SVS Securities - shut down?

eskbanker

johnburman said:

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.

Pretty sure we've been round this loop before on this thread but if ITI don't offer adequate compensation then FOS is the escalation route, or court if necessary beyond that.

The FCA may show interest in alleged regulatory breaches at a corporate level but won't intervene in an individual consumer's complaint (as that's what they delegate to FOS), and FSCS likewise doesn't have any remit to get involved in any discussions about compensation to individuals (their role is to ensure that there's no shortfall when reuniting consumers with their assets)....

Thrugelmir

Researcher16 said:

 no tax certificates nor any details regarding dividends have been received.

Only just first day of new tax year. 

RasputinB

I am concerned that many of us still have small value / de-listed stocks that are yet to be transferred to us. Meanwhile Leonard Curtis is maintaining that they expect all assets to be returned and they are therefore applying to the High Court for a Longstop Date to be set and this is likely to be in just over three weeks. The danger I see is that once the High Court has approved a Longstop Date we will have little chance of getting 100% of our assets returned; especially as it could be more efficient for ITI / SVS / LC to simply dispose of the holdings at nil value.

Maybe the FCA can be persuaded to attend the court hearing on behalf of clients as part of their function is to minimise the impact of failure of a regulated firm on its clients? The FCA phone number is 0800 111 6768 and the call should be logged against SVS Securities. I'd suggest a direct request that the FCA attend the court hearing due later this month.

Researcher16

Thrugelmir said:

Researcher16 said:

 no tax certificates nor any details regarding dividends have been received.

Only just first day of new tax year. 

That’s a fair comment; I was more thinking along the lines of having no records for tax purposes. I couldn’t find details of cash transactions in our ITI accounts.  For example, dividends were paid (three weeks after the dividend payment date) into my ITI account and the cash statement just recorded "instruments from financial institutions” with no further indication about the origin of the cash.  To maintain my finances, I find it important to keep ongoing records of dividend payment amounts, the shares to which the dividend applies and payment dates. Other brokers provide all that information in easy to view transaction histories.

Sheris

Researcher16 said:

Thrugelmir said:

Researcher16 said:

 no tax certificates nor any details regarding dividends have been received.

Only just first day of new tax year. 

That’s a fair comment; I was more thinking along the lines of having no records for tax purposes. I couldn’t find details of cash transactions in our ITI accounts.  For example, dividends were paid (three weeks after the dividend payment date) into my ITI account and the cash statement just recorded "instruments from financial institutions” with no further indication about the origin of the cash.  To maintain my finances, I find it important to keep ongoing records of dividend payment amounts, the shares to which the dividend applies and payment dates. Other brokers provide all that information in easy to view transaction histories.

You are totally right in your judgement on finances and you will find that trolls talk through another part of there Anatomy     

SteveJohnson56

Has anyone who have requested it managed to have their PX accounts closed?

Having exchanged several emails with a complaints
handler (Removed by Forum Team) a month ago ITI seemed very reluctant to close my PX accounts. The person in question to my frustration appeared determined, wanting to have my accounts marked as 'inactive'.

Fully transferred out I explained I do not expect to receive any future dividends cash etc to be forwarded on and that I do not want any further association with ITI.
I repeatedly requested full closure of my PX accounts stating that  ITI reluctance to carry out my requests will be added to my two FOS cases, before he finally relented with the following reply.

'I have marked your ITI Capital accounts inactive and sent requests to our third party broker services provider to 

close your phoenix accounts'.

That was over 4 weeks ago, SC onboarding accounts unable to log in with a pop up 'inactive' appearing.
PX accounts still able to log in and download statements etc so neither inactive or closed.

I will be contacting (Removed by Forum Team) again very soon, I found he generally replied very quickly.
Anyone having the same problem I suggest you email him make his life a misery as ITI have done to us. 

Begs the question if ITI don't close accounts there must be some value to them having clients on the books even if inactive accounts.

My2penneth

They must be playing the  numbers game...." we opened xxxx thousand new SVS client accounts and only a few have been closed!"

johnburman

This is odd as it is the same with me.. ITI don't want to close my accounts. Why on earth not...why do they want to keep the accounts ope? 

jenwrendorset

We're in the same position, our requests to close accounts have fallen on deaf ears, I'm wondering whether to send another request but this time in Russian! We are still being asked for ID and bank details to close down our joint account - beggars belief.  The following has appeared on my account's dashboard since October 2020. 

You request for closing ITI account has been sent successfully.

We will get back to you soon

Current Status

Processing

Changed your mind?

johnburman

Complain to the FCA - they are not complying with your instructions.  And the FSCS for compensation for likewise.  Why do they think that they can keep accounts open when you have asked for them to be closed.  Yes you need a tax certificate for each account, but other than that it is a risk having an account open...it could be used for money laundering or more likely identity theft.  Plus there is the risk that ITI may suffer a data breach and your details will be stolen.