SVS Securities - shut down?

SteveJohnson56

I on-boarded my joint account, approved back in July having only submitted my own details because that was all they requested to be entered.  Several weeks later they requested details for my wife and the US share trading forms which neither of us had any intention of trading, needless to say we did not fill them in and  instead requested to have the account status reset to leave. The account remained as Qort account and has always shown as in joint names, was described as 'Closure in Progress'
Transfer set in motion with new broker in joint names in September.

8 weeks on and out of the blue I receive an email this time not asking for the US share trading form to be filled in but my wife's banks details I presume so ITI can process this to Phoenix. They state 'due to a technical error' your account has been changed to an individual account but if your wife enters her details it can become a joint account again.

In Qort they now have the account as an 'Individual' and changed the name from MR S AND MRS J JOHNSON to 
MR S AND JOHNSON. They can't even get an individual name correct it really is farcical.

All this after having set in motion a transfer in joint names.
The shares we hold are in joint names with the registrar.
I'm sure this will further delay this transfer. 
Another complaint was added.

shawdon

rnf11 said:

shiznit76 said:

RasputinB said:

One burning question must be - why didn't more people go for a reverse transfer as this would have been a far easier, and quicker, way of getting holdings to the broker of choice?

i guess we never knew what a nightmare this would become

Quite!

I am still waiting for two sets of cash to transfer out, now that all dividends due should have been received and posted (but no way of confirming that). I see no signs of the situation improving.

On the subject of ITIC compensation, I note that despite all the people saying thay have had offers made/accepted, I have yet to see that anyone is actually in receipt of same. Just more false promises then?

Just to confirm, i did receive my cash compensation payment in my bank account 24 hours after confirming my acceptance of the offer.
Hope this helps 

shiznit76

shawdon said:

rnf11 said:

shiznit76 said:

RasputinB said:

One burning question must be - why didn't more people go for a reverse transfer as this would have been a far easier, and quicker, way of getting holdings to the broker of choice?

i guess we never knew what a nightmare this would become

Quite!

I am still waiting for two sets of cash to transfer out, now that all dividends due should have been received and posted (but no way of confirming that). I see no signs of the situation improving.

On the subject of ITIC compensation, I note that despite all the people saying thay have had offers made/accepted, I have yet to see that anyone is actually in receipt of same. Just more false promises then?

Just to confirm, i did receive my cash compensation payment in my bank account 24 hours after confirming my acceptance of the offer.
Hope this helps 

Did you get your complaint sorted before accepting the compen? 

jenwrendorset

SteveJohnson56 said:

I on-boarded my joint account, approved back in July having only submitted my own details because that was all they requested to be entered.  Several weeks later they requested details for my wife and the US share trading forms which neither of us had any intention of trading, needless to say we did not fill them in and  instead requested to have the account status reset to leave. The account remained as Qort account and has always shown as in joint names, was described as 'Closure in Progress'
Transfer set in motion with new broker in joint names in September.

8 weeks on and out of the blue I receive an email this time not asking for the US share trading form to be filled in but my wife's banks details I presume so ITI can process this to Phoenix. They state 'due to a technical error' your account has been changed to an individual account but if your wife enters her details it can become a joint account again.

In Qort they now have the account as an 'Individual' and changed the name from MR S AND MRS J JOHNSON to 
MR S AND JOHNSON. They can't even get an individual name correct it really is farcical.

All this after having set in motion a transfer in joint names.
The shares we hold are in joint names with the registrar.
I'm sure this will further delay this transfer. 
Another complaint was added.

Our joint account never 'on boarded' correctly but it was only last month that someone decided to mention that as yet their system wasn't set up for joint applications.  We've received 3 lots of requests to complete CRS forms, W-8BEN forms and yet another joint application form.  I did complete these, reluctantly, as I couldn't see the point, emailed them all off and nothing further happened to that account of course.  One month later another set of CRS/W-8BEN forms arrived by email, requesting completion !!! At this point we threw in the towel, sold our one holding and now patiently (or perhaps not....) tapping our fingers waiting for our cash - whilst waiting I'm completing the FOS complaint form. Unbelievable incompetence.

My2penneth

Letter from Sharesoc to FCA about ITI Crapital. 

https://www.sharesoc.org/wp-content/uploads/2020/11/FCASVS201105.pdf

My2penneth

Sharesoc is trying to resolve issues with ITI

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

shiznit76

My2penneth said:

Letter from Sharesoc to FCA about ITI Crapital. 

https://www.sharesoc.org/wp-content/uploads/2020/11/FCASVS201105.pdf

do you think they will take heed? 

SteveJohnson56

jenwrendorset said:

SteveJohnson56 said:

I on-boarded my joint account, approved back in July having only submitted my own details because that was all they requested to be entered.  Several weeks later they requested details for my wife and the US share trading forms which neither of us had any intention of trading, needless to say we did not fill them in and  instead requested to have the account status reset to leave. The account remained as Qort account and has always shown as in joint names, was described as 'Closure in Progress'
Transfer set in motion with new broker in joint names in September.

8 weeks on and out of the blue I receive an email this time not asking for the US share trading form to be filled in but my wife's banks details I presume so ITI can process this to Phoenix. They state 'due to a technical error' your account has been changed to an individual account but if your wife enters her details it can become a joint account again.

In Qort they now have the account as an 'Individual' and changed the name from MR S AND MRS J JOHNSON to 
MR S AND JOHNSON. They can't even get an individual name correct it really is farcical.

All this after having set in motion a transfer in joint names.
The shares we hold are in joint names with the registrar.
I'm sure this will further delay this transfer. 
Another complaint was added.

Our joint account never 'on boarded' correctly but it was only last month that someone decided to mention that as yet their system wasn't set up for joint applications.  We've received 3 lots of requests to complete CRS forms, W-8BEN forms and yet another joint application form.  I did complete these, reluctantly, as I couldn't see the point, emailed them all off and nothing further happened to that account of course.  One month later another set of CRS/W-8BEN forms arrived by email, requesting completion !!! At this point we threw in the towel, sold our one holding and now patiently (or perhaps not....) tapping our fingers waiting for our cash - whilst waiting I'm completing the FOS complaint form. Unbelievable incompetence.

I'm thinking if the forms were filled in I might have escaped but clearly they have not a clue themselves, their email response is in chase play mode 2 months behind. Left hand does not know what the right is doing.
If shITI Crapital were golfers they have the yips and are sh@nkers.

The sooner they go bust the better.

shawdon

shiznit76 said:

shawdon said:

rnf11 said:

shiznit76 said:

RasputinB said:

One burning question must be - why didn't more people go for a reverse transfer as this would have been a far easier, and quicker, way of getting holdings to the broker of choice?

i guess we never knew what a nightmare this would become

Quite!

I am still waiting for two sets of cash to transfer out, now that all dividends due should have been received and posted (but no way of confirming that). I see no signs of the situation improving.

On the subject of ITIC compensation, I note that despite all the people saying thay have had offers made/accepted, I have yet to see that anyone is actually in receipt of same. Just more false promises then?

Just to confirm, i did receive my cash compensation payment in my bank account 24 hours after confirming my acceptance of the offer.
Hope this helps 

Did you get your complaint sorted before accepting the compen? 

No, because i still have no faith at all that the FOS will give me any compensation.

eskbanker

shawdon said:
i still have no faith at all that the FOS will give me any compensation.

FOS don't give anybody any compensation as such!  If you escalate a complaint to them on the basis that ITI haven't resolved it adequately, then if FOS agree with you they may instruct ITI to pay you something....