SVS Securities - shut down?

kronos67

I am one of the lucky few who have actually got my assets out of ITI. However, the story does not end there. In spite of numerous emails and raising a dozen tickets, ITI will not close my accounts. They have not, at time of writing, made any attempt at contacting me. Whether this is incompetence, or they are planning to charge us all dormant account fees, I do not yet know. We will all have to sit tight and find out it seems…

It is the FCA that I find most at fault. They have watched as this debacle has played out, doing nothing. We have all seen the insecure “onboarding”, itself an inexplicable process, demanding sensitive and personal information.

Then there is the customer call line. No security questions, no security numbers, just your personal details discussed by anybody who happens to know your email address.

 You have all seen your accounts disappear, and then reappear, then double, as well as dividends unpaid.

All this from high end, extremely high rent, London offices, by a team that appears utterly incompetent, seemingly exempt from any requirement to turn a profit, or indeed, create any turnover, safe in the knowledge their rich, owner will underwrite any losses they incur.

This fiasco has played out while the FCA watched, and so, we must conclude with their approval. Should any other company behave in this manner the FCA will have no grounds for complaint. Having allowed it once, they will be in no position to complain.

And there lies my complaint. Should another foreign financier wish to use a small London financial institution to commit money laundering, the last few months have provided a blue print to do so. Thousands of accounts, with funds doubling, or disappearing, like fireworks in the night sky. Total disregard for basic GDPR compliance. Demanding bank account details, passports, all potentially useful for their purposes.  By a simple mix of apparent incompetence, bad communication and general obfuscation, such a company, copying this recent conduct, would be able to place and layer huge sums of money, presumably safe from any FCA interference.

Obviously ITI Capital is FCA approved, and is an entirely honorable company, but I write this to point out the impression their blistering incompetence gives, and the lack of confidence it creates in the FCA.

jenwrendorset

My2penneth said:

There are still people that have not even got access to their Phoenix accounts - unbelievable.

My ISA account never got past the on-boarding stage but to date it is the only one which has successfully transferred to iWeb. It took 36 days which by ITI standards must be considered a record.

jenwrendorset

My son has received 7 emails today from Accountmanagement, all with different CRM numbers, all identical, stating that they are 'reviewing his enquiry' - there has been no enquiry just a resending of a cash withdrawal form and that has now been paid into his account.

Sheris

The FCA stopped SVS from trading, my thoughts are the FCA should have stopped ITI from trading many weeks ago, still no progess for months now.
I had no problems with SVS on my trading and was doing very well in a small way. 
How the HELL has this been allowed to happen to many people being conned from our investments.

GeorgieC

 A few points here to cover a few posts above.
Phoenix is just a white labelled Interactive Brokers platform. IB are a huge and professional outfit, so anything on the platform will be administered properly such as dividends, but the platform is clunky and cross margining is horrendous as are their margin rates. The problems lie in activities via ITI such as deposits/withdrawals and so on.
QORT is an in house system built and administered in Moscow. I am pretty sure it is being used way beyond its intended capabilities. A lot of the input is manual hence the errors and/or omissions in admin tasks.
ISA accounts cannot be held on 'Phoenix' as IB wont take them, so all ISA's will be on QORT. Any product not listed on 'Phoenix' will also be left on QORT so accounts may be split across the two.
Several ITI staff will be wearing many hats... I believe corporate actions and transfers for example are the same person and so on.
I do not believe ITI will risk inactivity fees as a former entity (FXCM) went down that road and paid dearly for poor communication of their intentions and given their record of communicating I do not think ITI would risk it.....yet. Where their letter states the rate card could effectively change next year, keep a close eye on any new one!

GeorgieC

kronos67 said:

All this from high end, extremely high rent, London offices, 

The views however are spectacular!!

My2penneth

jenwrendorset said:

My son has received 7 emails today from Accountmanagement, all with different CRM numbers, all identical, stating that they are 'reviewing his enquiry' - there has been no enquiry just a resending of a cash withdrawal form and that has now been paid into his account.

Make a note of the CRM numbers...give it a couple of weeks, then ask ITI for an update, listing out the CRM numbers but nothing else. When they don't reply...it's the start of yet another FOS complaint. 

Clairabella

jenwrendorset said:

My son has received 7 emails today from Accountmanagement, all with different CRM numbers, all identical, stating that they are 'reviewing his enquiry' - there has been no enquiry just a resending of a cash withdrawal form and that has now been paid into his account.

I received three of the same today followed by a New Client Terms email. Sadly no money paid into my account yet though. How long ago did you submit the first withdrawal form? I’ve been waiting for over four weeks!

Monsieur_Bourse

shiznit76 said:

I am now seriously considering just selling up all my ITI shares and hoping can get a cash withdrawal quickly as this transfer to Iweb is just taking for ever

That is what we did with my wife's account, sold the lot, she was still waiting for the shares to be transferred into her Phoenix account and for her transfer out. There was no movement on either after 10 weeks.

As regards to getting your money out best of luck with that, as I have already posted we threatened ITI with police action which seemed to get their Russian a**** into gear, but it would seem if you simply send off your withdrawal form through normal channels and wait nothing happens. 

My2penneth

Please register over on Sharesoc...it's free. Mark Bentley thinks ITI Capital are making progress...he is wrong!...please advise him to the contrary! 

https://www.sharesoc.org/forums/forum/svs-client-action-group/