SVS Securities - shut down?

GeorgieC

jenwrendorset said:

GeorgieC said:

leepeterson1973 said:

What I would like to know is how much it is going to cost me to keep these on account with ITI for the forseeable(?).

From the evidence on this board I have not rushed to ask that question yet or research it on the Ts&Cs

I thought I'd wait until the CAI had arrived with ii before worrying about it.
Good luck all on here!

Cheers

Lee

Hi Lee,
Providing ITI do not introduce any fees, then it will cost you nothing. As a guide, if you have no cash on account, even if they do introduce fees they should not take them so as to leave your account in deficit. FOS would be very unhappy with this. In a former incarnation ITI applied inactivity fees to hundreds of accounts without relaying info properly and taking accounts in to deficit. They had to refund £000's under instructions from FOS.

We also have delisted shares which iWeb are unable to accept so continue to languish in a Qort account with ITI - I followed advice earlier on in this forum and sent an email to ITI on 10 December (the contact name I was given was Andy Knight but emails to him kept bouncing back despite using various permutations of the spelling and inclusion of dots and no dots etc etc) to question whether we could be provided with a paper certificate instead, thus freeing ourselves from the tenticles of ITI, needless to say we're still waiting on a reply. 

Andy Knight is the correct person. try andrew.knight@iticapital.com or transfers@iticapital.com
Issuing a paper certificate is not simple and to be fair to ITI it is a massive pain in the rear.
If you want to clear the decks simplest route is ask them to write the worthless stocks off

jenwrendorset

GeorgieC said:

jenwrendorset said:

GeorgieC said:

leepeterson1973 said:

What I would like to know is how much it is going to cost me to keep these on account with ITI for the forseeable(?).

From the evidence on this board I have not rushed to ask that question yet or research it on the Ts&Cs

I thought I'd wait until the CAI had arrived with ii before worrying about it.
Good luck all on here!

Cheers

Lee

Hi Lee,
Providing ITI do not introduce any fees, then it will cost you nothing. As a guide, if you have no cash on account, even if they do introduce fees they should not take them so as to leave your account in deficit. FOS would be very unhappy with this. In a former incarnation ITI applied inactivity fees to hundreds of accounts without relaying info properly and taking accounts in to deficit. They had to refund £000's under instructions from FOS.

We also have delisted shares which iWeb are unable to accept so continue to languish in a Qort account with ITI - I followed advice earlier on in this forum and sent an email to ITI on 10 December (the contact name I was given was Andy Knight but emails to him kept bouncing back despite using various permutations of the spelling and inclusion of dots and no dots etc etc) to question whether we could be provided with a paper certificate instead, thus freeing ourselves from the tenticles of ITI, needless to say we're still waiting on a reply. 

Andy Knight is the correct person. try andrew.knight@iticapital.com or transfers@iticapital.com
Issuing a paper certificate is not simple and to be fair to ITI it is a massive pain in the rear.
If you want to clear the decks simplest route is ask them to write the worthless stocks off

Many thanks GeorgieC - that's one permutation I didn't try.  Mentally we have written off these shares but ever optimistic there is still a sliver of optimism that they might be re-listed (together with the pigs flying in the sky etc. etc) - I think we'll leave well alone at the moment and see what happens.

jenwrendorset

With just one cash withdrawal still to materialize I felt we were almost out of this shambolic charade which seems to have been going on forever but it seems ITI just doesn't want to say good-bye.  After months of trying to close down a joint account which is devoid of any shares or cash I have today received an email, and I quote:

Your Phoenix account application has been received and is currently processing.

PLEASE NOTE THAT ACCOUNT ACTIVATION TYPICALLY TAKES 2 BUSINESS DAYS.

I don't know whether to cry or go shoot myself.  Over the past few months we have  submitted W-8BENs/CRSs/application forms in triplicate before reaching the point of 'sod it', so we sold our holdings and after much chasing finally received the cash and requested closure of this account.  When I logged into this account this morning it is requesting that we complete the closure form (again) which is asking for bank details, copies of passports, proof of address and signatures.  Not a chance !! The closure form which was sent to us last month was totally irrelevant to our situation so I wrote out our request to close the account which we both signed and then I scanned it across - obviously that didn't fit the bill.

Three complaint letters need to be responded to this week before I escalate to the FOS - in fact I heard back from the FOS this week re. the 4th complaint and it wasn't the bog standard response although they did say it could take another 4 months.  I just don't understand why ITI is not taking this seriously, are they expecting all the complaints to disappear naturally I wonder.  I really don't want to waste any more of my life trying to sort this out but this entire shenanigans has caused so many people undue stress and anxiety, not to mention loss of life savings that continue we must.  ITI's administration/management is appalling but most of the blame must surely lie with Leonard Curtis and the FCA (I have 3 complaints against the latter which are 'pending' but not expecting any joy there).  I suppose Lockdown has some advantages inasmuch as I've time to waste over this debacle.   

RasputinB

Just a point regarding de-listed shares as these could have considerable value even though they appear to be worthless.

(I posted the following before. Original is here https://forums.moneysavingexpert.com/discussion/comment/77718402/#Comment_77718402 )

"SVS client buys shares in a gold mine company for £10,000.

It turns out that the gold mine isn't much more than a hole in the ground and the value of the shares plummet.

