SVS Securities - shut down?

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.

shiznit76

Sheris said:

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.

Don't agree, Mark at Sharesoc helped with getting my transfer finally completed. He seems to be the only person ITI is in communications with. Well worth joining for his help

Clairabella

I don’t like the compensation culture that is becoming the norm in this country. However, in this case, given the ridiculous time scale, total lack of communication, potential loss of money, my time and the stress caused, I feel that it is justified! I have never claimed before, do I just hope that compensation is offered or do I have to ask for it? This is to both ITI and FCA. Do I fill in the online complaint forms to FOS and FCA or phone or just email them a letter please? 

eskbanker

Clairabella said:

I don’t like the compensation culture that is becoming the norm in this country. However, in this case, given the ridiculous time scale, total lack of communication, potential loss of money, my time and the stress caused, I feel that it is justified! I have never claimed before, do I just hope that compensation is offered or do I have to ask for it? This is to both ITI and FCA. Do I fill in the online complaint forms to FOS and FCA or phone or just email them a letter please? 

For ITI themselves, the complaints process is as discussed a few weeks back in this thread - it's up to you how you wish to phrase your complaint and what outcome you're seeking, but if they fail to resolve it adequately within the eight weeks then you can escalate to FOS, via any of the channels at https://www.financial-ombudsman.org.uk/contact-us

The FCA don't deal with consumer complaints as such so they're unlikely to intervene directly on your own issues, but some on here have been highlighting ITI's poor performance to them, since the FCA were apparently pushing ITI to comply with rules and regulations, and it doesn't do any harm to let them know if this still isn't happening.

flustered

Just to let you all know that finally my shareholdings were transferred from ITI Capital to iWeb yesterday (Monday).  All that remains is to transfer a little remaining cash.  Not sure if that will automatically happen or whether I have to complete another cash transfer form. I'll give it a few days.  Good luck to others!

sweeter_strudel

flustered said:

Just to let you all know that finally my shareholdings were transferred from ITI Capital to iWeb yesterday (Monday).  All that remains is to transfer a little remaining cash.  Not sure if that will automatically happen or whether I have to complete another cash transfer form. I'll give it a few days.  Good luck to others!

Well done. Cash should go automatically, with some dribs and drabs arriving subsequently if/when dividends get credited by ITI. At least that was my experience of my one and only successful transfer to date.

Waiting for another two to happen..... One out to iWeb, sigh sigh sigh - why can't it be me saying I've escaped?

At least my missing shares have returned so there is something to actually transfer out.... Although they were AWOL for an entire month of worry.

Nbs222

At last one of our ISA and normal shares have transferred to IWEB though  there are still 4 ISA stock items  and cash to be transferred but it's a big relief , at least one of our transfers has happened.  Just hoping the other ISA and normal transfer will happen soon.

It certainly has reduced the stress

jenwrendorset

After sending a rather terse email to ITI bemoaning the fact that despite advice to the contrary, valuations hadn't been sent to iWeb last month  only now to learn that, in fact, they had, or at least one had.....still waiting on confirmation re. the second one and the delay is now at the iWeb end.  If only both parties could keep us informed of progress then I feel so much of this pent up frustration/stress/anxiety could have been avoided. My own transfer in September went through so smootly; I was informed by ITI that they had received my transfer request and then iWeb let me know what was happening, what shares were in the valuation and the expected date of transfer (which actually happened on time) - this is how I expect things to work but since then it has been a constant battle just to keep things moving ahead - oh to have been blessed with telepathic abilities.

Also today I received a request to complete a closure form for our now defunct, empty joint account - problem is I don't actually understand the form !! three pages of irrelevancy, nothing quite as simple as 'please close this account' dated and signed - oh well that's tomorrow's conundrum.

johnburman

Advice for transfers: SVS [LC] sent some old dividends to ITI who sent it to our new brokers.  Problem is our new brokers and ITI don't know what it is for!  Lucky us you may say, soem unexpected cash...yes indeed but sorting it all out is a problem.  We got new Tax Certs from LC.  Have asked for Tax Certs from ITI but so far nothing.  FOS is even slower than I was expecting.  Anybody got any compensation/ideas of how much they will receive from them?