SVS Securities - shut down?

Ravima

If SVS transferred the money, as LC claim to have done, to ITI and ITI are not transferring it to the proper owner, is this not theft, or attempted theft? If ITI do not have the funds, having received the money, is this not theft or fraud? At the end of the day, who is responsible for the transfer of funds to the owner?

Sheris

IanManc said:

Sheris said:

Delays in with holding monies is theft and Corporate Fraud.

You don't need to be an ex-SVS customer or an ex-policeman to know that you're wrong.  🙄

IanMac, just to let you know I've had a good day today and will have another good day tomorrow, hope you have a good day some where in your life ? 

eskbanker

Ravima said:

If SVS transferred the money, as LC claim to have done, to ITI and ITI are not transferring it to the proper owner, is this not theft, or attempted theft?

It may be, if it can be proved that there is an intention to permanently deprive the owner of the money (or assets), i.e. the bar is set somewhat higher than delaying access.

Ravima said:

If ITI do not have the funds, having received the money, is this not theft or fraud?

It depends on what's happened to the money - do you believe this to be the case, and if so, what evidence is there to support that?

Ravima said:

At the end of the day, who is responsible for the transfer of funds to the owner?

Presumably a rhetorical question?

Ravima

Hi Eskbanker. Thanks for your comments. 

When does it become 'permanent'? I am waiting since July to have money transferred.
A reason that A does not pay B, is that A does not have the money.
Q3 is not rhetorical. Who is responsible, ITI, LC, SV or FCA?
What advice/suggestion could you give, that might assist me?

eskbanker

Ravima said:

Hi Eskbanker. Thanks for your comments. 

When does it become 'permanent'? I am waiting since July to have money transferred.
A reason that A does not pay B, is that A does not have the money.
Q3 is not rhetorical. Who is responsible, ITI, LC, SV or FCA?
What advice/suggestion could you give, that might assist me?

If you've been told that ITI hold your assets then they're responsible - other parties involved earlier in the process have no active role at this stage in the management of the funds, and the FCA, while interested in what ITI are and aren't doing, aren't directly responsible for transferring your assets.  Having said that, if you're transferring assets to other brokers, it's understandable that many will assume that delays are caused by ITI but the receiving broker may also bear some responsibility.

Apart from not having the transfer completed yet, what makes you think that ITI no longer have the money or that they're intending to permanently deprive you of it?

In terms of what to do, there are the complaints processes via ITI and FOS, with some on here having also advised the FCA too.  There have been noises made about involving ShareSoc, getting financial press interested, etc, but even if none of these routes bears fruit, that still doesn't make it a police matter unless there's meaningful evidence to support allegations of criminal activity....

johnburman

eskbanker 
1   complain to the FCA
2   complain to the FOS
Tell ITI you have complained to both

eskbanker

johnburman said:

eskbanker 
1   complain to the FCA
2   complain to the FOS
Tell ITI you have complained to both

The point was really that, as with any financial institution, there is a defined complaints process with FCA-mandated deadlines, and FOS is the specified route of escalation should the complaint not be resolved adequately (or within eight weeks) by the institution, which again triggers a structured process.  The FCA have involved themselves periodically on this occasion and sought feedback but won't actually intervene at an individual level, as they delegate consumer complaint handling to FOS.  No harm in telling ITI about complaint referrals to FOS and advising FCA but unlikely to make any difference IMHO, by the time complaints have got that far....

RasputinB

Ravima said:

At the end of the day, who is responsible for the transfer of funds to the owner?

I think that you may find that those responsible have been, and are, acting irresponsibly. LC have made all the SVS staff redundant before completing their part of the transfer process, FCA won't even advise what rules may or may not have been broken, ITI have inadequate administration systems, the FOS can't cope with their function in a timely manner.

Therefore most of us have found that the "defined complaints process with FCA-mandated deadlines" is almost useless.

My advice would be to raise a stink with whoever you can and keep doing so until someone gets ITI to finalise your transfer. There is plenty of advice on this forum as to what can be done, and it has worked.

johnburman

From Finance Feeds to-day.  I wonder of the 19k clients how many ex-SVS clients are still with ITI
======

TI GROUP TAPS STEPHEN HAWKSWORTH AS CEO

MARCH 8, 2021 1:35 AM UTC, RICK STEVES

Mr. Hawksworth joins ITI Group from ED&F Man Capital Markets. There, he led the European operation as Chief Executive Officer and co-founded the firm’s global futures, FX, and securities brokerage businesses.

ITI Group has hired Stephen Hawksworth as Chief Executive Officer. The 30-year industry veteran will be given the mission of consolidating its presence and build market share, in key global emerging markets.

Mr. Hawksworth joins ITI Group two years after resigning from ED&F Man Capital Markets. There, he led the European operation as Chief Executive Officer and co-founded the firm’s global futures, FX, and securities brokerage businesses.

During his long career in the financial services industry, he also led Fimat Singapore as CEO and was Head of Fixed Income and Equities at MF Global.

“I am excited about the huge opportunity that we have at ITI and the potential of what we can all achieve together in the future; about being able to work with talented and dedicated people with a transformational agenda; and to be able to advance a shared ambition amongst us all to build a dynamic and market-leading financial services firm”, said Stephen Hawksworth, Group CEO at ITI Group.

Made up of four key branches (ITI Capital, ITI Funds, ITI Digital and ITI Tech), ITI Group has recently appointed John Barker as Chairman of ITI Capital, and Nicholas Jordan and Patrick Martin as Non-Executive Directors of ITI Group, effective from December 2020.

Oleg Jelezko, Chairman of the Board for ITI Group, said: “We are thrilled to welcome Stephen Hawksworth as our new Group CEO. We have exciting plans and announcements in store for the coming months and have onboarded Mr. Hawksworth due to his innate ability and extensive experience in leading ambitious growth and development initiatives in the finance sector.”

In 2020, ITI Capital made the headlines for acquiring the clients of failed fund SVS Securities. At the time, SVS clients were told their money would be transferred to ITI, except for:

• Clients owing outstanding amounts to SVS which have not been paid prior to the transfer date June 11, 2020;
• Clients not eligible for FSCS compensation who have not paid the costs attributable to their client assets and/or client money prior to the transfer date (11 June 2020);
• Any client subject to a freezing order or other sanctions restrictions;
• FX Elective Professional Clients.

FSCS can pay compensation of up to £85,000 in respect of the total liabilities that might be owed to customers by SVS.

As FinanceFeeds reported, the final terms of the Distribution Plan and the Client Money order were approved by the Court on May 7, 2020. The approval is an important milestone in returning Client Assets and Client Money.

As per the report issued by the Administrators in February 2020, ITI Capital has secured client money of approximately £24.9 million, in full, from across 20 pre-appointment bank accounts.

The Administrators initially estimated that SVS Securities had approximately 21,000 clients. However, after conducting further analysis on the client and account base that is held across three different IT platforms, the Administrators identified a number of clients holding multiple accounts with the company.

This further analysis has identified approximately 19,200 unique clients. The custody assets and client money are held by a mixture of execution only, discretionary and FX clients.

As at August 5, 2019, SVS’s account base comprised 14,855 equity accounts (including 773 discretionary accounts), 10 prime broker accounts and 6,547 FX accounts.

englishmas

Hi
Just like to know If any one manage to get any kind of compensation from FSCS ,