SVS Securities - shut down?

reg_capitulation

Thanks for this, rnf11,
Do you have a link?  I can't find it on the FCA's website.
I expect that this means that I should have accepted the compensation ITI offered me (c. £1.25 an hour for my time spent chasing them...it would have covered the phone bill).  I still don't have dividends of c. £300 from one account and something negligible from another, but I am relieved that the assets have found their way into accounts with other brokers.  
I can't begin to express how angry I am at the irresponsibility of the FCA and Leonard Curtis over this.  I wrote to the FCA on the day ITI's appointment was announced to express my horror that a company with ITI's record was an acceptable place for anyone's assets.   
rnf11 said:

  Now showing on the FCA site - dated 16.12.20:-

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.

My2penneth

Heres the link and even then it isn't easy to find the restriction! The FCA website is hopeless ( you might have to scroll up to find the article).

https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF#disciplinary-and-regulatory-action

Sheris

My2penneth said:

Heres the link and even then it isn't easy to find the restriction! The FCA website is hopeless ( you might have to scroll up to find the article).

https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF#disciplinary-and-regulatory-action

Thanks for the info, I could not find the page today, they must be trying to keep it under the carpet.
Must keep the info on going to help everyone.

Geeba

Since both my SVS/ITI accounts were transferred late last year it's been a while since I used this forum, so apologies in advance if this enquiry has been covered in the meantime.  

Given the need for LC to add an update on their SVS support site warning against claims management companies (CMC) it would appear a lot of us, me included, have been contacted by a CMC offering to assist in making a claim regarding poor investment advice by SVS (prior to them going into administration). LC recommends contacting the FSCS directly, avoiding a CMC and their ridiculous % fee.

My question is has anyone actually made such a claim, either via the FSCS directly or via a CMC, and if so can some insight be offered regarding the experience?

GeorgieC

My2penneth said:

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! 

ITI use the Interactive Brokers platform as a 'White Label' where they effectively present it as their own.
A giveaway is to get the mobile app you have to go to 'Handy Trader' - developed by IB!
IB are fully aware of where the ITI clients on 'Phoenix' come from as they insist that all details are given to them. This has been one of the big problems... each SVS client has to be KYC'd by both ITI and then approved by IB and neither were prepared

reg_capitulation

Eastneuk said:

Has anyone undertaken a reconciliation of dividends 

Dear E,
I handled four accounts that ended up with ITI.  The dividends were right in one account and there were no dividends on another.  One account was missing dividends (c. £400).  I found about £100 of this had been stuck in a newly opened sub-account that I had no access to and that I did not know existed.  It had taken several phone calls and emails before someone on the helpline spotted it.  (Dividends should have been sent to my new broker and all accounts/sub-accounts closed.)  ITI had kept this in US dollars (there was an option for brokers to receive this in £s, but ITI hadn't made the request) which is against the rules in an ISA.  ITI was charging fees on this sub-account and charged fees to change this into pounds.  The remaining £300ish is still missing--I've been asking for it for many months.  The Ombudsman has the complaint in hand.
The fourth account had a missing dividend that was found languishing somewhere;  it hadn't been transferred to the new broker.  After the return of this dividend (two phone calls of an hour+, more forms filled in, several emails) I am missing less than £20 now from the fourth account.  I consider myself lucky, but as this £20 is not mine, but belongs to a vulnerable beneficiary, I feel that I must go through the motions to retrieve it from ITI.

eastlondonkent

hi guys just to say thank you to whoever started this forum and all of you who had fed in news the last 2 years. I have finally got my account transferred from ITI to XO last week. i am so cuffed, my share is now with real time price, dividend shown correctly. I just transferred out the dividend acuminated by just one press of the button!!! How ITI made my life hell the last years. Just want to give you an idea how much time had taken to have my account transferred. I am a casual investor in share 20K, requested my account transfer in May/June (as soon as the holding appeared in my ITI account), got ITI acknowledgement in Sept, during then I rang to ITI unhelpful customer service every few weeks, and emailed to chase up the progress without success. it came a surprise last week when i received Jarvis email confirmation (non from ITI). good luck everyone!!!

david_ms

I'm still awaiting the transfer on one remaining stock 5 months after my transfer request. I'm stuck in this cycle of IWEB saying they've set trade and settlement dates only for the transfer to not complete because something is "unmatched". No matter how hard I try I can't get much more detail about what the exact issue is and ITI well, are ITI. If they employed Santa Clause there might be an improvement with their service.
That aside, I was wonder if anyone has taken legal advice in assessing options to get ITI to move their transfer ahead. I feel that this may be the only way to break this cycle as FOS has still not even allocated me a case handler! I've seen some messages from JamesRamm on this forum suggesting that you could take out a high court injunction based on para 28.4 of their T&Cs which state legal action can be taken against ITI if their responsibilities or obligations are not met within a reasonable period. I sent ITI an email on this and it was surprise surprise ignored. I'm thinking if a legal firm sent threat of action then things might move in the right direction. Thanks

Thrugelmir

gonzo7 said:

My last remaining asset with ITI is a stock that neither they nor my new broker want.  I therefore requested a share certificate at the beginning of January.  After last year's experience of ITI's incompetence I'm feeling inclined to complain more readily for lack of progress with my current request.  The question is how long is it reasonable to wait for a share certificate once requested?  Surely it's just a matter for the broker to contact the registrar, isn't it?  Any comments would be appreciated.

What's the stock? 

eskbanker

gonzo7 said:
I'm a little cautious about naming the stock since to do so would then enable my identity to be easily established by ITI.  The registrar is Link Market Services (Guernsey).

Is it just me who's thinking of a classic Alan Partridge moment?