SVS Securities - shut down?

coyrls

RasputinB said:

I’d suggest that the power of complaints should not be underestimated, nor should the importance of transparency.

In my opinion it was due to the volume of complaints that FCA took action against ITI and stopped them taking on new clients.

Other posters on this forum were particularly keen on complaints being raised and also pointed in the direction of Trustpilot and made allegations that false postings were appearing in defence of ITI.

Around the same time long term posters at Money Savings Expert started posting what appeared to be illogical posts in order to suppress the efforts of “complainers”.

What are you implying?  Why would long term posters want to suppress the efforts of "complainers"?

johnburman

Let's not get personal here.  ITI Capital have let us down, and the FOS is now being so slow with dealing with our complaints we SHOULD BE FOCUSSING ON THEM not on fellow posters.

But let's tell the Investors Chronicle of our exploits with ITI and the FOS.  It is should be a good story, but has been missed by the mainstream financial press.

toad333

Shares finally transferred. A mere 7 months. Now waiting for cash to be transferred. Still not heard much from the FSO.

RasputinB

Mary McDougal of the FT has advised me that she is aware of the volume of complaints relating to ITI and SVS.
She says that she will add information received to her list of complaints for the regulator.
She appears to be pro-active and asking for information.

eskbanker

To put the complaint volumes in some perspective, it's perhaps worth noting that the most recently published FOS data breaks down the 123,522 complaints they received in the second half of 2020, but they only report on businesses against which there were more than 30 complaints*.  Neither SVS nor ITI are on the list....

https://www.financial-ombudsman.org.uk/files/295942/Business-complaints-data-H2-2020.xlsx


* Edit: they actually say "Our half-yearly figures show the number of complaints received about individual financial businesses where we received at least 30 new cases and resolved at least 30 cases in each six-month period", which makes it sound like a business closing no complaints (or at least less than 30) could escape scrutiny, presumably not what's intended!

Sheris

eskbanker said:

To put the complaint volumes in some perspective, it's perhaps worth noting that the most recently published FOS data breaks down the 123,522 complaints they received in the second half of 2020, but they only report on businesses against which there were more than 30 complaints*.  Neither SVS nor ITI are on the list....

https://www.financial-ombudsman.org.uk/files/295942/Business-complaints-data-H2-2020.xlsx


* Edit: they actually say "Our half-yearly figures show the number of complaints received about individual financial businesses where we received at least 30 new cases and resolved at least 30 cases in each six-month period", which makes it sound like a business closing no complaints (or at least less than 30) could escape scrutiny, presumably not what's intended!

Because more than likely with so many complaints about ITI the process will years and not months.     

eskbanker

No way of telling how many complaints have been escalated to FOS about ITI without their volume exceeding that reporting threshold - I should imagine that it'll be more than the ten that had been logged by October 2020 but the point was that it's unlikely to be significant in the general scheme of things, i.e. when seen in the context of the 123,522 complaints relating just to those companies exceeding 30....

Sheris

eskbanker said:

No way of telling how many complaints have been escalated to FOS about ITI without their volume exceeding that reporting threshold - I should imagine that it'll be more than the ten that had been logged by October 2020 but the point was that it's unlikely to be significant in the general scheme of things, i.e. when seen in the context of the 123,522 complaints relating just to those companies exceeding 30....

I would agree with that, but with the FCA stopping ITI taking on further clients for some months now that is a verbal warning.   

toad333

Below is from an email from ITI. I’m not sure I believe them. They previously told me I couldn’t transfer AIM shares to IB, but IB said I could (they were eventually transferred ). What do you guys think about the statement below from ITI? They are also asking for a lot of sensitive information to be emailed to them. Cheers. 

”I am writing to you in regards to your transfer out to Interactive Brokers.

 

Please be advised that IB doesn’t deal with cash transfers. They can only accept stocks by transfer. Cash should be withdrawn to your bank account.

 

Kindly complete the Cash Withdrawal form and send to cashwithdrawal@iticapital.com along with a copy/screenshot of a recent bank statement of where you wish to transfer your funds to and a valid form of ID.
Please put “Cash withdrawal” in Subject of Email
The bank statement must be dated within the last 3 months, state your name, address, account number and sort code.

You must state the account to debit from, the amount and currency, along with the noted bank account details that match the statement provided.”

RasputinB

toad333 said:

Please be advised that IB doesn’t deal with cash transfers. They can only accept stocks by transfer. Cash should be withdrawn to your bank account.

I think it is correct that the IB transfer process for positions (a "Basic FOP Transfer") excludes cash. The "transfer positions" page shows the "SUPPORTED ASSET TYPE" as Global Equities and fixed income, and US Treasuries. At least that is what it shows on my IB account (which is not in the UK).

They will, of course, accept cash transferred to them but that is a different process. Go to the menu and select "Transfer & Pay" then "Transfer Funds" to see how it works and the need to advise IB of the amount. Personally I'd be happy to get the cash out from ITI to your "nominated account" and then follow IB's procedures to get it to them (if that is where you want it).

I've found the systems at IB work well; as long as you can understand them and follow them to the letter. But they are not user friendly.