SVS Securities - shut down?

Monsieur_Bourse

markthompson32 said:

I am stuck trying to do a transfer out to iweb as many seem to be. They just told me i need to send a form in  and do an id check to close my account and what iweb send is not sufficient, i thought the receiving broker did it all. Is this the bit I have being missing that has stopped a transfer?

My shares and cash were transferred into my HL account yesterday, at no time did I fill in any form at the ITI end regarding my transfer out, I just completed the transfer form on HLs site, and sent off my signed part of it to HL and after about 2 months the shares have now been transferred into my HL account.

As galling as it may seem, perhaps you should jump through the hoops that ITI are demanding to try and speed up your transfer out. Sadly it is not as though you can phone them to enquire as to why they want you to complete an extra form.

Jamesram

markthompson32 said:

I am stuck trying to do a transfer out to iweb as many seem to be. They just told me i need to send a form in  and do an id check to close my account and what iweb send is not sufficient, I thought the receiving broker did it all. Is this the bit I have being missing that has stopped a transfer?

Well it may not be the only thing Mark but it won't have helped. You need to request one by email. Don't use ticket request system on Qort page - I don't think it will get a response. ITI staff were insistent with my partner and I that we had to go through the charade of downloading, completing and uploading a fairly scrappy document, Page I of which requires bank details- not yours, unless you actually want any cash sent to you, but the bank details of iWeb's bank which is Halifax Share Dealing services- their account number and sort code, obviously, and your iWeb account reference. Page 2 should have your ac entered-if not, put Qort and Phoenix.  Reference and date- should already be entered. Then asks various questions Transfer? YES Stock code- all in my account no.. Name of Cparty -iWeb + iweb account References- Name of Nominee Holder ? IWeb? C of Incorp Don't know-.Reference doc- see iWeb transfer request (copy attached if you have it) .Your name and sign it and you are good to go.

NOTE If anyone has a good method for  getting this wretched Closure Form sent out, could you post about it please. I am out of touch now.

My2penneth

Thanks James,
Re Dividends in Qort - I have just sent off an email to R.A. with copy to Kaher Ahmed who is his deputy. I have copied to their legal person (A. Kulsharipoiva) and I have given then 2 weeks to answer the question. After that, I will initiate a claim in the small court.  

Based on the information (lack of) in Qort it is not apparent if a dividend has been paid. I have asked ITI Capital several times for a list of dividends paid - no reply. I genuinely feel that dividends have not been paid into our accounts. 

Nbs222

just received ITI Capital Limited: Terms of Business (the “Terms”) email.

regarding fees

Fees

The fees payable by you to ITI for the Services provided under the Terms are set out in the Rate Card. In addition:

1. ITI will not make any changes to the Rate Card prior to 23 November 2020;;
2. following the Effective Date, to the extent that you instruct ITI either to transfer your cash and/or assets to a third party not associated with ITI prior to 23 March 2021, ITI shall not apply any exit fees or other transaction rates, charges or commissions on such transfers to you, save that ITI shall debit any stamp duty, stamp duty reserve tax or any other transaction tax applicable to any such transfer as required by Applicable Regulations (as defined in the Terms);
3. for the period  up to 23 March 2021, ITI shall ensure that the fees payable by you under the Rate Card shall be equal to the fees you paid for comparable services under the standard SVS terms of business (or, where you are able to evidence an alternative fee arrangement between you and SVS, that alternative fee arrangement).

Emillion1

manted said:

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

How do you know there was an ex employee interested or if the story is true?

Jamesram

My2penneth said:....
Based on the information (lack of) in Qort it is not apparent if a dividend has been paid. I have asked ITI Capital several times for a list of dividends paid - no reply. I genuinely feel that dividends have not been paid into our accounts.

My experience with SLA £243.31 divi was this.

Paid date 29 Sept - No entry in Qort

checked  13 October    ditto

Chris Smith says credited to Qort 15 October

Checked 22 October   Qort shows £486.62 ie £243.31 x2 !

So yes, the Divis are coming in to ITI on due date- I am sure, but they are taking  2 weeks + to post them to the client account

Josl

Jamesram: Provision for protection of clients (to revert/transfer out) exist in the SPA (document not released to clients) , references to this provision and the insolvency law protections have been stated in the explanatory statement (issued on 24-April) from page 11 onwards > PART 2: TRANSFERS AND DISTRIBUTIONS.
One may argue that by not following instructions from clients ITI breached these protections and by not providing a transfer out clause in its own terms directly affected many clients which was prohibited by 6.11 (b) (ii) (C) as materially adversely affect any Client's ability to transfer to another broker or return their Client Assets.  

