SVS Securities - shut down?

johnburman

No the FCA would not allow a shell co to operate. But do the FCA know the present position or do they think "it is all over",? We must keep on telling them and keeping them informed 

saitai

Finally got my remaining ISA account transferred, here are some key dates (not including all the chases)

4/Aug/2020 I posted 2xAccounts transfer forms (Share Dealing and ISA) to iWeb (Once ITI account status for QORT accounts was 'On-Boarding Approved' and correct stocks and cash present and Auto generated Phoenix account status 'Open')

14/Aug/2020 Transfer request on the iWeb system. 

18/Aug/2020 iWeb confirmed they sent the transfer request to ITI.

22/Sep/2020: ITI transferred Share dealing account shares to iWeb

13/Oct/2020 Logged complaint with FOS

15/Oct/2020 Sent cash withdrawal and account closure request to ITI.

26/Oct/2020 ITI Cash withdrawal to my bank account complete.

12/Nov/2020 ITI transfer ISA to iWeb

13/Nov/2020 FOS email received, stating reference and they have contacted ITI.

17/Nov/2020 Still able to logon to QORT and PHOENIX platforms. So ITI haven’t closed the accounts, even though box to close them was ticked, once the transfers are complete (15/Oct/2020).

Just like to thank members of this forum, for the information and great advice. Good luck to those still waiting.

GeorgieC

eskbanker said:

Perhaps it's just a shell company?

LOL ;-)

shawdon

How do you close an ITI account? I cannot see any box to tick, my shares and cash were transferred over a month ago but i can still see all of my shares listed on the ITI platform?

masonic

RasputinB said:

masonic said:

I don't think anyone has been able to identify any specific improper conduct in relation to LC's statutory and professional obligations, such as they are

A problem is that if allegations are properly investigated it might mean that the FCA would act and shut down ITI Capital. That is not going to help those who are still waiting to get their shares and cash out.

Not the allegations I'm aware of. Those allegations are related to LC acting too slowly, not communicating enough, being too inexperienced in the Special Administration regime, and recommending a decision process leading to the choice of ITI that was not in the interests of XO clients. Some of those allegations may have merit, but I'm not sure any of them cross the line into professional misconduct. Assuming one or more met ICAEW's criteria for further investigation, then that would be a matter between ICAEW and LC.

Any action the FCA took against ITI would be a separate matter. It could in theory do so for the terrible experience everyone involved in this transfer has had to suffer. But the FCA is notoriously slow to act, and a light touch, so it would be vanishingly unlikely to shut ITI down (or do anything unless it really has to). If it were more proactive, it might ban ITI from taking on any new customers until it had fully resolved the current issues. It may even have the power to force ITI to take on more staff to cope with the significant increase in customer service demand.

saitai

shawdon said:

How do you close an ITI account? I cannot see any box to tick, my shares and cash were transferred over a month ago but i can still see all of my shares listed on the ITI platform?

Not sure if there's another way, but I checked the box, on page 2, just above the Primary Account signature box, on the withdrawal form https://iticapital.com/assets/pdf/Limited_Withdrawal_Form.pdf
Not that, they have closed my 2 accounts yet.

shiznit76

saitai said:

Finally got my remaining ISA account transferred, here are some key dates (not including all the chases)

4/Aug/2020 I posted 2xAccounts transfer forms (Share Dealing and ISA) to iWeb (Once ITI account status for QORT accounts was 'On-Boarding Approved' and correct stocks and cash present and Auto generated Phoenix account status 'Open')

14/Aug/2020 Transfer request on the iWeb system. 

18/Aug/2020 iWeb confirmed they sent the transfer request to ITI.

22/Sep/2020: ITI transferred Share dealing account shares to iWeb

13/Oct/2020 Logged complaint with FOS

15/Oct/2020 Sent cash withdrawal and account closure request to ITI.

26/Oct/2020 ITI Cash withdrawal to my bank account complete.

12/Nov/2020 ITI transfer ISA to iWeb

13/Nov/2020 FOS email received, stating reference and they have contacted ITI.

17/Nov/2020 Still able to logon to QORT and PHOENIX platforms. So ITI haven’t closed the accounts, even though box to close them was ticked, once the transfers are complete (15/Oct/2020).

Just like to thank members of this forum, for the information and great advice. Good luck to those still waiting.

Fingers crossed i escape tomorrow. Fingers crossed, but breath not being held

RobHun

RobHun said:

After my initial joy at HL at last making contact with someone at ITI everything seems to be back to square one with ITI ignoring all e-mails from myself and HL.  I've decided  (somewhat belatedly) to register a complaint with the Financial Ombudsman. I realize that this could take up to eight weeks as seemingly all my e-mails complaining to ITI don't count as they were not "official". As most of my contact with ITI has been with Account Management I was wondering if someone could give me the contact details of a real person in authority and any information  that might help me steer my way through this. 

A while since I've been on here but at last my transfer from ITIC to HL is done apart from a couple of hundred quid which I am still following up. On the advice of the FOS I made a formal Complaint to ITIC using their Complaints Procedure to  comliance@iticapital.com  and within 48 hours had a reply from {Removed by Forum Team} a Complaints Handler {Removed by Forum Team} who I've got to say was very apologetic and explained how the Compliance Team would investigate my formal complaint and hope to bring it to a timely conclusion. A  couple of e-mails from me to clarify a few things, which were always answered promptly and I basically just left it to ITI and HL (who also kept me up to date) to get on with it. The upshot was that this morning HL e-mailed me to say that they anticipated the transfer to be completed on the 19th Nov. however when I checked  this evening  all my shares and nearly all my cash was in the account. Trust ITI to get it wrong again lol. Oh and by the way when I checked my ITI accounts they were still listing all my stock. 
Now there is no way it should have taken even the last four weeks, never mind the last four months and I may well be taking this further but at last I feel like I'm back in control again.
 

shiznit76

Glad I didn't hold my breath, transfer has not happened 

sweeter_strudel

shiznit76 said:

Glad I didn't hold my breath, transfer has not happened 

It'll all be over by Christmas*
Won't it?
*Year to be advised.