SVS Securities - shut down?

masonic

Ravima said:

is there any way we can lodge a complaint with whatever body supervises Leonard Curtis? I cannot find any such body on their website.

FWIW: https://www.gov.uk/complain-about-insolvency-practitioner

supremetwo

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.

pbcinlondon

Yesterday I added a review to Trustpilot. It felt good.

It might not achieve much but it is less painful than banging a head on a desk or wall. I did the same with Google reviews (just Google the company name and follow the link on the results page).

Could I suggest you all do this too.

FCA and FOS follow next year, assuming we all get out of this mess first.

rnf11

Alleluia!

The last of the "Ordinary" a/c cash has just arrived at my bank - it "only" took one reminder to get ICIT to action same. So the long dragging saga reaches a close. I shall not hold my breath for any statements of account to be forthcoming from them......

Looking back now, I  am not so sure that  IWeb actually carry out residual cash transfers from Ordinary (non ISA) accounts, though I recall some people here earlier claiming that they had got such cash transferred direct to IWeb. Doubts linger.

With wishing the best of luck to those still awaiting satisfaction,

                                  FELICIUM TEMPORUM REPARATIO.

markthompson32

Looks like my transfer is practically complete, all shares and cash apart from a tiny holding in a US company that I assume is just clearing somehow all showing in iweb, took weeks for the cash to come through but feels great to have control again.. 

pbcinlondon

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

RasputinB

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.            ITI will not benefit financially, whether directly or indirectly, from any referrals that it has made prior to 25 November 2020;

3.            ITI will write to all Relevant Clients that have been referred to SJS setting out their options in respect of any claims they may have as a result of investments or arrangements or deals made by, with or though, SVS (a “Claim”). These options include: (a) ceasing to use SJS to handle the Claim; (ii) allowing SJS to continue to handle the Claim; and (iii) transferring all the Relevant Client’s details and information to another third party provider to allow them to pursue the Claim on the Relevant Client’s behalf.

4.            ITI will publish on its website a statement about the nature and effect of the Requirements.

5.            ITI will write to all Relevant Clients to notify them about the terms of the Requirements.

6.            ITI will, where a Relevant Client contacts the firm about a Claim (or potential Claim), inform that Relevant Client in writing that (a) the Relevant Client can submit its Claim directly and free of charge to the Financial Ombudsmen Service or Financial Services Compensation Scheme, and (b) it is not necessary to pay a third party service provider to pursue a Claim.

7.            ITI will provide written confirmation to the FCA on the last business day of each month that it is adhering to the Requirements.

We hope the contents of this letter are clear, but if you have any questions please do not hesitate to contact info@iticapital.com.

Yours faithfully

For and on behalf of

ITI Capital Limited

Standard_Goose

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.

Monsieur_Bourse

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 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. Maybe you will be lucky, who knows when dealing with this bunch of total incompetents.

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.