If the client sold then only £1,000 would be realised resulting in £9,000 capital loss. As the client is unable to offset that loss against gains in the current tax year he / she decides to postpone action.

Eventually those shares turn up at ITI Capital. Now they are not tradeable and the client can't sell them. He / she now has substantial gains in the tax year and if able to sell those shares at the £100 that could be obtained would be able to crytalise a loss of some £9,900 pounds which would save about £2,800 in capital gains tax. (apologies if the figures are wrong, I am only giving an example).

The gold mine company says it is hopeful that they will find some gold somewhere and will continue business but the shares will become unlisted. One day HMRC may declare the shares as having nil value and then losses will be crystallised.

What happens meanwhile?

I'd argue that if these shares are stuck with ITI then ITI must look after them until they are declared as NIL value or they become tradeable again. If this doesn't happen and the client is forced into losing the value (i.e. the £10,000 tax loss) then ITI must compensate.

I've seen that in some circumstances the FOS Ombudsman has ruled that the stockbroker must arrange for share certificates to be provided for an unlisted company."

tluv24

gonzo7 said:

Hello fellow sufferers, I’ve tried to remain patient throughout this SVS/LC/ITI fiasco but feel a need to become more pro-active.  Before I do so I request advice/comments.

I submitted transfer requests for my SC accounts in late August and for the PX accounts in early September.  In the absence of any action by ITI I submitted a complaint to ITI on 11 November.  I have received an acknowledgement and nothing more.  The ITI complaints procedure requires that they give a final response within 8 weeks.  Tomorrow (6 January) is the last day of the 8 week period. 

I’m proposing to raise a complaint with the FOS on 7 January regarding nil progress made with transfer and non-compliance by ITI with their own complaints procedure.  I intend to inform ITI of my intended action.  Does this sound like a reasonable approach?

Thank you in advance.

Similar to yourself I requested a transfer from ITIC back in late August but was getting nowhere just the standard generic email that they are now reviewing my enquiry and please be aware that this may take some time as we are currently receiving an extremely large number of other requests. I gave them till November, then contacted ShareSoc, a member on the forum to mention them in a post.

A few words of advice to those still looking for their escape from ITI, be persistent in your communications as they will ignore most of them, use ShareSoc as they are battling and champion hard on your behalf. Document all your correspondence with ITIC and build up a case to present to the FCA or FOS so when you received your final response from ITIC of which they will probably offer you some form of compensation, you can then assess your next move.  I'm now just a one cash transfer away from finally parting ways with ITIC. This nightmare is almost over for me good luck for all those still waiting to break free from the ITIC grasp.

SteveJohnson56

Transfer(3 stocks, £500 cash) to AJ Bell completed in mid December, 12 weeks.
Transfer(ISA, 2 stocks, £50k cash) to IWEB still ongoing after 14 weeks.
IWEB claim ITI Capital are not responding to the their requests for a valuation. Call me a cynic but maybe IWEB are snowed under with requests and ITI is not totally to blame.

Perhaps both are useless,.. just ITI Crapital are most certainly worse than useless.

SteveJohnson56

FOS forms/complaints emailed in against ITI after they failed to either acknowledge or then issue final response.

Sheris

GeorgieC said:

leepeterson1973 said:

What I would like to know is how much it is going to cost me to keep these on account with ITI for the forseeable(?).

From the evidence on this board I have not rushed to ask that question yet or research it on the Ts&Cs

I thought I'd wait until the CAI had arrived with ii before worrying about it.
Good luck all on here!

Cheers

Lee

Hi Lee,
Providing ITI do not introduce any fees, then it will cost you nothing. As a guide, if you have no cash on account, even if they do introduce fees they should not take them so as to leave your account in deficit. FOS would be very unhappy with this. In a former incarnation ITI applied inactivity fees to hundreds of accounts without relaying info properly and taking accounts in to deficit. They had to refund £000's under instructions from FOS.

Hi Georgie,
Thanks for the info on ITI, reference to fees in the past, is there anywhere I would be able to find that info ?
  

Sheris

SteveJohnson56 said:

Transfer(3 stocks, £500 cash) to AJ Bell completed in mid December, 12 weeks.
Transfer(ISA, 2 stocks, £50k cash) to IWEB still ongoing after 14 weeks.
IWEB claim ITI Capital are not responding to the their requests for a valuation. Call me a cynic but maybe IWEB are snowed under with requests and ITI is not totally to blame.

Perhaps both are useless,.. just ITI Crapital are most certainly worse than useless.

If ITI do not reply to eight emails from Iweb and now three formal complaints from myself, the problem is ITI Crap.
Proven form from a company if you can call them a company, that should be struck off years ago.  

RasputinB

Sheris said:

GeorgieC said:

leepeterson1973 said:

What I would like to know is how much it is going to cost me to keep these on account with ITI for the forseeable(?).

Thanks for the info on ITI, reference to fees in the past, is there anywhere I would be able to find that info ? 

https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions

Also if you read the court agreement I think you will find that ITI Capital agreed to transfer out free of charge if SVS clients didn't want to stay with them. If they can't, or it is difficult, to transfer out certain stocks then that it is a problem for them which they can resolve by getting you the share certificates. Meanwhile what would be their basis for charging custody fees? Of course, if you say that you want them to look after the shares that you haven't found a home for then they can charge you. As execution-only clients we are expected to have the ability to do our own research and make our own decisions. So be careful how you deal with ITI and the FOS.