SVS Securities - shut down?

eskbanker

My2penneth said:

I wonder if it will all be done by Christmas? 

Of course it will....







....but the big question is: which Christmas?

hahadi

Quote from e-mail reply received yesterday from ITI Capital. Make what you will of it.
                                                       ------------------------------------------------------
Just to let you know, we have a backlog of the transfers. Unfortunately, we are limited by the receiving Brokers to a certain number of transfers we can send to them in a day, but we are hoping to clear the backlog in the next 2-3 weeks.
                                                      --------------------------------------------------------

sweeter_strudel

hahadi said:

Quote from e-mail reply received yesterday from ITI Capital. Make what you will of it.
                                                       ------------------------------------------------------
Just to let you know, we have a backlog of the transfers. Unfortunately, we are limited by the receiving Brokers to a certain number of transfers we can send to them in a day, but we are hoping to clear the backlog in the next 2-3 weeks.
                                                      --------------------------------------------------------

Hmm, backlog cleared within 2-3 "weeks"? That will be using a unit of time measure in the ITI parallel universe, I suspect.....
It's always so cute that they blame the receiving brokers. Had ITI been capable and properly resourced all of the transfers would've be completed by now.
Yup, still awaiting one transfer out....

Nbs222

It would be great if they can complete all the transfers by xmas-20 , if they do it will be miracle

ABSVW

Hi All,
I am pasting my post from ShareSoc

Hi All,
I would like to echo what Barry Richardson wrote.
It was stressful enough to find out about the whole SVS thing, then the months of waiting to see what would happen, followed by the whole Leonard Curtis / ITI saga. Without lodging some kind of claim or FCA complaint, I wasn’t very hopeful of ever seeing my shares or money again.
Months of chasing ITI, and HSBC chasing ITI re: share transfer and drawing blanks.
Enter Mark Bentley, emailed him the details Monday, he had a call and today most of shares have been transferred to HSBC!!!!!
3 days to turn this nightmare around -AMAZING!
I’d encourage everyone that has been affected to reach out to Mark. The very least, sign up for the Premium Membership, and should you wish – there is a separate donation page.
it is true – not all heroes wear capes!
Thanks Mark!

While Mark may not get such a quick turnaround for everyone, i would advise all those that are affected and not making much progress to head over to ShareSoc site and register your issues with Mark Bentley.

Also a big shout-out and thanks to My2penneth for the detailed guidance and for pointing me to ShareSoc.

sweeter_strudel

.....this is getting more farcical. 

My ii transfer hasn't been completed after all. The shares all appeared listed in my ii account (I could even update the book values), but now ii are saying ITI Capital couldn't complete on the day - so they want another 5 (possibly ten) days to complete it.

So all my SVS shares got removed from my ii account.

Arrrggghhhh - more fodder for the FOS complaint.

jenwrendorset

One down, one to go!!  Hubby's account has now transferred over to iWeb, fingers crossed it stays there, unlike sweeter_ strudel's experience.  Just our son's account remains with ITI.  Our thanks to Mark Bentley whom I'm sure has been instrumental in 'putting a rocket' under ITI administration; hopefully some compensation from ITI will be forthcoming.  We will, most definitely, be making a donation to ShareSoc (many thanks for the above link).

My2penneth

sweeter_strudel said:

.....this is getting more farcical. 

My ii transfer hasn't been completed after all. The shares all appeared listed in my ii account (I could even update the book values), but now ii are saying ITI Capital couldn't complete on the day - so they want another 5 (possibly ten) days to complete it.

So all my SVS shares got removed from my ii account.

Arrrggghhhh - more fodder for the FOS complaint.

That happened to my wife's account ..She was left with just 1 share in the holding account that couldn't be transferred into Phoenix. This one share got "temporarily" moved to ii and was visible over there and ii emailed notification showing it as coming across. Then it disappeared!. 

Researcher16

Update:

On Dec 3rd I sent an email to ITI copying in LC and the FOS pointing out that it was more than eight weeks since I put in a formal complaint to ITI and that I had not had any response.

Yesterday (Sunday) I received a message from ITI “Complaint Handler” Philip Eva. They spelt my name wrong and apologised for the time taken but only referred to my transfer request to Equiniti.  They seemed to place the blame with them “Unfortunately, we are limited by the receiving Brokers to a certain number of transfers we can send to them in a day”.  (Stock answer going by previous posters.)  They made no mention of any other issues such as delayed cash withdrawals, delayed dividend payments, delayed cash transfers and my queries about security when uploading several identity documents during the onboarding process. They also failed to address the appalling lack of communication.  I have sent 15 emails with legitimate questions since July and only had a reply to one; I have not bombarded them so I expected more replies.  They also said “Please be advised that I am gathering all the information from The Operations who are checking the instructions and communications with Equiniti.”  This investigation seems to be a bit late in the day given that my complaint was put in more than eight weeks ago.

 I am still waiting for shares and cash transfers to my account and cash transfers to my husband’s and son’s accounts to HL although I had an update last week from Equiniti that a date to transfer my shares has been agreed.

ABSVW

jenwrendorset said:

One down, one to go!!  Hubby's account has now transferred over to iWeb, fingers crossed it stays there, unlike sweeter_ strudel's experience.  Just our son's account remains with ITI.  Our thanks to Mark Bentley whom I'm sure has been instrumental in 'putting a rocket' under ITI administration; hopefully some compensation from ITI will be forthcoming.  We will, most definitely, be making a donation to ShareSoc (many thanks for the above link).

Hi - what sort of compensation are you folks asking of ITI and how are you going about requesting this?
Abid