SVS Securities - shut down?

Nbs222

same in here , majority of stocks and cash have been transferred recently , but small amount of cash and 3 small  value stocks are outstanding but it is a big relief  getting access to  stocks and cash after 18 months.

johnburman

On seeing earlier comments it is important that ITI:

• transfers ALL your shares; and
• all cash 

to your new broker, and then 

1. closes the account
2. and confirms its closure

There may be a case for keeping the accounts "open" to produce Tax Certificates, but year-end is a few days away and so there is no reason for any further delay.
Ask ITI to do this, and if they fail to do so, complain to the FCA and of course add it to your FSCS compliant!
 

My2penneth

Still got 2 shares in my wife's account sitting in a holding account plus some small sums of money ( less than £100) from accrued dividends.  We submitted a new transfer request in January via iWeb ( pretty poor performance from iWeb...had to send paperwork 3 times). I know iWeb can only accept one of the two residual shares. I might leave the other one in Qort to !!!!!! ITI about having to transfer dividends! 

Monsieur_Bourse

It would seem, in my wife's case anyway that ITI are now completely ignoring any correspondence from the FOS. My wife lodged her complaint the FOS on 12th September last year, since then she has received three e-mails from the person dealing with her complaint at the FOS.

The first sounded promising, basically saying that before compensation is discussed, any problems on her account must be sorted out, the problems being: no final response letter from ITI and to have her missing dividend paid into her account. The 9th March she received another e-mail from the FOS stating apparently ITI are having problems with the migration, gosh really, the person dealing with her complaint said that they would write again to ITI. The last e-mail dated the 24th March informed her that they have still not received any response at all from ITI.

So it would seem that basically ITI are now sticking two fingers up to the FOS as well as all us long suffering former SVS clients. My wife has still not received her final response letter from ITI, it is well over six months since she lodged her complaint. I find it incomprehensible that the FCA is still allowing this complete bunch of cowboys to still be trading. Absolutely no point in complaining to the FCA, totally useless.

In my own case I must have been one of the lucky ones, my transfer out 'only' took about 7 weeks, I accepted the compensation offer, with the figure being far higher than anything that I have seen posted on this forum, I guess I must be good at complaining. It did take several weeks to get the money paid into my account.

Is there anybody else still waiting for their final response letter?

lulu999

Can I ask you what they offered you in compensation?

I'm going after them in two directions. In addition to abysmal service in getting out they also completely fcuked up with regard to GDPR. My personal and financial details were passed to a complete stranger of a financial organisation I have no dealings with. (Who in their reply to ITI and me stated he had two customers struggling with all the same problems the rest of us have gone through.)

RasputinB

The administrators maintain that they have now taken all steps reasonably available to them to return Client Assets and Client Money to Clients.
They have applied for a court hearing so that they can set a Longstop Date and a Hard Bar Date. They suggest that the Longstop Date will be this month - 30th April.
After the Longstop Date the Administrators will be entitled to liquidate any unreturned Client Assets and return the proceeds (if any) to Clients.

The court hearing will be held by videoconference in the High Court of Justice. As a previous client of SVS Securities you have a right to attend and Leonard Curtis must make appropriate arrangements for you to do so.

The notice relating to the court case is available here https://www.leonardcurtis.co.uk/wp-content/uploads/2021/03/2021-03-15-Notice-to-Clients-of-Longstop-Date-Hard-Bar-Date-Application-being-made-to-court.pdf

Researcher16

I haven’t posted for a while as there continues to be nothing new to report.

We had three accounts and all shares and cash have been transferred to new brokers (the process took about five months from the dates of initial requests and many chasing emails).

Our ITI accounts remain open despite repeated requests for them to be closed, no tax certificates nor any details regarding dividends have been received.

Separate complaints regarding each of our ITI accounts have been lodged with the FOS. 

I had a single email from ITI in late December 11 weeks after my original formal complaint.  They offered redress of £150 for the delay in transferring shares and cash for one account.  In my complaint I had listed a detailed timeline of events regarding all three accounts and asked for an explanation and answers to several questions including ones regarding the security of personal data but none of these were forthcoming.  I responded to the offer asking for further information but haven’t had a reply since.

johnburman

Why are ITI keeping our accounts open when they are empty and closed?
Anybody got any compensation from the FOS? They are slooowww. Almost an encouragement to ITI to delay or defer complaints. 

eskbanker

johnburman said:

Anybody got any compensation from the FOS?

Nobody gets compensation from the FOS, but if they uphold complaints they may instruct ITI to pay compensation....

johnburman

eskbanker said:

johnburman said:

Anybody got any compensation from the FOS?

Nobody gets compensation from the FOS, but if they uphold complaints they may instruct ITI to pay compensation....

Quite right...my error.  But it's the same thing de facto.  If ITI does not pay, we then go to the FCS and FSCS.