SVS Securities - shut down?

My2penneth

SteveJohnson56 said:

I queried several weeks ago if I would need to submit more transfer forms for the PX accounts. I was told I didn't need to, they made a note on my transfer details at IWEB linking SC and PX. I contacted them the other day with web chat and I asked them to quote to me the accounts they were requesting transfers from ITI. They confirmed they would be sending both SC and PX numbers to prevent the scenario were ITI say there is nothing to transfer ie from SC only.

This is what iWeb told me and they added the PX account numbers. I also sent them a spreadsheet (in pdf) saying what should  be transferred.

jenwrendorset

Clairabella said:

I actually managed to speak to someone at ITI who promised to expedite my cash withdrawal. Today I have received an email from him asking for a copy of my bank statement, strange as I’ve already provided my bank’s  sort code and account number on the withdrawal form. Has anyone else had to do this? Is it safe? 

Yes, we do it every time......otherwise they come back and ask you for it so more delays......and is anything safe with ITI, I doubt it very much, no security questions are ever asked.

Sheris

shiznit76 said:

i've not had any replies for weeks, that includes David Moss, account management, compliance, Mani, Rahul, Chris Smith and Oleg. I think they have washed their hands of us and know there is next to nothing we can do about it.I really can't understand how they can get away with this, if this was a bank they'd be in deep doo doo and papers would be all over it. The FCA don't want to know, LC want to know even less and FOS are moving at a snails pace.  

Dont worry you are not the only one, same experience, total shambles the whole lot.
They would not even be able to orginize a free drinks party in a brewery.  

Sheris

shiznit76 said:

Got my iweb letter today also

Same here, ITI are holding on to cash.

shiznit76

has anyone not had a final response from ITI after being told that their complaint will be replied to within 8 weeks?

Jamesram

jenwrendorset, yesterday 4 Nov. " I've rung the Transfer Team number three times today but guess they've all taken the day off , left it ringing for ages but to no avail."

Alfiamoscba  "Just to make you aware that 4 November is a public holiday in Russia. I will be picking my emails but please note that I probably won’t be so responsive during this time.With kind regards  Alfia Kulsharipova"  ITI Capital Legal Counsel

This does rather seem to be taking "work from home if you can" to extremes.

GeorgieC

shiznit76 said:

has anyone not had a final response from ITI after being told that their complaint will be replied to within 8 weeks?

I think answers will be sporadic. I gather they have decided to shut the office over lockdown v2.0 and will be working from home which is obviously not conducive to quick responses.
Overall responsibility for this project is with Rahul so complaints should probably be sent to him as a conduit

shiznit76

Always cope Rahul in to my emails, never had a response from him, only ever had a reply from Philip Evra and Mani Nasseri-Chahpar , and even then that only happened once

2_4

Hi, I'm new to this thread and haven't read the full 500 pages! I didn't have too much with SVS so haven't paid much attention to the situation and was happy to give them time to sort stuff out before I did anything, especially with share prices slumped (so I was happy to hold).

However, the situation is now beyond ridiculous. I'm one of the many people who has seen the value of their portfolio double, disappear, drop to £2, now it seems up to £16! As with others I have had some response and the odd seemingly helpful phone call and then nothing.

Does anyone know any more about this issue and/or what the next step for me should be?

Cheers!

Jamesram

Oh, and this is what we were sending to Alfia+ Rahul  + accountmanagement:

Dear Sirs

I write pursuant to para 28.4 of your company's Retail Terms of Business which provides that I may serve notice stating that legal action may be taken if the obligations and responsibilities are not met within a reasonable time period.

I requested a transfer of my ISA account in August 2020 and both iWeb and myself have requested completion of that transfer on numerous occasions. You have recently transferred ISA stocks, but not my cash. You have therefore not met your obligations to deal with this matter within a reasonable time period under your own Terms of Business or under Chapter 4 of the Consumer Rights Act 2015 - Services.

Therefore please take notice that unless the sum of £14,524.35, being the total of £15,422.03 transferred to you under the Special Administration plus £2.32 interest as shown on my PX**** account I hereby give Notice that unless you complete the transfer of these funds to my  iWeb account under the ongoing transfer process  by Wednesday 11 November 2020 I intend to issue proceedings in the County Court for a mandatory injunction to require ITI Capital Ltd to complete this transfer immediately, in compliance with the Judgment and  Order of Miles J. in the High Court of Justice made on 7 May 2020, and the Terms of Business and legislation referred to above OR alternatively, proceedings under the County Court Money Claims Online service for judgment in default of payment or a transfer out, at my discretion, of the same sum of £14,524.35

I trust that this action will not become necessary but you are aware that I will not hesitate to issue proceedings in default of resolution of this matter, as my partner James Ram was recently and reluctantly obliged to do having tried all other forms of resolution of matters.

My previous unanswered email to you appears below for your reference.Kindly acknowledge receipt of this email   Regards S.

That email sent  12.08  4 Nov

This email rec'd  12.48  4 Nov  Email received. I’ve been told this transfer will be made to iWeb today. Regards, Rahul.

 Checking of PX ac Report today shows money going out to iWeb on 4 Nov

Coincidence? we don't think so.

So that concludes Jamesram and Sharon's relationship with ITI, save any arms length discussions through FOS on compensation.

I have posted the above purely because in our experience the only times we have succeeded relatively  quickly with ITI is through threats, or actions taken. I) Disparaging Oleg in LinkedIn and getting his personal attention 2) Issuing money claim proceedings 3) threatening injunction/money claim proceedings.

We have used other tactics- my dealings with Pras Kumpati did secure a partial result some while ago; a well mannered and helpful guy and some pleasant email exchanges,  but boy was it time consuming.

I am not saying what anyone should do of course, just relating our experiences over the last 5 months of this, and noting that there are ways of forcing the issue- I don't pretend it was much fun though.

Anyway  not the last of me (groans all round). Still my ex-wife to assist. She is at the "awaiting on-boarding" stage I think - shows what you can achieve with ITI if you do nothing:Nothing!