SVS Securities - shut down?

sweeter_strudel

Danie6 said:

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.

I think I churned through four different SVS pushers / brokers in my time. I certainly went through the the Know Your Customer repeatedly with each new one. It became a standing joke that I had been trading for decades before they'd even been born.

I also noted how they tried to breeze through crutical blurb such as when they were acting as primary when newly issued shares were being punted; and a very sneaky T+10 trade on a bigger (more liquid) FTSE share. I'm sure they were expecting a fall during those ten days so we're thinking of getting me the shares at a much lower price when they would be trading at T+2. And they would trouser  to the difference. Impossible prove to of course.

johnburman

I saw this on Finance Magnates
+++++++++++++++++++

ITI Capital Ends 2019 in Losses after 24% Revenue Dip

The broker is now focused on diversifying its revenue streams.

 Arnab Shome | Brokers ( Retail FX ) | Wednesday, 13/01/2021 | 12:08 GMT+2

Photo: iStock

FCA-regulated ITI Capital has publicly published its 2019 financial results, showing a dent in its revenue that forced the brokerage business to remain in losses. The turnover for the year, ending on December 31, came in at £2.91 million, which is 24 percent down from the previous year’s turnover of £3.62 million.

Factoring in an administrative expense of £6.37 million, the broker turned an operational loss of £3.46 million. After taking the interest income and expenses, ITI’s losses dropped down to almost £2.85 million, compared to the previous year’s £2.91 million.

ITI offers brokerage services to both institutional and retail clients. It highlighted tougher market competitions and increased competition as the reason behind the slump in revenue. Notably, a similar downtrend in the trading business was seen across the industry in 2019.

The Board Is Satisfied

Despite the losses and the revenue dip, ITI’s board looks satisfied with the 2019 results. The Companies House filing pointed that the reported losses “remained materially in line with last year despite investment in infrastructure, cost relating a number of initiatives and projects that have been undertaken/started in 2019 and investment in key people.”

Suggested articles

5 Insights About Latin America You Need to KnowGo to article >>

Apart from its core trading business, ITI Capital is focused on diversifying its revenue streams. It has made investments to develop new business lines. Additionally, its net interest income increased in 2019 from the previous year.

Furthermore, the London-based broker is investing in increasing its core business and acquired the client book of SVS Securities last May. The impact of that acquisition was not reflected on the shared financials, but the company is expecting a positive effect from it “in terms of market visibility and revenue generation.”

The acquisition of third-party clients is a long-term strategy followed by the ITI to boost its trading services business.

=======================

Yes their market visibility is certainly higher: just look at the Reviews; news reports and Times article on ITI.

I wonder how many ex-SVS clients are still with ITI and how many have left?

My2penneth

More broken promises......colour me unsurprised. 
ITI promised to get back to me last Thursday or Friday latest concerning my transfer out.

I contacted them again today at 11am and they promised to email a reply within 2 hours. They didn't.  So, at 4pm I phoned again to ask why no email?

" Oh, we've been in a training session but I will email you today".... guess what?....no email. 

My2penneth

I wonder what dent in earnings will result from all the compo payments? 

jenwrendorset

My2penneth said:

I wonder what dent in earnings will result from all the compo payments? 

Our compensation offer would have left change in their petty cash box.....the time spent on this would probably work out at about 5p/hour so three complaints have now been escalated to the FOS - we're still not quite OUT, last cash withdrawal is reluctant to leave their grasp some  3 weeks and 2 reminders later.

Sheris

My2penneth said:

More broken promises......colour me unsurprised. 
ITI promised to get back to me last Thursday or Friday latest concerning my transfer out.

I contacted them again today at 11am and they promised to email a reply within 2 hours. They didn't.  So, at 4pm I phoned again to ask why no email?

" Oh, we've been in a training session but I will email you today".... guess what?....no email. 

In the same situation as yourself, ITI Captial do not care a dam, in fact they have no respect to human society.
How they are allowed to contiune is beyond any one.   

desertorchid123

The reality is things would probably get sorted out quicker in the hands of insolvency experts (and they takes forever over everything)

johnburman

Sheris said:

My2penneth said:

More broken promises......colour me unsurprised. 
ITI promised to get back to me last Thursday or Friday latest concerning my transfer out.

I contacted them again today at 11am and they promised to email a reply within 2 hours. They didn't.  So, at 4pm I phoned again to ask why no email?

" Oh, we've been in a training session but I will email you today".... guess what?....no email. 

In the same situation as yourself, ITI Captial do not care a dam, in fact they have no respect to human society.
How they are allowed to contiune is beyond any one.   

You must tell the FCA about this.  EVERYONE must tell the FCA of the failings of ITI.  They may not directly interfere - but I suspect that they do - but they need to know so that they pressure ITI into better compliance.  You report it and it is passed on to the Supervisory Department - they actually deal with ITI.  If the FCA don't know of the problems how are they going to remedy them?
Problem is, there is not DIRECT incentive to report problems to the FCA.  This is an error in the regulations, as they expect regulated entities to deal with complaints...and if not you go to the FOS.  Here there appears to be mass breaches by ITI, over an extended period of time - and they seem to be ongoing.  Why anyone - certainly an XO client - is still with ITI is a mystery.  I applied to leave in July 2020 and 4+ months later I was (eventually) out.  I still don't know what dividends they received tho!  

jenwrendorset

Last cash withdrawal received, hopefully our only link with ITI now is our delisted AIM shares which continue to languish in a 'brokerage' Qort account, I have emailed back to ensure no charges will be levied but not unsurprisingly, I've  yet to receive a response. Our FOS complaints have all received acknowledgement but expected 4 month delay before we hear anything further. As mentioned some weeks back, we also contacted the FCA about our complaints against ITI but it seems we've actually submitted 3 complaints against the FCA  and they are 'investigating'.  When I read their interpretation of our complaint then I felt it was quite justified as they were instrumental, alongside Leonard Curtis, in getting us into mess in the first place. Fingers crossed iWeb don't crumble under the pressure.

AgriBoy

Finally got all our shares and cash back. Would go out and celebrate except that although one kind of lockdown is over the other one isn't.