SVS Securities - shut down?

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.

johnburman

Must always complain to the FCA and make a compensation claim on the FOS. Always. 

LEAR1

n_aftab said:

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.

I'd agree with n_aftab. All my stocks and the vast majority of my cash moved to HL (from Qort account only) with relatively little difficulty compared to some stories I'm hearing from others, albeit the pace wasn't great. Ultimately though, once ITI moved up from reverse to first gear back in early October time, a number of us saw progress with our transfers to HL. As of today, ITI confirmed to me by email that the last cash amount that I had told them was missing (a reconciliation error their end) is on its way to HL, so that will completely clear my deck with ITI and all dealings with them...

For those not having luck with iWeb (or other broker platforms), I'd suggest hounding ITI daily demanding answers for why they are not making contact  / answering the recipient's transfer team's questions and jumping through any silly - but ultimately trivial - hoop they require of you. I do appreciate from personal experience how tortious and frustrating this can be, but, with a lot of perseverance, I managed to get through to some decent - if very inexperienced - human beings who were able to get what I needed done of them. At the end of the day, that is the only thing that really matters to each and everyone of us. Compensation, the merits of technical fin regulatory standards or policies set out by the various SA committees etc etc are, in my humble view, a distraction from what you need to be doing - except possibly as a very final resort. But I really don't think it's come to that at all.

Good luck everyone.