SVS Securities - shut down?

GeorgieC

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(?).

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 ?
  

If you had an account with ITI historically then these fees should show on you statements. If you don't have them then ITI should supply on request (god knows how long that will take). If the fees took your account in to negative balance then the negative would have been refunded. If you still had a positive balance they may not have been refunded. Have a look and complain - they set a precedent by refunding those in negative balance so why not those in positive? It was for inactivity fees around the time they were FXCM owned. PM me if you want more details...

GeorgieC

GeorgieC said:

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(?).

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 ?
  

If you had an account with ITI historically then these fees should show on you statements. If you don't have them then ITI should supply on request (god knows how long that will take). If the fees took your account in to negative balance then the negative would have been refunded. If you still had a positive balance they may not have been refunded. Have a look and complain - they set a precedent by refunding those in negative balance so why not those in positive? It was for inactivity fees around the time they were FXCM owned. PM me if you want more details...

Historical entities are Walbrook, FXCM, ODL

pbcinlondon

It might help, it might not help based on past form but it seems ITI have now set up a complaints and compliance (ha) team:

(Removed by Forum Team) is a complaint handler (imagine his inbox!)

and perhaps more useful is: (Removed by Forum Team) 

Three days ago I managed to break free from ITI with only statements, residual paperwork etc to sort out. Like you, it all started at the end of July!

I had complained to both the FCA and FOS. Both provided reference / case numbers. The FOS, while stating it can take a while to deal with enquiries etc, is helpful.

I have not accepted ITI's final (miserly) offer of redress. This is now being adjudicated by the FOS along with my claim for compensation with rationale, which was rejected by ITI.

It might take a while but what's a few extra months after all we've been through to date. And ITI end up paying out either their original offer or a higher amount.

After this, let us all wait to see the outcomes, enquiries and possible sanctions for and into Leonard Curtis, the procedures behind appointing IPs and JSAs, scrutiny of all FSCS's payments, full transparency behind ITI's successful bid for SVS's business and how thoroughly the FCA audits companies like ITI for regulatory approval. 

More kind patience to all of you, stay safe and well.
Quis custodiet ipsos custodes?

Nbs222

Some good news for us, our ISA and nominated accounts have transferred to IWEB  after  5 months from the  transfer request date.  It's a big relief.

Cash and foreign stocks still  to be transferred.

 As for IWEB I concur with SteveJohnson56  ,occasionally  I did get conflicting reports and at times they had not responded to ITI in timely manner. But IWEB are much better   , at least you can contact them , their  IT Platform is similar to SVS and you can withdraw cash without having to send withdrawal forms.

I blame Leonard Curtis for selecting someone who didn't have the capability and expertise to handle so many clients , nor the trading platform that was simple to use like SVS.

 

I just hope cash and remaining stocks are transferred soon.

 

Good luck to everyone who are still waiting for their transfers.

fmmajid

6 months on and I am still waiting for my transfer despite lots of emails and phone calls!
WE SHOULD LAUNCH A CLASS ACTION AGAINST ITI AND NAME & SHAME THEM IN THE PRESS.
KNOW ANY GOOD LAYWERS?

jenwrendorset

I was pleasantly surprised to receive a response from (Removed by Forum Team) within 24 hours of emailing, that has to be a first, if emails had been answered so promptly in the past we might not have been in the situation we now find ourselves in.  Part of his response concerned our delisted AIM shares and I've copied the relevant section below which might be of interest to others who find themselves in the same situation.

Quote:  We can issue you with the certificate to your AIM delisted stock but I must inform you that there is £15 cost to complete this process. Leonard Curtis informed SVS clients that should they wish to have share certificates delivered to their addresses ITI would respect the SVS pricing structure with regard to that. Alternatively, you are free and welcome to leave the stock in the ITI SC account.

Unquote: 

I have gone back to reconfirm that there will be no account holding charge whilst the stock is worthless.

snipkin

In Jill Insley's ‘Question of Money’ column in today's Sunday Times there is a complaint about ITI Capital's service under the headline 'Broker has our £33k and won’t call us back'. If you have today's ST it is at the back of the business section - I think The Times website and this article is subscription access only. In essence the complainant(s) list the usual ITI failings that we have all experienced and are still experiencing over five months later. In answer, Jill Insley says:

[selected quotes] 'I have received several complaints about ITI along the same lines: the firm does not communicate and has failed to provide access to clients’ accounts or to transfer holdings and cash to other brokers despite repeated requests.

'I have hounded ITI for two months and the two readers above have received all their money back, […] [another] waiting for shares and cash worth £54,175 to be transferred to Halifax was told by the [Halifax] bank that ITI is “notoriously slow to respond to transfer requests”. So far Sunday Times readers have recouped more than £395,000 — but there is clearly farther to go.

[…]

'The Financial Services Compensation Scheme, which has been working closely with the joint special administrators, said: “ITI was selected following an open sales process, which is the responsibility of the joint special administrators, who made contact with more than 100 parties.” Leonard Curtis declined to comment. ITI said: [the usual cut and paste platitudes including that "in a small minority of cases there have been delays with clients moving on to our digital platform and clients transferring out to third-party brokers".' [end selected quotes]

Although all my holdings with ITI have now been transferred elsewhere I am sure I still have a few dividends missing and it is virtually impossible to find out if they have been credited by ITI to my new brokers or, indeed, which dividends have even been received by ITI. My Phoenix account statements in this regard are totally unclear. My requests to ITI for full detailed closing statements have so far received no reply or acknowledgment. The dividend information will be needed to fill in my tax return in a year's time so I hope this information is forthcoming by then...

johnburman

Here is the link to the Sunday Times.  It has taken them a loooooong time to get round to this story.
https://www.thetimes.co.uk/article/jill-insley-broker-has-our-33k-and-wont-call-us-back-x7v5dht59

sweeter_strudel

jenwrendorset said:

I was pleasantly surprised to receive a response from (Removed by Forum Team) within 24 hours of emailing, that has to be a first, if emails had been answered so promptly in the past we might not have been in the situation we now find ourselves in.  Part of his response concerned our delisted AIM shares and I've copied the relevant section below which might be of interest to others who find themselves in the same situation.

Quote:  We can issue you with the certificate to your AIM delisted stock but I must inform you that there is £15 cost to complete this process. Leonard Curtis informed SVS clients that should they wish to have share certificates delivered to their addresses ITI would respect the SVS pricing structure with regard to that. Alternatively, you are free and welcome to leave the stock in the ITI SC account.

Unquote: 

I have gone back to reconfirm that there will be no account holding charge whilst the stock is worthless.

Please do update back here when you hear - I am in a very similar position as I guess a lot of others are - particularly when you consider how good SVS were at pushing AIM shares that subsequently de-listed. 

Danie6

I wonder what happened to mr Simon Kirby? He appears to have been the guy who promoted these AIM stuff and then left SVS before the ship got scuttled.