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SVS Securities - shut down?

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Comments

  • Sheris
    Sheris Posts: 208 Forumite
    100 Posts Second Anniversary Name Dropper
    eskbanker said:
    Jamesram said:
    1 The relatively short period of 5/6 weeks in issue
    Perhaps worth noting that the overall elapsed time for the case in question was about three months, from initiating an ISA transfer and it completing, i.e. the measure of the delay starts from when the transfer should have been effected, not when it was requested.  The guidance for S&S ISA transfers is six weeks 30 days from request, so it's only after that time has elapsed that the clock effectively starts ticking when calculating actionable delay for compensation purposes.

    Edit: hadn't spotted the inconsistency between working and calendar days pointed out by Jamesram below!
    Clock was ticking when L&C took over and look where we are now ? 
  • shiznit76
    shiznit76 Posts: 233 Forumite
    100 Posts Second Anniversary Name Dropper
    Nbs222 said:
    My cash withdrawal hasn't been actioned   either , it's worrying when they stop / delay paying cash withdrawals . We  have   3 accounts (ISA) between our  family , none of them have been transferred to IWEB  though transfer requests were made in early August.   Chatting to IWEB  last week , ITI had agreed to send 60 transfers a week to them but so far they have received none.

    Wonder why transfers seem to be going through to HL but not Iweb?
  • Sheris
    Sheris Posts: 208 Forumite
    100 Posts Second Anniversary Name Dropper
    shiznit76 said:
    Nbs222 said:
    My cash withdrawal hasn't been actioned   either , it's worrying when they stop / delay paying cash withdrawals . We  have   3 accounts (ISA) between our  family , none of them have been transferred to IWEB  though transfer requests were made in early August.   Chatting to IWEB  last week , ITI had agreed to send 60 transfers a week to them but so far they have received none.

    Wonder why transfers seem to be going through to HL but not Iweb?
    No change with Iweb but they are chasing, and still no monies paid from one account many weeks ago, are ITI running out of cash ? by with holding monies from clients which is a criminal offence.  
  • 9406824
    9406824 Posts: 37 Forumite
    10 Posts
    Hi update on my transfers so far.
    after a long wait from the  start of august 
    last Thursday my transfer to interactive investor was completed.
    today my isa transfer to iWeb has also been completed.
    only waiting on approx £800 cash now transfer to my isa and I’m finally free from shiti crapital.
    so much frustration and anxiety since 23rd July.
    hopefully everyone else will eventually be able to get free from these cowboys.
  • 9406824
    9406824 Posts: 37 Forumite
    10 Posts
    This forum has been so helpful so I would like to say thank you to all the posters who have keep me sane during this last 14 months.
  • eskbanker
    eskbanker Posts: 38,022 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sheris said:
    eskbanker said:
    Jamesram said:
    1 The relatively short period of 5/6 weeks in issue
    Perhaps worth noting that the overall elapsed time for the case in question was about three months, from initiating an ISA transfer and it completing, i.e. the measure of the delay starts from when the transfer should have been effected, not when it was requested.  The guidance for S&S ISA transfers is six weeks 30 days from request, so it's only after that time has elapsed that the clock effectively starts ticking when calculating actionable delay for compensation purposes.

    Edit: hadn't spotted the inconsistency between working and calendar days pointed out by Jamesram below!
    Clock was ticking when L&C took over and look where we are now ? 
    You're taking my comments out of context again - I was referring specifically to how FOS will measure a delay in transferring an ISA from one provider to another, when calculating actionable delay for compensation purposes.  Everyone on this thread will be well aware that the entire end-to-end process from SVS collapse to holdings being transferred to customers' preferred brokers has been very protracted (and as yet incomplete for many) but that doesn't mean that there's any value or legitimacy in harking back to last year when complaining to ITI about such onward transfers, as they're obviously not responsible for LC's actions (or ack of them).
  • Hi update on my transfers so far.
    after a long wait from the  start of august 
    last Thursday my transfer to interactive investor was completed.
    today my isa transfer to iWeb has also been completed.
    only waiting on approx £800 cash now transfer to my isa and I’m finally free from shiti crapital.
    so much frustration and anxiety since 23rd July.
    hopefully everyone else will eventually be able to get free from these cowboys.
    Well done on your escape route coming good (apart from the cash, fingers crossed there)..... I'm hoping some of your magic stardust rubs off on me when I hit the "Thanks" button. I'm still waiting for transfers to both ii and iWeb now with the knowledge that Qort hasn't been updated with an ITI phone deal purchase in one of the accounts. 

    I checked last night on how things were progressing,  after my compensation offer following a complaint said Phoenix access would be made live. It was on both accounts, however no shares were listed, and Qort still showed one as in progress.

    Another interesting point was that the tickets raised in Qort (that elicited zero response) were acknowledged as existing by ITI in their response to my complaint. 
  • I wonder where "cash" is being held? As ITI hold shares using Interactive Broker's trading platform, maybe they also use the same platform for cash? So....
    (1) We send in paperwork for a cash withdrawal to ITI ....delay whilst they get round to actually reading the request 
    (2) ITI send request for cash to IB ( delay)..maybe as a batch job done on one day of the week?
    (3) IB send cash to ITI....cash needs 2 days to clear in ITI's account 
    (4) ITI send cash to us...done as a batch job on one day of the week?
    I suspect (1) and (4) are where the delays are but the intermediary steps are also contributing to delays. 



  • shiznit76
    shiznit76 Posts: 233 Forumite
    100 Posts Second Anniversary Name Dropper
    Interesting, when batch emailed this morning Carl Lever just sends automatic reply now saying "Carl" not out of office or  anything, wonder if he has turned his emails off?

    Surely this is now getting to point that Police need to be involved? By not letting us transfer our cash it must be breaking criminal laws, never mind financial regulations? 
  • shiznit76 said:
    Interesting, when batch emailed this morning Carl Lever just sends automatic reply now saying "Carl" not out of office or  anything, wonder if he has turned his emails off?

    Surely this is now getting to point that Police need to be involved? By not letting us transfer our cash it must be breaking criminal laws, never mind financial regulations? 
    In the e-mail that I sent to  Muhammet Artykov I told him that the fact that my wife had asked for her money, and ITI Capital has refused to give it to her, I consider this to be theft, and threatened to go to the authorities about it. The same day my wife received a telephone call from ITI, and the cash appeared in her account the next day.

    Threaten them with police action, it seems as though this is the only thing that rattles them.


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