SVS Securities - shut down?

sweeter_strudel

ii have emailed me and advised, after 8 weeks of silence from ITI, they are not going to bother asking again for my trading account to be transferred.....

Part of me doesn't blame them. I'll forward their update on to the FOS and add it onto my complaint....

Already got my iWeb letter a week ago saying they were getting nowhere with my iWeb transfer and suggested I contact ITI myself to get things moving.

Absolute farce.

My2penneth

Nbs222 said:

Yes, I have been contacting them , They did receive  valuations from my SC accounts  last week (which had only 4 items) but none  from PX accounts . I have been writing to ITI  every week asking to transfer PX accounts but had no response.

I suspect that what they are doing is transferring the "easy fruit" ..if they have a list of say 20 shares in a PX account and a residual holding of 2 or 3 shares in  Qort, then they are taking the easy option of transferring just the few shares and then claiming it as a +1 for a share transfer. I'm guessing it is quicker to transfer 3 shares than 23.

My2penneth

Keep phoning the FCA to complain..even if you already have a FOS complaint registered. The more complaints the more likely they will take action.

My2penneth

Just in case you didn't click on the link, the review over on ShareSoc said

"The IWeb transfers team tell me that they have been told by ITI Capital that they can only process the transfer of 20 accounts per week to iWeb. There are over 600 accounts to transfer..so that will take them 30 weeks (bear in mind some folk have already been waiting 3 months).

Completely unacceptable."

shiznit76

can you accept the offer of redress from ITI and complain to FOS also?

eskbanker

shiznit76 said:

can you accept the offer of redress from ITI and complain to FOS also?

No, FOS is specifically for escalating complaints that haven't been resolved adequately by the institution, so you can't have your cake and eat it too!

Thrugelmir

My2penneth said:

Just in case you didn't click on the link, the review over on ShareSoc said

"The IWeb transfers team tell me that they have been told by ITI Capital that they can only process the transfer of 20 accounts per week to iWeb. There are over 600 accounts to transfer..so that will take them 30 weeks (bear in mind some folk have already been waiting 3 months).

Completely unacceptable."

20 to IWeb, 20 to Fidelity, 20 to X-0, 20 to AJ Bell, 20 to IBKR..............







 

Nbs222

MY2p: I suspect that what they are doing is transferring the "easy fruit" ..if they have a list of say 20 shares in a PX account and a residual holding of 2 or 3 shares in  Qort, then they are taking the easy option of transferring just the few shares and then claiming it as a +1 for a share transfer. I'm guessing it is quicker to transfer 3 shares than 23.

The shares left in SC accounts are all registered outside UK like IAG, BNC etc  which I  guess will take longer to transfer than  UK registered shares  held in CREST (only UK registered shares are in my  PX accounts).   I don't understand why they  haven't  sent PX valuations .

Sheris

eskbanker said:

shiznit76 said:

can you accept the offer of redress from ITI and complain to FOS also?

No, FOS is specifically for escalating complaints that haven't been resolved adequately by the institution, so you can't have your cake and eat it too!

ITI have had the cake and the cherry

eskbanker

Sheris said:

eskbanker said:

shiznit76 said:

can you accept the offer of redress from ITI and complain to FOS also?

No, FOS is specifically for escalating complaints that haven't been resolved adequately by the institution, so you can't have your cake and eat it too!

ITI have had the cake and the cherry

Nevertheless, two wrongs don't make a right, so it still comes down to the fact that if ITI issue a full and final response to a complaint, the complainant has two choices: accept it or escalate to FOS, regardless of strength of feelings....