SVS Securities - shut down?

jenwrendorset

Sold shares on 22 Oct, settlement date 26 October, dealing desk supposedly going to transfer cash to our bank account but needless to say it has failed to materialise.  The amount which is quite substantial does still show in our ITI account in red and has the minus sign in front which optimistically I would like to think means it's enroute to us (as is Christmas, of course).  My three attempts at speaking to someone in Accounts Management were futile, I was informed that being a joint account they couldn't deal with my call and I would need to involve trustees etc etc.........haven't a clue what she was talking about and doubt whether she did.  I was promised a return call from someone who may be able to advise but of course that never happened.  I've emailed the agent who dealt with the sale because he was one of the few people who actually spoke english and whom I understood, so see what happens.  I haven't the heart to ring iWeb today to see how the transfers are going, leave that excitement for another day.  I did have a lengthy chat with the FCA yesterday, all very civilised but got absolutely nothing out of them, the agent's suggestion was that I follow up my FOS complaint which I'm currently doing but just waiting to get that money into our account first and then that's another ITI account that is defunct, then it will be down to 2.

johnburman

 I did have a lengthy chat with the FCA yesterday, all very civilised but got absolutely nothing out of them
I know; discussing things with the FCA  is mindless BUT IT MUST BE DONE. Only they can pressure ITI to get things right.  My fear is tha tthere are not enough complaints to the FCA and FOS, so it pays ITI to delay the improvements they need.

 But here isa funny thing - i have just been told by ITI that their compliance team do not have a telephoine number  - all comms internally are done by email!   [and we know how good ITI are at dealing with emails!)

Thrugelmir

jenwrendorset said:

GeorgieC said:

Jools2001 said:

Anyone here, got any further forward with their delisted  stocks from iti,
they want to charge me £12 for each stock to get in certificate form, bit of a joke if you ask me
after all the money paid to the administrator, shouldnt this cost off been covered in the fee i was charged by LC?
If i did take certificate form, is it easy to get them resold with a certificate if they were to relist in the future ( some hope!  lol )

thanks in advance 

Jools2001

Realistically it will be even more of an admin nightmare for ITI to administer anything that has been delisted. Contact Andy Knight at ITI and try and offset any cost against their admin cost / problems increasing. My bet is they will waive any charge but worth a try any which way... 

This is something that I didn't think of so very interested to follow this tab.  We have two holdings of delisted AIM shares (same company, but in two accounts) and have been wondering what are options are.  Currently they are sitting forlornly in a Qort account, unwanted by ITI because they don't accept AIM listed shares and unacceptable to transfer to iWeb because they, in turn, don't accept delisted holdings.  I've taken note of Andy Knight as being yet another contact at ITI and will contact him but was just wondering whether anyone has had any success in obtaining a paper certificate.  I'm even prepared to pay if it gets shot of ITI connection.

What are the stocks concerned? Your options may well be limited. 

RasputinB

jenwrendorset said:

GeorgieC said:

Jools2001 said:

Anyone here, got any further forward with their delisted  stocks from iti,
they want to charge me £12 for each stock to get in certificate form, bit of a joke if you ask me
after all the money paid to the administrator, shouldnt this cost off been covered in the fee i was charged by LC?
If i did take certificate form, is it easy to get them resold with a certificate if they were to relist in the future ( some hope!  lol )

thanks in advance 

Jools2001

Realistically it will be even more of an admin nightmare for ITI to administer anything that has been delisted. Contact Andy Knight at ITI and try and offset any cost against their admin cost / problems increasing. My bet is they will waive any charge but worth a try any which way... 

This is something that I didn't think of so very interested to follow this tab.  We have two holdings of delisted AIM shares (same company, but in two accounts) and have been wondering what are options are.  Currently they are sitting forlornly in a Qort account, unwanted by ITI because they don't accept AIM listed shares and unacceptable to transfer to iWeb because they, in turn, don't accept delisted holdings.  I've taken note of Andy Knight as being yet another contact at ITI and will contact him but was just wondering whether anyone has had any success in obtaining a paper certificate.  I'm even prepared to pay if it gets shot of ITI connection.

