SVS Securities - shut down?

pbcinlondon

My2penneth said:

pbcinlondon said:

It is heartening to read posts about compensation. BUT is money really being paid out by ITI?

Has ITI finished dealing with ex SVS clients?

Their last most recent email to me wasn't too encouraging: "You (sic) transfer request to Equiniti Group has been logged in, but I can’t see any stocks on your account SC18***, U4350****. Please correct me if it is incorrect."

Time to return to the corner for a good howl. Not of laughter.

It looks like  Equnity are trying to transfer your shares from your holding account ( SC) but I'm guessing it is empty because the shares have  been transferred to your Phoenix account. So, there's nothing to transfer from the SC account. 

Thanks for this. A transfer within ITI's internal systems I assume. I gave up ages ago trying to log in and then navigate the maze. Here's the question then: would ITI know that they have transferred the holding from a SC acct to a Phoenix acct? If so, they could follow their trail and transfer the shares to the new broker? Does it work like this?

Thanks to this forum I have come across the following: SVS Client Support Group (https://www.sharesoc.org/campaigns/svs-client-support-group/)

At some point I hope to see my cash and shares transferred away from ITI (waiting since end of July, as you all know), then receiving a closing statement. Financial compensation is now a very reasonable and realistic follow-on and it would be a delight to see hard-hitting sanctions slamming the company.

My2penneth

pbcinlondon said:

My2penneth said:

pbcinlondon said:

It is heartening to read posts about compensation. BUT is money really being paid out by ITI?

Has ITI finished dealing with ex SVS clients?

Their last most recent email to me wasn't too encouraging: "You (sic) transfer request to Equiniti Group has been logged in, but I can’t see any stocks on your account SC18***, U4350****. Please correct me if it is incorrect."

Time to return to the corner for a good howl. Not of laughter.

It looks like  Equnity are trying to transfer your shares from your holding account ( SC) but I'm guessing it is empty because the shares have  been transferred to your Phoenix account. So, there's nothing to transfer from the SC account. 

Thanks for this. A transfer within ITI's internal systems I assume. I gave up ages ago trying to log in and then navigate the maze. Here's the question then: would ITI know that they have transferred the holding from a SC acct to a Phoenix acct? If so, they could follow their trail and transfer the shares to the new broker? Does it work like this?

Thanks to this forum I have come across the following: SVS Client Support Group (https://www.sharesoc.org/campaigns/svs-client-support-group/)

At some point I hope to see my cash and shares transferred away from ITI (waiting since end of July, as you all know), then receiving a closing statement. Financial compensation is now a very reasonable and realistic follow-on and it would be a delight to see hard-hitting sanctions slamming the company.

When I originally spoke with one of their brokers (end July)  they said that the SC number is all that they needed to trace accounts. That might be the case BUT...when you give account details to your preferred broker , make sure you give them both the SC account number and the corresponding Phoenix (PX) number. 
It has been noted that ITI are so stupid that they transfer SC accounts which contain no shares but might contain cash only. So, take nothing for granted. 

Of course, ITI Capital have not communicated any of this and it has been left to clients to sort it out for themselves. We didn't know that the ITI Capital trading platform was actually a bolt on to the Interactive Broker platform....no wonder they're so expensive.  They are acting as middlemen and raking off a cut.

Keep phoning the FCA to ram home that there are problems- even if you gave rung them previously. ITI are telling the FCA that they are managing their customers. The FCA should suspend their licence to trade until they've sorted out this mess, it is the only way that ITI will be brought to heel.  

My2penneth

Just had an offer of compensation from ITI for £225 if I keep schtum. They replied to my complaints after 3 months..
I cannot accept the offer as I have complained to the FOS already and, TBH,  I wouldn't have accepted it anyway, not for such a derisory sum based on the stress levels and the amount of worry and time spent trying to contact ITI.  

Ravima

how long should it take to transfer shares from one broker to another? 

My2penneth

Ravima said:

how long should it take to transfer shares from one broker to another? 

30days is the guidance in normal times (cue Covid card) - there was some comments on this in earlier posts.
ITI were in receipt of our transfer requests in the first week of August.....

shiznit76

My2penneth said:

Just had an offer of compensation from ITI for £225 if I keep schtum. They replied to my complaints after 3 months..
I cannot accept the offer as I have complained to the FOS already and, TBH,  I wouldn't have accepted it anyway, not for such a derisory sum based on the stress levels and the amount of worry and time spent trying to contact ITI.  

Good for you. I'm due my final response by Friday, wonder what paltry figure they will offer. It will be getting knocked back anyway

Ravima

I was offered £85

toad333

I was offered £150. But not accepting anything till my cash and shares have been transferred. Wrote an email saying as much, but been four days and no response.

My2penneth

stuff talk of compensation direct from ITI. Hit ITI with a FOS investigation case ( £650) AND a request for compensation which will be ordered by the FOS.  Please do not accept trivial offers of compo from ITI. 

My2penneth

stuff talk of compensation direct from ITI. Hit ITI with a FOS investigation case ( £650) AND a request for compensation which will be ordered by the FOS.  Please do not accept trivial offers of compo from ITI.