You re right, there's no transfer out clause in ITI's terms only FAQs provide this info,

If it is a cash transfer to your own bank account, we will action this immediately
If it is a broker transfer, we will action when instructions are received from your existing broker as described in point 6.

Many if not most will vouch that ITI did not follow the procedure laid out on its website.

Monsieur_Bourse

My2penneth said:

Thanks James,
Re Dividends in Qort - I have just sent off an email to R.A. with copy to Kaher Ahmed who is his deputy. I have copied to their legal person (A. Kulsharipoiva) and I have given then 2 weeks to answer the question. After that, I will initiate a claim in the small court.  

Based on the information (lack of) in Qort it is not apparent if a dividend has been paid. I have asked ITI Capital several times for a list of dividends paid - no reply. I genuinely feel that dividends have not been paid into our accounts. 

My2P I think that I will do the same for my wife's account. She had a dividend appear in her Qort account which matched the amount it should be, now showing in her Cash Statement in Qort there has been a withdrawal for the same amount, which she has not instigated. Still no sign of her RDSA dividend that should have been paid in on the 21st September. She has e-mailed the accounts department and added an additional complaint to her formal complaint. No surprise no response from either to date, so I think that it is time to start threatening again.I think that you are being generous in giving them 2 weeks, my time line will be a lot shorter.

My2penneth

I give them 2 weeks as then I can say I was generous and recognised the pressure they are under..after all, they have to list out the details on a whole 4 accounts for transactions that took place in our accounts over a period of a couple of months .... What's more I provided them with a list (18 dividends spread over 4 accounts) of the ones I could not track down in each of the accounts and the expected values so really all they have to do is check and confirm when the sum was paid.
 
I have bent over backwards (added vaseline) in an attempt to help them. I get the feeling that I'm doing more work than ITI - especially when I look at the mounting correspondance which I print out.

Aren't brokers legally bound with keeping a track of dividends received and actually letting their clients know ? methinks they are!

p.s. I received a CRM number for my email to Rahul - the number was a lower value than ones from yesterday...? 

I will be emailing them back and asking them about progress on the open CRMs. They will have to look up what each one is about. Each one of these CRMs is a customer complaint. NO doubt in 8 weeks I will be generating yet another FOS complaint.

I'm pretty p155ed off by ITI Capital.

Jamesram

Josl said:

Jamesram: Provision for protection of clients (to revert/transfer out) exist in the SPA (document not released to clients) , references to this provision and the insolvency law protections have been stated in the explanatory statement (issued on 24-April) from page 11 onwards > PART 2: TRANSFERS AND DISTRIBUTIONS.
One may argue that by not following instructions from clients ITI breached these protections and by not providing a transfer out clause in its own terms directly affected many clients which was prohibited by 6.11 (b) (ii) (C) as materially adversely affect any Client's ability to transfer to another broker or return their Client Assets.  

You re right, there's no transfer out clause in ITI's terms only FAQs provide this info,

If it is a cash transfer to your own bank account, we will action this immediately
If it is a broker transfer, we will action when instructions are received from your existing broker as described in point 6.

Many if not most will vouch that ITI did not follow the procedure laid out on its website.

Phew! Got there in the end Josl. Its the doc. "12/05/2020 Explanatory Statement" on the LC  Doc Download page, headed Final Explanatory Statement  first circulated 24 April.

6.11 What terms will govern my account with the Nominated Broker?

b) An exercise has been carried out by the Administrators to align the Nominated Broker's client terms of business  [so that]
(i) Clients switching to a different broker within six months of the Settlement Date will not be required to pay exit fees to the Nominated Broker; and
(ii) that, for a period of three months from the Settlement Date, the Nominated Broker will not be permitted to make any variations:
(A) to the flat fee structure set out in the Nominated Broker's client terms of business. For a period of three months .......
(B...................................
(C) which would materially adversely affect any Client's ability to transfer to another broker or return their Client Assets.

Surely ITI Capital will just say "we have not changed our terms of business to adversely affect transfers- in fact we have just beneficially changed them to extend the original time period of fee exemptions on transfers. We may be completely incompetent, but we did not make any adverse changes - we have always behaved like this. We may have failed by any objective standard to meet  our obligations under the original Terms of Businessand the Consumer Rights Act 2015., but we haven't tried to change anything adversely in our Terms, your Lordship- we didn't need to to achieve this shambles"

Or am I missing something else here- its been a long day.