SVS Securities - shut down?

RasputinB

johnburman said:

Careful hahadi.   I have just received some ££ from ITI for a closed acocunt.  It was for some UK shares and some $US received form SVS (for presumably a dividend in US$) which ITI had received.   Nobody told me anything about this or wha this US$ represents!      MAKE SURE YOU GET FULL STATEMENTS FROM ITI AND check them.  They are not easy to understand.

How did you get full statements from ITI?

My cash and shares are out but the Transaction History is a complete mess with missing transactions, incorrect dividends and a large negative balance!

My2penneth

Just had an email from Abiola Omotayo regarding my cash withdrawal form...apparently I forgot to attach the form  and so he has sent me a blank one. 

I sent the withdrawal form (I checked my email to see if the pdf was attached) .

I then checked his email for the attached blank form....

say no more, eh?

My2penneth

RasputinB said:

johnburman said:

Careful hahadi.   I have just received some ££ from ITI for a closed acocunt.  It was for some UK shares and some $US received form SVS (for presumably a dividend in US$) which ITI had received.   Nobody told me anything about this or wha this US$ represents!      MAKE SURE YOU GET FULL STATEMENTS FROM ITI AND check them.  They are not easy to understand.

How did you get full statements from ITI?

My cash and shares are out but the Transaction History is a complete mess with missing transactions, incorrect dividends and a large negative balance!

{Name removed by Forum Team} says to write (snail mail) and ask for it. Why the heck do we need to write a letter which they will probably not answer anyway - why is it not available online like every other proper brokers that I know of? ...........oh,.I see the problem !

Michael_Reynolds

Anyone notice that we now have secure login again for QORT accounts after many months without!

sweeter_strudel

Michael_Reynolds said:

Anyone notice that we now have secure login again for QORT accounts after many months without!

Yes, but some things stay the same. Trading account holdings shown correctly, then half an hour later it was worth twice as much when I logged back in to look at my ISA. 

Phoenix accounts live but empty.

Still waiting on ITI  action for two transfers out. It is heartening to hear some folks on here reporting liberation during the week. But why can't it be me?

I wonder if the FCA told them to get their security sorted as part of the multiple failings that are being scrutinized, courtesy of what must be a continuing  deluge of complaints?

MK62

I wonder if the FCA told them to get their security sorted as part of the multiple failings that are being scrutinized, courtesy of what must be a continuing  deluge of complaints?

....to which I've just added myself.....I was patient at first (not got that much in ITI), but after getting nowhere I started a transfer on Oct 1st, and, like everyone else it seems, it hit a wall of silence....zip...nada....

I really feel for those with significant assets tied up with ITI......it's a complete shambles, and just goes to show how unfit for purpose the special administration process is, and tbh, how useless the FCA and FSCS have been (not to mention the Special Administrator themselves, Leonard Curtis, who appear to have been very well paid for orchestrating this mess).

Sheris

MK62, the same here, this is a crazy shambles and no idea where the end is, my new broker has sent five emails to ITI with no reply, the same treatment to myself.    

My2penneth

Over at Sharesoc, there was a mention that   Crapital were tripling their transfer team. That's 3 people then.  
Keep phoning the FCA to complain about ITI...do not relax the pressure. 

Sheris

My2penneth said:

Over at Sharesoc, there was a mention that   Crapital were tripling their transfer team. That's 3 people then.  
Keep phoning the FCA to complain about ITI...do not relax the pressure. 

Sharesoc dont give a ---- like the rest of them.

RasputinB

The FOS' Final Decision DRN9909477 relates to problems and delays with share transfers and is of interest as it states that "one of our investigators was also involved in trying to progress completion of the transfers".
In this case the ombudsman found that "£850 is a fair and reasonable amount to compensate for the trouble and upset Mr M has been caused".
Dividends should be credited to us within 10 working days and ITI Capital should pay us 8% simple interest per annum for delays as well as any compensation. See DRN4908688 and CASS 7.13.36 which states that "a firm must allocate any client money it receives to an individual client promptly and, in any case, no later than ten business days following the receipt". DRN4899187 also covers late receipt of client money.

"Client money" applies, amongst other things, to ‘money of any currency…that a firm receives or holds for, or on behalf of, a client in the course of, or in connection with, its stocks and shares ISA business’. It also applies to ‘money…that a firm receives or holds for, or on behalf of, a client in the course of, or in connection with its EU Markets in Financial Instruments Directive (MiFID) business’.

I'd suggest that anyone who has experienced a delay in receiving dividends or other client money should complain to the FCA if ITI are in breach of the 10 day rule; as well as claiming compensation in due course.