SVS Securities - shut down?

sweeter_strudel

Remarkably I got one of my accounts transferred out from ITI - destination ii.
Amazingly they think they are still awaiting confirmation of a date when I asked ii for an update.
Nothing has arrived at iWeb yet..... well, that would be too much to hope for.
Leaving me with one unsupported share holding left in limbo with ITI.
And two open complaints with the FOS.

My2penneth

One of our ITI accounts (of 4 in total) has - at long last (4 months) been transferred to iWeb.  No notification - it just happened. I noticed it when I logged on to my iWeb account tonight. I'm off for a brandy to counter the shock! 
(and all seems to have been transferred correctly).

sweeter_strudel

I'm looking forward to that moment of unheralded arrival of shares at iWeb to celebrate with a trip to the drinks cabinet.

Did anyone else notice the "we are lowering our electronic dealing charges" email from ITI, read it yesterday. Maybe they'll realise their annual charges are also way out of kilter, after we have all escaped.....

shiznit76

how do you close an account with ITI?

jenwrendorset

shiznit76 said:

how do you close an account with ITI?

With great difficulty!!!! See my comment of yesterday. I think I'm just going to write on the form 'Please close account' and sign/date it.  There is actually an outstanding amount of 20p on the account, they overpaid my last and final withdrawal by that amount, their fault not mine.....I'm wondering whether they will chase me for it before allowing closure??

johnburman

shiznit76 said:

how do you close an account with ITI?

The answer is "I really do not know" nor I suspect do ITI.  I have asked for my accounts be closed and they are still open.  Write to Complaince and demand they close the accounts.  Surely it is a breach of FCA Rules for ITI to have open accounts when the client has requested closure. 

BUT 2 points - get a closure statement; and get Tax Certificates. 

Also remember there may be delayed dividend payments due.  I had dealyed payments 'backdated' to february 2020 [sent by LC to ITI and then by ITI to my new brokers].  Nice to receive ££ but I had to go to LC to askwhat they were for and getnew Tax Certs.  

Monsieur_Bourse

Well this worked!
My wife e-mailed ITI for a cash withdrawal on the 26th November using the e-mail below:

Dear Sir,

I wish to make a cash withdrawal from my account for £, I have attached the relevant form.

I have also attached a copy of your Terms and Conditions, as I think that you are somewhat absent-minded at ITI Capital when it comes to cash withdrawals. Your T&Cs clearly state that it can take up to 3 WORKING DAYS for the withdrawal to take place. We both know that this is a lie, as you never comply with this timeline, but it will be just one more complaint to add to an already long list that I will be forwarding to The Financial Ombudsman Service, when the money is not credited to my account within the 3 day time limit.

Maybe there is somebody at ITI that enjoys sarcasm, I don't know but the money landed in her account today!

Her RDSA dividend has still not shown up from the 21st September. The eight weeks were up last week on her Official Complaint that she sent to the compliance department, with no response. She again e-mailed them after 8 weeks and one day pointing this out, only to receive a complete c ock-and-bull story as to why they had not responded, and to date she has still not received a Final Response Letter. The complaint to the FOS went off last week, still waiting for a case number.

shawdon

johnburman said:

shiznit76 said:

how do you close an account with ITI?

The answer is "I really do not know" nor I suspect do ITI.  I have asked for my accounts be closed and they are still open.  Write to Complaince and demand they close the accounts.  Surely it is a breach of FCA Rules for ITI to have open accounts when the client has requested closure. 

BUT 2 points - get a closure statement; and get Tax Certificates. 

Also remember there may be delayed dividend payments due.  I had dealyed payments 'backdated' to february 2020 [sent by LC to ITI and then by ITI to my new brokers].  Nice to receive ££ but I had to go to LC to askwhat they were for and getnew Tax Certs.  

Not only is it impossible to close an ITI account, i have requested this to Rahul, Chris, David etc etc with no reply of course about 5 times, but my 8 accounts which were transferred to HL 6 weeks ago, are still showing as live and fully active with all of my shares still there and occasionally of course, double the valuation on "double-your money days" which still happen every few days. I have asked for tax certificates to comply with my HMRC requirements but still not reply. ShareSoc are following this up for me but so far no joy. So pleased to be out this terrible company but still amazed that the FCA are allowing it to trade in this way!

johnburman

shawdon said:

johnburman said:

shiznit76 said:

how do you close an account with ITI?

The answer is "I really do not know" nor I suspect do ITI.  I have asked for my accounts be closed and they are still open.  Write to Complaince and demand they close the accounts.  Surely it is a breach of FCA Rules for ITI to have open accounts when the client has requested closure. 

BUT 2 points - get a closure statement; and get Tax Certificates. 

Also remember there may be delayed dividend payments due.  I had dealyed payments 'backdated' to february 2020 [sent by LC to ITI and then by ITI to my new brokers].  Nice to receive ££ but I had to go to LC to askwhat they were for and getnew Tax Certs.  

Not only is it impossible to close an ITI account, i have requested this to Rahul, Chris, David etc etc with no reply of course about 5 times, but my 8 accounts which were transferred to HL 6 weeks ago, are still showing as live and fully active with all of my shares still there and occasionally of course, double the valuation on "double-your money days" which still happen every few days. I have asked for tax certificates to comply with my HMRC requirements but still not reply. ShareSoc are following this up for me but so far no joy. So pleased to be out this terrible company but still amazed that the FCA are allowing it to trade in this way!

A ...agree with you on the FCA's lack of action
B...you are telling the FCA of the issues aren't you
C...and of course it will all form part of your FOS complaint
The Tax Certificates point is a worry: we all need these 

My2penneth

Mon Dieu - I find myself posting a bit of positive news about Crapital.

I submitted  2 withdrawal forms on 26th Nov. After an initial contact by Abiola Omotayo  ("AO") which stated I had not attached the form (when I had), I received ANOTHER email from AO to say that the money would arrive in 2 to 5 working days.
The money arrived on Tuesday 1st.