Your best bet may be to leave them with ITI Capital if you won't have custody fees. I saw a couple of Final Decisions from the FOS where the Ombudsman instructed the broker to obtain certificates (at their cost) and provide them to the client. I will see if I downloaded them someplace but meanwhile you can search for yourself at https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions

If you are very keen to get away from ITI as soon as possible then I suppose you could sell the AIM shares by phone and write off anything else. Even then I'd have thought ITI will need to keep your account open until the last delisted holding has come to an end.

jenwrendorset

Thrugelmir said:

jenwrendorset said:

GeorgieC said:

Jools2001 said:

Anyone here, got any further forward with their delisted  stocks from iti,
they want to charge me £12 for each stock to get in certificate form, bit of a joke if you ask me
after all the money paid to the administrator, shouldnt this cost off been covered in the fee i was charged by LC?
If i did take certificate form, is it easy to get them resold with a certificate if they were to relist in the future ( some hope!  lol )

thanks in advance 

Jools2001

Realistically it will be even more of an admin nightmare for ITI to administer anything that has been delisted. Contact Andy Knight at ITI and try and offset any cost against their admin cost / problems increasing. My bet is they will waive any charge but worth a try any which way... 

This is something that I didn't think of so very interested to follow this tab.  We have two holdings of delisted AIM shares (same company, but in two accounts) and have been wondering what are options are.  Currently they are sitting forlornly in a Qort account, unwanted by ITI because they don't accept AIM listed shares and unacceptable to transfer to iWeb because they, in turn, don't accept delisted holdings.  I've taken note of Andy Knight as being yet another contact at ITI and will contact him but was just wondering whether anyone has had any success in obtaining a paper certificate.  I'm even prepared to pay if it gets shot of ITI connection.

What are the stocks concerned? Your options may well be limited. 

BNN Technology - dodgy dealings by CEO and another senior executive saw this company delisted.....still optimistic that it may reinvent itself but it is taking its time.

SteveJohnson56

Yesterday I contacted my new broker for a transfer progress report, 7 weeks on from first requesting a valuation from ITI Capital they have heard nothing back.

They went as far as to say ITI turn off their telephones and block emails regarding transfers.
Another complaint with the FOS to follow.

shiznit76

SteveJohnson56 said:

Yesterday I contacted my new broker for a transfer progress report, 7 weeks on from first requesting a valuation from ITI Capital they have heard nothing back.

They went as far as to say ITI turn off their telephones and block emails regarding transfers.
Another complaint with the FOS to follow.

who is your new broker?

SteveJohnson56

shiznit76 said:

SteveJohnson56 said:

Yesterday I contacted my new broker for a transfer progress report, 7 weeks on from first requesting a valuation from ITI Capital they have heard nothing back.

They went as far as to say ITI turn off their telephones and block emails regarding transfers.
Another complaint with the FOS to follow.

who is your new broker?

It was IWEB, this is what they said.
" our experience with iti as been a continual battle right from day one with all transfers,they have confirmed on numerous occasions that due to workload/resourcing etc they are finding it difficult to deal with this..they also regularly turn off their telephone lines and block any emails regarding transfers"

Does not bode well if they can't even get a response for a valuation!
After receiving the valuation it would normally take at least 4-6 weeks (previously 2-3 weeks)   for a transfer to complete according to IWEB website,..but we are dealing with ITI, who knows how long!

shiznit76

it only seems to be Iweb having this problem, see quite a few posters have managed to jump ship to HL, but not heard anyone getting moved to Iweb

n_aftab

shiznit76 said:

it only seems to be Iweb having this problem, see quite a few posters have managed to jump ship to HL, but not heard anyone getting moved to Iweb

I can confirm i managed to get everything moved to HL, might be worth using them just to get your stocks out once there you can do as you want .. sounds like hassle yes .. but certainly better then being stuck with iti.