SVS Securities - shut down?

rnf11

My2penneth said:

What I suspected - ITI are waving 2 fingers. Hence there is a need for the FCA to step in and stop them trading until they sort out the transfers. Give them due warning with the threat that the FCA would pull the plug if they don't comply.    

No difference until ITIC actually increases the "solitary resource" devoted to the matter.

I am coming to the view that a swifter outcome would be a take over of ITIC by a "better" outfit.....

Jamesram

TheMoss said :-

"As we speak I have no access to my account...."

Sorry TheMoss my above reply did not address that point directly- do you mean that you cannot acess an ITI Qort or Phoenix account showing your stock holdings and cash, even if inaccurate? If so that's rather fundamental. Perhaps you can explain further as most people on this forum seem to be able now to see some form of accounts showing their shares and, if even luckier, cash.

pafpcg

rnf11 said:

My2penneth said:

What I suspected - ITI are waving 2 fingers. Hence there is a need for the FCA to step in and stop them trading until they sort out the transfers. Give them due warning with the threat that the FCA would pull the plug if they don't comply.    

No difference until ITIC actually increases the "solitary resource" devoted to the matter.

I am coming to the view that a swifter outcome would be a take over of ITIC by a "better" outfit.....

I fear that's not a realistic prospect. 

If there were, in the end, only two bidders for the SVS business (which was run reasonably efficiently with adequate records of assets and clients all matching), how many organisations would even briefly consider taking over ITI?  I'd suggest the number would be zero.  So who would fund someone to take-over ITI?  FCA?  FSCS?  The Treasury?  And how much would it cost? - remind me, how much did LC charge for the much more straightforward SVS administration?  I have this suspicion that the "authorities" are avoiding dealing with the mess at ITI because they don't want to become responsible for sorting it out.  Would you?

My2penneth

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues.
Sharesoc membership is "free" (basic level) but this will offer another forum - "SVS Client Support Group"  (#wehateITI). 
https://www.sharesoc.org/

 

rnf11

pafpcg said:

 I have this suspicion that the "authorities" are avoiding dealing with the mess at ITI because they don't want to become responsible for sorting it out.

My view on that is that it is really because they were so closely involved with the LC decision making process.

There is an interesting angle -  never developed - re the identity of the "runner up" to ITIC. I have never been able to discover the identity of the ex SVS person who was said  by the FCA to be associated with them, and therefore advised against their selection.

Could hardly have done a worse job. 

GeorgieC

My2penneth said:

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues.



 

It would be interesting to know who is attending these meetings from ITI given the ongoing lack of action in general

rnf11

GeorgieC said:

My2penneth said:

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues. 

It would be interesting to know who is attending these meetings from ITI given the ongoing lack of action in general

From Mark's comments about the last meeting, I deduce that ITIC was not represented at high level ....

GeorgieC

rnf11 said:

GeorgieC said:

My2penneth said:

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues. 

It would be interesting to know who is attending these meetings from ITI given the ongoing lack of action in general

From Mark's comments about the last meeting, I deduce that ITIC was not represented at high level ....

Probably all hiding in their various bunkers somewhere. I heard they only have a handful of people in the office...not conducive to results!

manted

rnf11 said:

pafpcg said:

 I have this suspicion that the "authorities" are avoiding dealing with the mess at ITI because they don't want to become responsible for sorting it out.

My view on that is that it is really because they were so closely involved with the LC decision making process.

There is an interesting angle -  never developed - re the identity of the "runner up" to ITIC. I have never been able to discover the identity of the ex SVS person who was said  by the FCA to be associated with them, and therefore advised against their selection.

Could hardly have done a worse job. 

Folks might be interested in knowing that in case of Reyker securities (went bust similar to SVS after FCA pulled the plug in October last year), out of the 5 brokers that the accounts will be transferred to, one has 2 ex Reyker employees at a position of significant responsibility.
https://citywire.co.uk/wealth-manager/news/trapped-clients-in-1bn-dfm-see-light-at-end-of-tunnel/a1416346?ref=wealth-manager-most-popular-list

sweeter_strudel

Another update.....
My ISA that was incorrectly sent to HL has been returned by them back to ITI after iI flagged up the error. Sadly they said they couldn't just keep it and then let me initiate a transfer to iWeb myself.
Cancel those celebrations of having liberated all of my ISA from ITI...
Sigh, sigh , sigh.
Trading account still trapped....