SVS Securities - shut down?

manorhouse

Nbs222 said:

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).

Yes i got this e-mail as well someone one here said they would start charging there holding charge and ITI own fees from 23rd October which does not match above .
So the date 23rd November is irrelevant to those who only want to do as they did with SVS.?
If you transfer out by 23 March 2021 they will not charge you anything above what you would of paid with SVS for a trade / CA ect .
And no transfer out fee before 23 March 2021.
Is what i have put correct ?

 

My2penneth

manorhouse said:

Nbs222 said:

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).

Yes i got this e-mail as well someone one here said they would start charging there holding charge and ITI own fees from 23rd October which does not match above .
So the date 23rd November is irrelevant to those who only want to do as they did with SVS.?
If you transfer out by 23 March 2021 they will not charge you anything above what you would of paid with SVS for a trade / CA ect .
And no transfer out fee before 23 March 2021.
Is what i have put correct ?

 

So, if they are saying March 2021...are they expecting it to take another 5months to sort things out?

Emillion1

Sheris said:

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.

There are different reasons here, ITI are probably not incompetent, they decided to buy the SVS client base in order to turn a profit from cross selling services.  Happens all the time, they and LC underestimated the complexities.
Certain Directors of SVS (two of them) were pumping their own S*@t into the SVS DFM c.£60m pounds and taking cash out the back door.  One is currently living in a £6m+ villa in Dubai!  Whilst I appreciate most people posting on this board are p**s*d off with slow transfers in or out.  Spare a thought for the people who have paid into defined benefit pension schemes such as British Steel for 40 years and have seen their retirements wiped out by IFA's pushing the SVS DFM service.  IFA's taking a %age cash kickback of the unsuspecting clients pension pot.  Your problems on delayed transfers are small..... even miniscule in comparison.  Your assets are safe, just bad transfer methodology from SVS to ITI.   FCA were right to close SVS down.  

RasputinB

kronos67 said:

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.

The "Total disregard for basic GDPR compliance" is, for me, a significant worry. In case you missed it, this is a link to an earlier post. 

https://forums.moneysavingexpert.com/discussion/comment/77713183/#Comment_77713183

We should all contact the ICO. https://ico.org.uk/your-data-matters/raising-concerns/

Jamesram

My2penneth said:

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.

A week or so ago I emailed accountsmanagement to enquire as to what time it was. I received a fairly prompt response saying that  they were looking into it, and would contact me if further info (presumably as to Time Zone etc) was needed.

I am delighted to report that they are still on the case, undaunted by the tricky change from BST to GMT in the interim.

" To:James Ram  Thu, 29 Oct at 23:56 Thank you for your email CRM:0020687   accountmanagement <accountmanagement@iticapital.com>

 Thank you for your email.We are now reviewing your enquiry........"

Not long to wait now then, what with the CRM number and all. What does CRM stand for by the way "Consistently Ridiculous Messaging?

Thrugelmir

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.

Sounds as if ITI are logging every interaction rather than just binning / deleting multiple requests.  Be useful information in the future. 

My2penneth

Jamesram said:

My2penneth said:

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.

A week or so ago I emailed accountsmanagement to enquire as to what time it was. I received a fairly prompt response saying that  they were looking into it, and would contact me if further info (presumably as to Time Zone etc) was needed.

I am delighted to report that they are still on the case, undaunted by the tricky change from BST to GMT in the interim.

" To:James Ram  Thu, 29 Oct at 23:56 Thank you for your email CRM:0020687   accountmanagement <accountmanagement@iticapital.com>

 Thank you for your email.We are now reviewing your enquiry........"

Not long to wait now then, what with the CRM number and all. What does CRM stand for by the way "Consistently Ridiculous Messaging?

https://dynamics.microsoft.com/en-gb/crm/what-is-crm/

And when you've read it.....translate it into English for me!

My2penneth

https://www.sharesoc.org/forums/topic/weekly-progress-review/#post-15168

Note the closing para.

Jamesram

My2penneth Thanks for that. Customer Relationship Management. Now there is an idea, although perhaps a Customer Relationship Initiation (CRI) for help package from M'soft would have been a better first step.

I do though, like M'soft's example of the danger of not using a CRM: "Imagine misplacing customer contact information, only to learn that your delay resulted in losing your client to a competitor."

Rather the reverse in ITI's case- all of us clients want to get lost, its only their delays which are keeping us !

Ravima

How did LC pick this company and how did authorities allow it? How can we be sure that our info has not been sent outside EU with no regard to personal date security, or worse, to countries where we would never send copies of our ID's and bank details?