SVS Securities - shut down?

My2penneth

mk62 ..get that complaint bunged in!  I submitted mine in October but have heard zip. 

MK62

My2penneth said:

mk62 ..get that complaint bunged in!  I submitted mine in October but have heard zip. 

I can't complain to FOS for several weeks yet, as I was a bit slow in complaining to ITI officially......given the pandemic (hint Mr Thrugelmir.. ), I left it all alone thinking ITI would get it sorted, just more slowly......but after not getting access by the end of Sept, I initiated a transfer out, and after nothing happened with that either (and no reply to emails), I complained officially to ITI towards the end of November......got a standard email acknowledging receipt of my complaint straight away, and an email last week stating that ITI are sorry for the delay - essentially saying it's the all the receiving brokers' fault (and to be fair there could be some truth in that, but it seems to me not quite the whole truth... )

Personally speaking though, I don't really want to have the hassle of an FOS complaint........I just want to see the end of the whole sorry saga. I don't really have that much skin in the game tbh, but for those that do, I can appreciate the stress and frustration it's probably caused.

Danie6

I think I must be the first lucky fella to get my stuff transferred out. But I left my holdings in Atlantic Coal behind in the ITI account because the company was delisted and then went belly up. The shares cannot be transferred, are worthless and can go to the dust bin. I know there are many other investors in the same boat an I just wonder what they do with these shares? 

Monsieur_Bourse

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.

You can try gonzo7 with your formal complaint to ITI, but now it seems as if they are totally ignoring formal complaints as well as everything else. My wife submitted hers on the 24th September which is now nearly 15 weeks, but to date she has still not received her final offer letter. She has submitted a complaint to the FOS which has been acknowledged, but they have not been in contact since then. She informed ITI that she had submitted a complaint to the FOS.

Don' get me going on her missing RDSA dividend that should have been paid into her account on 21st September!

GeorgieC

Danie6 said:

I think I must be the first lucky fella to get my stuff transferred out. But I left my holdings in Atlantic Coal behind in the ITI account because the company was delisted and then went belly up. The shares cannot be transferred, are worthless and can go to the dust bin. I know there are many other investors in the same boat an I just wonder what they do with these shares? 

ITI should hold these in your name even though delisted... they must keep a record.
If you want to wash your hands of them you can ask ITI to write them off ie they will become the 'beneficial' owner.
If you write them off you can then close the door on ITI, whereas if you hang on to them you remain a client, albeit with a single worthless holding. If you wanted to be awkward you could leave them and insist on statements showing your holdings!

Danie6

Thanx for the advice, GeorgieC. I think  I will follow the last option if it does not cost me anything. Just to get them back by being a nuisance will give me some satisfaction. By the way, I don't see the ITI financials for 2019 on Companies House. It had to be submitted by 31 December 2020. I wonder what comes next!

leepeterson1973

Hi Danie6,

It sounds like we're in a similar boat. I too have managed to transfer most of my 'movable' holdings.

I chose Interactive Investor mainly to trade Calidus Resources [ASX:CAI] awarded via Keras Resources (still 'in-flight').

What ii said they can't transfer are; 

Atlantic Coal delisted and gone forever, 

Sirius Petroleum delisted but expected to return(?) and 

Richland Resources delisted for a while but now relisted as Lexington Gold so a bit of a mixed bag of 3. 

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

GeorgieC

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.

jenwrendorset

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. 

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