SVS Securities - shut down?

RasputinB

Standard_Goose said:

I have got nowhere with my transfer to Interactive Brokers.....

I have found the FCA and FOS completely useless....

I transferred to Interactive Brokers but they wouldn’t take all the holdings. I’m not going to give much detail as I don’t want to be identifiable.

The first stage is to initiate the transfer at Interactive Brokers (IBKR) and then you know what they will take and what they won’t. The IBKR system generates a “Letter of Authorization” listing the shares which you need to sign and send to ITI.

The trick then is to motivate ITI to get on with the transfer. In my case the shares were transferred in two weeks.

I hold non-listed stocks that couldn't be transferred to IBKR. I’m not too worried about those as my attitude is that if ITI continue with their shambolic method of dealing with clients and holdings it will just ratchet up the amount of compensation that they will eventually pay.

A possible complication is that some of the holdings at ITI are still in certificates that came over from SVS; which IBKR won’t take. ITI need to get any such holdings into electronic format before they can be transferred. Chances are that ITI will fail to do that in a timely manner so log all correspondence with them and generate formal complaints at every opportunity (but be nice to the staff if they are doing their best in a bad situation).

I don't agree that the FCA and FOS are completely useless but the way they operate is as disgraceful as ITI's existence. Smart operators like Leonard Curtis can run rings around them.

eskbanker

Monsieur_Bourse said:
I think that you are being a little ambitious there Standard_Goose with your 5th January deadline, my wife has still not received her final response letter to the complaint she made on the 24th September.

....in which case she can go ahead with escalating to FOS (and could have done anytime after 19 November), as per https://www.financial-ombudsman.org.uk/consumers/how-to-complain

The business needs to give you their final response within eight weeks at the most, depending on what you’re complaining about.

[Step 2]

If you’re still not happy, bring your complaint to us

If you’re not happy with the response you get from the business – or they don’t get back to you – you can ask us to get involved.

Monsieur_Bourse

eskbanker said:

Monsieur_Bourse said:
I think that you are being a little ambitious there Standard_Goose with your 5th January deadline, my wife has still not received her final response letter to the complaint she made on the 24th September.

....in which case she can go ahead with escalating to FOS (and could have done anytime after 19 November), as per https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Thanks eskbanker she already has, two days after the 8 week deadline passed.

johnburman

try and transfer to JARVIS X-O. they have a wider spread of companies than iWEB at least

Keep up the complaints to the FCA about ITI, and your complaint to the FOS for compensation 

Sheris

pbcinlondon said:

supremetwo said:

The FCA approved the transfer to ITI via the Court. 
Another failure because the FCA were insufficiently diligent:-
London Capital and Finance: Report reveals regulator's flaws - BBC News
The City regulator failed to "effectively supervise and regulate" London Capital and Finance (LCF) which collapsed with losses for investors.

The FCA, Leonard Curtis and the body that oversees insolvency practitioners all need to face serious scrutiny. There is a pong about this whole saga which is still affecting 1000s of people. Admittedly it is not the same as being duped into buying dodgy minibonds but ITI is clearly not fit for purpose to be regulated by any body such as the FCA.

Further information about the FCA and LCF: https://www.theguardian.com/business/2020/dec/17/uk-city-watchdog-failed-to-regulate-firm-that-wiped-out-investors-236m?utm_term=a5e56ff568e351e93a2912aae11d8716&utm_campaign=BusinessToday&utm_source=esp&utm_medium=Email&CMP=bustoday_email

I made this quite clear to L&C when they stated it was ITI with the take of SVS, with no representative for the ex clients of SVS  from the start. 
 Thank God I have the email replies from L&C (JOKERS)
Now six emails from my new broker and no reply from ITI

Sheris

Standard_Goose said:

Hi All,

Just wanted to let everyone know that i'm still trying to get away from ITI. I have got nowhere with my transfer to Interactive Brokers. I'm at the point where there is no avenues left other than to wait and see if my turn ever comes. I was too slow complaining because I kept believing their BS every time I managed to get through. 1st official complaint went to them on 10th Nov, so i'm just waiting for the 5th Jan so I can take the next step. Been avoiding reading this forum too much because it gets my blood pressure up everytime I think about this scandalous affair.

I have found the FCA and FOS completely useless as per their reputation. I'm curious to know whether anyone on here has actually complained about the FCA rather than to them? I can't help feeling that they are as much to blame as LC due to them effectively endorsing the company (ITI). I haven't done it yet but may do so now I have a bit of time over xmas.

I have a email from L&C with a statement saying the FCA had the final say in the choice of ITI.
maybe they are all pointing there fingers at one another for negligence, which has now proven form from them all concerned 

sweeter_strudel

@Standa@Standard_Goose

Are you changing your name yet to Stranded & Goosed? LOL. I recall you from this forum many moons ago. 

I marvel at your patience before you made a complaint. I would count eight weeks = forty working days and allow for all the public holidays over the festivities before expecting a response. The minute you don't get one or the response is not good enough I suggest  you escalate to the FOS.

sweeter_strudel

RasputinB said:

More pong; email received today -

Dear Sir/Madam

SJS Legal Limited (“SJS”)

On 25 November 2020, ITI Capital Limited (“ITI”) agreed with the Financial Conduct Authority (“FCA”) the acceptance of certain voluntary requirements (the "Requirements") to the Firm's existing permissions. The Requirements address ITI's relationship with SJS and set out (a) certain actions that ITI has agreed to take, and (b) certain clarificatory information that ITI has committed to provide to ex SVS Securities Plc (in Special Administration) ("SVS") clients ("Relevant Clients").

Under the terms of the Requirements and as of 25 November 2020, ITI has agreed the following:

1.            ITI will not refer any Relevant Clients to SJS;

2.      

.

.

For and on behalf of

ITI Capital Limited

RasputinB,
I got one of these  "smelly" emails on  Friday too. I read it as "we, ITI have technically  broken (Scottish) law and sailed very close to the wind in English law" and have had a shot across the bows from the FCA and are back-pedaling furiously with this letter in order not to be shut down immediately. We are now on the naughty step and have to prove every month we are still sitting there behaving ourselves."

I now wonder if ITI's calculations when "rescuing" SVS clients included chunks of money they anticipated receiving via referrals / percentages of whatever misselling payouts SJS were going to extract?

eskbanker

sweeter_strudel said:

I would count eight weeks = forty working days and allow for all the public holidays over the festivities before expecting a response. The minute you don't get one or the response is not good enough I suggest  you escalate to the FOS.

Anyone can choose to wait as long as they like but financial institutions are required to issue a final response within eight weeks, not forty working days, or alternatively a response indicating why that isn't possible (in which case the complainant still has the option of immediate FOS escalation).

https://www.handbook.fca.org.uk/handbook/DISP/1/6.html

jenwrendorset

This has got to be a first.....BP dividend which was due to be paid yesterday, 18th, actually appeared in the PX account yesterday - it came in under a disguise of course (absolutely no indication of what the amount represents) and is now sat in the box 'Net liquidation Value' and not in the cash balance box.  All the shares are there despite having been transferred to iWeb about 2 weeks ago and the SC account is showing as being in the process of 'closing down' but has been like that for last couple of months. I think I'm just going to put in another cash withdrawal form for that amount and hope that works.