SVS Securities - shut down?

toad333

Thanks for your reply. The problem is I don’t have USD bank account, and I don’t want to change dollars to pounds, just to change them back to dollars. I tried doing it how you suggested, using transfer and pay. I don’t see why ITI can’t do that. 

RasputinB

I agree that it should be possible for ITI to send USD to IB. It is easy enough to get the transfer details from IB but it appears that ITI expect to see a "bank statement" to support those details. Presumably they will also expect a bank statement from a new USD bank account that you open (which could be your best option). If ITI have your USD in a Phoenix account (or get it into one) would that make it easier? I believe that ITI's Phoenix is actually an IB account with ITI branding.

You could also try speaking with IB and see if they can suggest a solution. I managed to get a good response to one of my queries which if I remember correctly I raised through their on-line help system.

RasputinB

toad333 said:

I don’t want to change dollars to pounds, just to change them back to dollars.

From ITI's "Terms of Business" -

11.5 All payments from the Client’s Account will be made in the Base Currency of that Account or in the currency of the relevant Transaction fee, commission or charge at the Company’s sole and absolute discretion, unless the Client and the Company agree in advance that such payment should be made in a different currency.

11.6  The Company reserves the right to convert (at the Client’s cost) any or all credits and/or debits standing to the Client’s Account, irrespective of the currency of such credit or debit, into the Client’s Base Currency at any time without notice to the Client save where the (i) the Client and the Company have agreed the use of Currency Sub-Accounts as part of the  Client’s Account….

shawdon

Has anyone actually managed to close an ITI account yet?
ITI is a distant and very unpleasant memory but i am still amazed that despite making every effort to close my 10 accounts, they are all still open and showing a valuation (albeit very out of date and clearly incorrect).

jenwrendorset

shawdon said:

Has anyone actually managed to close an ITI account yet?
ITI is a distant and very unpleasant memory but i am still amazed that despite making every effort to close my 10 accounts, they are all still open and showing a valuation (albeit very out of date and clearly incorrect).

That's a NO from us.....all 4 accounts still open and 2 continue to show all shares that transferred out to iWeb in December 2020.

RasputinB

A NO from me, and I haven't been able to properly reconcile dividends etc. despite requests for accurate transaction listings.

johnburman

jenwrendorset said:

shawdon said:

Has anyone actually managed to close an ITI account yet?
ITI is a distant and very unpleasant memory but i am still amazed that despite making every effort to close my 10 accounts, they are all still open and showing a valuation (albeit very out of date and clearly incorrect).

That's a NO from us.....all 4 accounts still open and 2 continue to show all shares that transferred out to iWeb in December 2020.

Surely it must be a breach of some FSA rule that once a client requests that an account be closed, and it empty (with no assets due or owing) it is closed.


Again a complaint to the FCA and FOS seems to be due.

PS: anyone heard from the FOS with a finding yet - they are really going at a snails pace?

RasputinB

johnburman said:

Surely it must be a breach of some FSA rule that once a client requests that an account be closed, and it empty (with no assets due or owing) it is closed. Again a complaint to the FCA and FOS seems to be due.

ITI also has an obligation to erase your data. This is enforceable by the Information Commissioner's Office (ICO).
You can request ITI to delete your data using a template at https://ico.org.uk/your-data-matters/your-right-to-get-your-data-deleted/

An organisation has one calendar month to respond to your request.

(But note that, for legal reasons, ITI may need to keep some records for a period after the account is closed.)

I'm unhappy with security at ITI and I believe that their email servers route email through Russia (postmaster@iticapital.ru).
As soon as ITI have paid my claims I'll be asking them to close my account and erase my data.

johnburman

RasputinB said:

johnburman said:

Surely it must be a breach of some FSA rule that once a client requests that an account be closed, and it empty (with no assets due or owing) it is closed. Again a complaint to the FCA and FOS seems to be due.

ITI also has an obligation to erase your data. This is enforceable by the Information Commissioner's Office (ICO).
You can request ITI to delete your data using a template at https://ico.org.uk/your-data-matters/your-right-to-get-your-data-deleted/

An organisation has one calendar month to respond to your request.

(But note that, for legal reasons, ITI may need to keep some records for a period after the account is closed.)

I'm unhappy with security at ITI and I believe that their email servers route email through Russia (postmaster@iticapital.ru).
As soon as ITI have paid my claims I'll be asking them to close my account and erase my data.

But hold on.  I do not want my records "erased" They will be needed for records and what about Tax Certificates?  No I simply want the accounts "closed".  That is what I asked for; that is what they tell us, but ITI still write to me calling me "Dear Client".  I do not want them to write to me and I am not their "client" I am an "ex-client" or a "former client" - and a jolly unhappy one at that!

eskbanker

johnburman said:
I do not want my records "erased" They will be needed for records and what about Tax Certificates?

Perhaps you already have it in hand but if you've emptied your account(s) and instructed closure then you should have downloaded any information needed for tax purposes rather than relying on ITI to provide it in future - obviously we're still early in the new tax year so there may be outstanding documentation needed for 2020/21 but once that's been supplied then you'd be well advised to secure your own independent copies of any such data, so that you can keep on top of your personal tax situation.

I don't know exactly which data ITI are required to retain to satisfy their reporting obligations to HMRC but that should be regarded as their issue rather than yours, provided of course that they comply with your legitimate instructions to close empty accounts.