SVS Securities - shut down?

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!

Sailskipete

johnburman said:

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

John,
That is the information I was given when I spoke to Leonard Curtis about it last week. I will ask Shares Soc if they are aware of the same to try to verify.

shiznit76

sweeter_strudel said:

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!

Snap, got email yesterday after complaining early October asking for dates and issues i had with ITI

Ravima

at last, shares transferred, but alas, no cash transferred. Anyone else in this position? Could it be that there is nowt in the client account to transfer? Methinks another complaint to FSO. How can I keep on top of the number of complaints!!!! 

Warrenski

Hi. I, like all of us have been left high and dry by this whole process started by LC. I think all and sundry should complain to the FOS. I did and have today
received the obligatory apologetic emails from ITI. They have offered me £125 with the stipulation that I keep my mouth shut. I think it's better than nothing and hopefully once my transfer to Fidelity goes through I can draw a line under this fiasco. What are your opinions? 

Monsieur_Bourse

shiznit76 said:

sweeter_strudel said:

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!

Snap, got email yesterday after complaining early October asking for dates and issues i had with ITI

Same goes for my wife who received an e-mail today. She informed them that she had still not received her final response letter, well it has only been 19 weeks after all since her initial complaint.

rnf11

Further to the raising of the point by Sailskipete a few days back:

  Now showing on the FCA site - dated 16.12.20:-

 "         Onboarding New Clients or any New Client Monies or Custody Assets

1. ITI will not accept, without the prior written consent of the Authority, any new clients or any new client money or custody assets from new clients, except for the onboarding of former clients of SVS Securities Plc and the on-boarding of new Non-Retail clients where the services do not involve holding client money or custody assets in accordance with CASS.

        Exemptions for Existing Clients and/or Third Parties

2. Paragraph 1 does not apply to the acceptance of new client monies or custody assets from existing clients and / or third parties by ITI as a result of or in relation to the following:
a)    Existing clients investing new client money or assets or re-investing the investment gains or redemption proceeds from sale of an existing asset;
b)    Receipt of dividends or coupons;
c)    Rights issues;
d)    Corporate actions including maturing bonds;
e)    Settlement of trades instructed but not yet settled as at the date of the requirements; and
f)    Margin calls and movements associated with open trades and positions.

                  Onboarding Exemptions
3. For the avoidance of doubt in paragraph 1, this excludes the on-boarding of former clients of SVS Securities Plc and the on-boarding of new Non-Retail clients where the services do not involve holding client money or custody assets in accordance with CASS.         "

My2penneth

I see Interactive Investor is transferring The Share Centre  customers to it's trading platform....it is taking a day. 

sweeter_strudel

@rnf11
FCA spurred into some sort of formal action only four and a half months after the debacle of ITI started. I wonder how many people complained to them? How bad must it have been?

I wonder if the impending publication of the less than complimentary report into their handling of L&C going ker-futt, with no action from them despite receiving warnings for years, made them realise they are under more scrutiny?

Or maybe the ITI situation was so catastrophic and ITI so inept when trying to fix it, they couldn't ignore it. I think I heard of only one person getting to the point where they could trade an SVS holding on Phoenix during all my months of reading this sanity preserving forum.

My2penneth

sweeter_strudel said:

@rnf11
FCA spurred into some sort of formal action only four and a half months after the debacle of ITI started. I wonder how many people complained to them? How bad must it have been?

I wonder if the impending publication of the less than complimentary report into their handling of L&C going ker-futt, with no action from them despite receiving warnings for years, made them realise they are under more scrutiny?

Or maybe the ITI situation was so catastrophic and ITI so inept when trying to fix it, they couldn't ignore it. I think I heard of only one person getting to the point where they could trade an SVS holding on Phoenix during all my months of reading this sanity preserving forum.

That was probably me then as I bought and sold using Phoenix. The Phoenix trading platform is quite informative but is a bit too complicated for typical retail investors ( ie. Myself). The trading platform being actually owned by US company "Interactive Broker" where "Phoenix " is just a portal to the IB platform. 

On a side note,  I wonder if US company IB knows who ITI Capital are actually letting trade on their platform ( Chinese, Russian? )...... I can see a investigation here into possible money laundering.  

I wouldn't say anything to the US authorities until all funds have been transferred though!