SVS Securities - shut down?

pafpcg

Eastneuk said:

Has anyone undertaken a reconciliation of dividends that they were meant to have received from their shareholdings? I have undertaken such an exercise which obviously proved very difficult given the lack of information available from the ITI systems.
...........

Whilst my shareholdings were registered to nominees under the control of ITI, there were three dividend distributions.  Although I have received no statement showing the individual amounts of each dividend payment (nor even any indication of the aggregate cash balance since my account at ITI was closed in mid-August), the cash amount transferred in October to my new broker (Jarvis) matched the expected dividends plus the funds transferred from SVS/LC in June.  (The funds received were 1p less than my calculation but there will always be rounding differences in dividend calculations.)  There was a fourth dividend for a share holding which was transferred to my new broker between the ex-dividend date and the dividend distribution so that ITI were sent the dividend - that dividend when finally it was received matched my expectation.  So, in my case, ITI have apparently handled the cash account correctly.

Sheris

My2penneth said:

Just contacted ITI. They seem to be working in the office .....judging by the laughing and general noise in the background of the call. It's good to think they are having a nice time at work...bit of a laff with your work colleagues,  eh!

Laughing in our face and this company has the Financial Conduct Authority.
What a load of clowns they really are.  

sweeter_strudel

Sheris said:

My2penneth said:

Just contacted ITI. They seem to be working in the office .....judging by the laughing and general noise in the background of the call. It's good to think they are having a nice time at work...bit of a laff with your work colleagues,  eh!

Laughing in our face and this company has the Financial Conduct Authority.
What a load of clowns they really are.  

Sheris said:

My2penneth said:

Just contacted ITI. They seem to be working in the office .....judging by the laughing and general noise in the background of the call. It's good to think they are having a nice time at work...bit of a laff with your work colleagues,  eh!

Laughing in our face and this company has the Financial Conduct Authority.
What a load of clowns they really are.  

You do realise that the background noise is faked,a  bit line "canned laughter", it is a recording that can be played into the call to make a company seem bigger and busier - and more  "fun!" - rather than hearing the reality of one pot plant with dried unwatered leaves rustling in the rented office in an industrial park in Reading. (Or indeed South Africa.....)

GeorgieC

sweeter_strudel said:

Sheris said:

My2penneth said:

Just contacted ITI. They seem to be working in the office .....judging by the laughing and general noise in the background of the call. It's good to think they are having a nice time at work...bit of a laff with your work colleagues,  eh!

Laughing in our face and this company has the Financial Conduct Authority.
What a load of clowns they really are.  

Sheris said:

My2penneth said:

Just contacted ITI. They seem to be working in the office .....judging by the laughing and general noise in the background of the call. It's good to think they are having a nice time at work...bit of a laff with your work colleagues,  eh!

Laughing in our face and this company has the Financial Conduct Authority.
What a load of clowns they really are.  

You do realise that the background noise is faked,a  bit line "canned laughter", it is a recording that can be played into the call to make a company seem bigger and busier - and more  "fun!" - rather than hearing the reality of one pot plant with dried unwatered leaves rustling in the rented office in an industrial park in Reading. (Or indeed South Africa.....)

Pretty much bang on. The back office are working from home, the delaying desk are working from home. 'Management' are 'working' from home. Phone calls are being answered (if you get an answer) by outsourced answering services based far afield - I spoke with "the Chinese department" who hung up on me 3 times and eventually just let the phone ring... 

Sailskipete

Hello, 
I've been following this thread for ages and have had a small amount of success extracting some of my money and shares from ITI. I managed to liquidate a non ISA account and withdraw the money (back in November). I asked that my ISA account be transferred to IG.com in late September and some of this happened (along with the residual cash) in early December. However about 30 lines of stock are "trapped" between ITI and IG.com. My understanding of this is that ITI did a bulk transfer to IG but most of this didn't reconcile when IG received it. Consequently IG refused the transfers and it got sent back to ITI to sor. Unfortunately this has clearly gone onto a "too difficult" list. Needless to say no response from ITI to requests to address this issue.

Other things I've found out from various sources.
-The FCA have put a restriction onto ITI preventing them from taking on any new business until the SVS mess is sorted. 
-The mess is getting sorted but only very slowly
-The phone number for (Removed by Forum Team) I've managed to speak to both of them once for all the good it did
- Leonard Curtis are still involved with things
- The FCA would appreciate as many people as possible contacting them to advised them of the situation they are in. I did this by calling 02070661000 then chose the ISA option. Got through to a nice chap who took all the details and followed up with an email the next day requesting I submit as much correspondence is I had between myself and ITI. (lots from me not much from ITI!)

For personal interested it would be good to find out exactly how many others are out there in this difficult situation. Maybe you could all reply to me with a brief description of where you are in the process. I'm particularly interested to hear from people transfering to IG but all tales appreciated!

Thanks Pete

Ravima

Hi Pete,
Glad to read that LC are still involved with things. They have told me in writing that they are not. Their job is done - the transfer. Any issues with ITI is nothing to do with them!  

Sheris

Ravima said:

Hi Pete,
Glad to read that LC are still involved with things. They have told me in writing that they are not. Their job is done - the transfer. Any issues with ITI is nothing to do with them!  

L&C told me the same in writing, had a good chat with a old friend and he told me ITI have over reached into Corporate Fraud.
Along side many other cases.  

johnburman

Have the FCA really stopped iti from taking new clients on? 

gibson81

Sailskipete said:

Hello, 
I've been following this thread for ages and have had a small amount of success extracting some of my money and shares from ITI. I managed to liquidate a non ISA account and withdraw the money (back in November). I asked that my ISA account be transferred to IG.com in late September and some of this happened (along with the residual cash) in early December. However about 30 lines of stock are "trapped" between ITI and IG.com. My understanding of this is that ITI did a bulk transfer to IG but most of this didn't reconcile when IG received it. Consequently IG refused the transfers and it got sent back to ITI to sor. Unfortunately this has clearly gone onto a "too difficult" list. Needless to say no response from ITI to requests to address this issue.

Other things I've found out from various sources.
-The FCA have put a restriction onto ITI preventing them from taking on any new business until the SVS mess is sorted. 
-The mess is getting sorted but only very slowly
-The phone number for (Removed by Forum Team) I've managed to speak to both of them once for all the good it did
- Leonard Curtis are still involved with things
- The FCA would appreciate as many people as possible contacting them to advised them of the situation they are in. I did this by calling 02070661000 then chose the ISA option. Got through to a nice chap who took all the details and followed up with an email the next day requesting I submit as much correspondence is I had between myself and ITI. (lots from me not much from ITI!)

For personal interested it would be good to find out exactly how many others are out there in this difficult situation. Maybe you could all reply to me with a brief description of where you are in the process. I'm particularly interested to hear from people transfering to IG but all tales appreciated!

Thanks Pete

Yes, I am in a similar position except I have one shareholding which didn't transfer to iWeb. ITI keep telling me they will sort the problem out as quickly as possible but it has now been three months. Very frustrating. I have complained to FOS.

sweeter_strudel

The FSO were in touch (again)
First complained late September ish. They asked fairly promptly for more detail including all correspondence which I duly sent in the inevitable deluge of info.

New person has just emailed asking about half a dozen key dates / event timelines - I presume they have discovered hundreds and thousands in the same position so are trying to collate all the complaints into a similar format.

....that'll take a time to go through for my two accounts and three attempts to transfer them out. 
...although with lockdown I don't think that's going to disrupt my social life much!