SVS Securities - shut down?

GeorgieC

shiznit76 said:

I'd say our brokers hands are tied. They can only process the transfer if ITI pass on the details

I agree 100%. ITI and their terrible admin are at the heart of all of this

johnburman

It's an FCA and a LSE issue too.  And will form of your complaint to the FOS. 
PS.  ITI have gone quiet on me...they are not responding or even acknowledging the outstanding issues that remain.  Wonder why?   

My2penneth

gibson81 said:

Can anyone advise if it is worth submitting a complaint to our incoming brokers? Are they not responsible for ensuring the transfers are completed in a timely manner? I appreciate they may not be getting responses from ITI but surely they then need to escalate this to the regulator? Then we might get some movement.

I tried this approach with iWeb hoping to spur them into applying pressure from their end.

They " investigated " my complaint but they came to the conclusion that the only thing that they did wrong was to not keep me better informed of delays. They offered 50 quid compo. I said give it to charity but they had no mechanism to do this. I didn't want the compo,  just to get my shares moved. 

shiznit76

Clairabella said:

Should I be concerned that, for several days, my shares have totally disappeared from my dashboard? My cash, which I’m still waiting for, has now magically doubled! 

ITI homepage “Take control of your investments”. Oh the irony! 

Not really, the dashboard fluctuates wildly 

Jamesram

Clairabella said:

Should I be concerned that, for several days, my shares have totally disappeared from my dashboard? My cash, which I’m still waiting for, has now magically doubled! 

ITI homepage “Take control of your investments”. Oh the irony! 

From ITI message to ex SVS clients 14 September "We would like to make it clear that all assets, cash and investments are completely safe. The issue is one of data reconciliation not one concerning location of the assets, cash and investments. We are seeking to ensure all new accounts are reconciled as soon as possible. We are providing the FCA with regular updates and such information as they may require and are working round the clock with, our service providers to ensure that the problems with onboarding and reconciliation are quickly addressed."

So that's all right then. I think the doubling up of cash is just to lure you into the sense that if you wait long enough, you might get a "double bubble" result Clairabella. Its an old con trick of course, and has been applied to lots of ex-SVS accounts. Unfortunately the bubble soon bursts and the next thing is that Zero cash will then be shown for a while, followed by an amendment to the correct cash figure, if you are lucky. If you want your cash, and it is not in an ISA, then I recommend suing them for it. More to follow on this in respect of my own Money Claim Online, shortly.

My2penneth

johnburman said:

It's an FCA and a LSE issue too.  And will form of your complaint to the FOS. 
PS.  ITI have gone quiet on me...they are not responding or even acknowledging the outstanding issues that remain.  Wonder why?   

They're not answering emails - I usually put something like "third time of sending" in the email title but they just ignore it.

shiznit76

me neither M2P, even begged/pleaded with them for a reply,even just an acknowledgement, nothing

jenwrendorset

I don't know who waved their magic wand but all cash sitting in our 4 ITI accounts has now been paid into our bank accounts.  On the advise of someone on this forum I did resend all the outstanding withdrawal applications forms to Muhammet Artykov on 26 Oct - I say 'outstanding' but by ITI standards possibly not outstanding as they were ONLY originally sent on 16 October, however I also replied to Mr Philip Eva's email re. compensation etc. on 21 Oct and alerted him to all that was going horribly wrong with our ITI accounts and I did receive a response that he would check it out.  One of them has obviously got it right for once.  Now just down to waiting on funds from a sell out to fall into our bank account and two transfers.......funny how one clutches at every 'straw' offered and when something actually goes right for once you forget all that stress/anxiety/frustration that has gone before......but not for long, I will be completing more complaint forms re. each account - these last 15 months have been horrendous and won't easily be forgotten.

shiznit76

Just checked my bank account, my cash has been transferred also! Now just waiting for shares to get to Iweb, not holding breath. Bizarrely, the cash is still showing in my dashboard

My2penneth

Another half an hour of my life wasted on the phone to iWeb (who seem to be very busy - (20 mins wait). Still no valuation from Das Crapital.

One snippet - iWeb reported that ITI now have only 1 person dealing with transfers out.