SVS Securities - shut down?

johnburman

I have sympathy for you monsieur B but other than start litigation against ITI what's the alternative?  The FCA have called iti to account although they treat clients like fodder. The FOS are slooooow but they will work albeit in 6 months time. The LSE seem not to be interested. I still say that the FCA is our best bet. The press aren't interested. 

jenwrendorset

johnburman said:

I have sympathy for you monsieur B but other than start litigation against ITI what's the alternative?  The FCA have called iti to account although they treat clients like fodder. The FOS are slooooow but they will work albeit in 6 months time. The LSE seem not to be interested. I still say that the FCA is our best bet. The press aren't interested. 

My letters of complaint to the FCA appear to have ended up in the 'wrong' department and it now seems my complaint is actually against the FCA......I've no problems with that!!  I sent a lengthy email to MoneyBox a couple of months back but didn't even receive an acknowledgement which doesn't show them up in such good light.  My MP has written a couple of times and contacted the FCA as well but I feel it is more a 'ticking the boxes' exercise.  I shall keep onto ITI and FOS until a sensible offer of compensation is forthcoming, this has been an absolute nightmare and if we hadn't been 'grounded' due to lock-down would have proved an almost impossible task to undertake.

Michael_Reynolds

Anyone have any idea what the FSCS had to shell out in the end PER SVS CLIENT. On the face of it there appeared to be approx 18,000 clients and I believe I'm right in saying that LC's total costs were GBP 45m?  That's GBP 2,500 per client? This assumes that no cash or shares were missing. which I think was the case (apart from very minor amounts). Any comments welcome?

clash_man

Finally got my Share account and cash transferred to IG.....just my ISA Share account and cash to still be transferred.....no response to complaint yet..6 weeks and counting. There's light at the end of this very long tunnel.

My2penneth

When does the "free transfer" window run out? In my wife's trading account, Interactive Investors were not able to transfer two of her shares. However, iWeb will take one of them. I wish to give ITI as little as possible - I've filled in the paperwork with iWeb to transfer the 1 share. If the window is still open then I will go down that route.

None of the ISAs have been transferred so the score is 2 out of 4 accounts moved (minus cash). Four and a half months since we submitted the forms. 

sweeter_strudel

@My2p: "When does the "free transfer" window run out? "

Effectively never. If you put in a move request and ITI ignore it then there is no way you should pay a bean to them in charges if they do not do their job.

I do believe they said they would honour SVS trading charges and free transfer up to the end of March 2021. Others reading here may recall this better than I.

jenwrendorset

If my memory serves me right then the date quoted for free transfers was extended to 23 March 2021 but that would only be applicable if you hadn't already submitted a transfer request and if that was the case there should be no charge - hopefully by then we'll be well shot of this charade. 

LEAR1

All, a thought for those of you still trying to get action out of ITI -

Someone at ITI has written a reply to my dismal Trustpilot review this morning, stating, quote:

"Dear Client, thank you for taking the time to write this review. We are sorry about the experience you had during your onboarding journey and apologise for the delay in our response. We would like to assure you that as a UK regulated broker, your funds are secure with ITI Capital."
We have now resolved majority of the issues relating to the onboarding of ex-SVS clients to our platform. If you are still having problems, please get in touch with our account management team on accountmanagement@iticapital.com or call 020 7562 8001 and a member of our team will be happy to help you."

And it looks like many other scathing reviews have also had similar answers in the last few hours too.
It's platitudes of course, but it shows that they are trying to repair impressions of the damage they have unleashed over the last few months.
I'm thankfully free of this platform entirely, but, I wonder for those of you still trapped, whether it's worth posting a review yourselves - along the lines that you are still suffering problems, no answers / solutions etc.. or perhaps just emailing to threaten many more negative reviews unless someone actions your request(s) promptly. That might swing them into action.

Ultimately, it's got to be worth a shot??

sweeter_strudel

I got an email notification that ITI had responded to my review in Trustpilot today. I was planning on responding to their response with "pack of lies, issues continue, still trapped with ITI" but the list of reviews is so enormous now I cannot find mine from September. 

Someone is busy cutting and pasting their four stock responses to every single review - probably to try and salvage their reputation....

Wish they'd resource the transfer team rather than this pointless PR.

LEAR1

sweeter_strudel said:

I got an email notification that ITI had responded to my review in Trustpilot today. I was planning on responding to their response with "pack of lies, issues continue, still trapped with ITI" but the list of reviews is so enormous now I cannot find mine from September. 

Someone is busy cutting and pasting their four stock responses to every single review - probably to try and salvage their reputation....

Wish they'd resource the transfer team rather than this pointless PR.

Exactly why it might be worth threatening to write more reviews unless they get their transfer team going on your request??