shiznit76 said:

LC no longer are responsible

My understanding is that after a Reverse Transfer responsibility reverts to SVS and thus LC.

Technically the move from SVS to my preferred broker will be after the assets have been moved from ITI back to SVS but I suspect that in practice the move will be direct from ITI to my broker but handled by SVS.

RasputinB

Michael_Reynolds said:

Anyone had success in transferring their securities or cash to Interactive brokers? I had a vague memory of reading many pages back that Phoenix the bird that never got off the ground is just a copy of Interactive's trading system? Any shared experiences much appreciated?

I have been looking into this as I have an Interactive Brokers account in which I traded US stocks. If you can log on to Phoenix and click to get the Security Certificate you will see that it was issued to Interactive Brokers. My conclusion is that ITI Capital just use the Interactive Broker platform and stick a Phoenix icon on the front end. Others here have said much the same but I was slow to cotton on. It occurred to me that if Interactive Brokers won't take a stock then there is no way that ITI would be able to transfer that stock into "their Phoenix" account. I started to experiment to see if I could set up a dummy transfer into Interactive Brokers of my full ITI portfolio. I set it up in a spreadsheet, imported into Interactive Brokers and their system locked up. Eventually I found that if I excluded the AIM share (which IB won't accept) then it was possible to import from a spreadsheet but there was still a lot of faffing about. This I think is ITI's problem. They thought they'd import into IB (Phoenix) but most portfolios were being rejected because they contained shares that IB won't take.So they have two problems 1. they have to import many portfolios manually 2. a lot of shares have to be left on Qort. I don't have time right now but if you have an IB account I can walk you through the process of finding out if your shares would be accepted on their platform. Or try their help system which is pretty good if you are able to fathom it out!