SVS Securities - shut down?

RasputinB

eskbanker said:

you should have downloaded any information needed for tax purposes

I think you may not understand many of the problems with ITI.

"The information needed for tax purposes" doesn't exist in our accounts because they have never been correctly populated. Where amounts have been received as dividends they are described as "Income/Write off profits on financial instrument". Where I have sold shares no contract notes have been received. My account is currently showing a negative balance of tens of thousands. Some dividends were received in USD or EUR and converted to GBP but whichever way one calculates the figures don't match the expected dividend.....

Danie6

What is the risk if an account is not closed after the assets have been transferred out? I still have shares in a bancrupt company (Atlantic Carbon), which are not transferable  and of zero value, left in my ITI account and thought I can now just forget about ITI and ignore the issues around the closure of my account. I have also several times requested details of my dividends received in the ITI account, but they ignore me like a stop street.

eskbanker

RasputinB said:

eskbanker said:

you should have downloaded any information needed for tax purposes

I think you may not understand many of the problems with ITI.

"The information needed for tax purposes" doesn't exist in our accounts because they have never been correctly populated. Where amounts have been received as dividends they are described as "Income/Write off profits on financial instrument". Where I have sold shares no contract notes have been received. My account is currently showing a negative balance of tens of thousands. Some dividends were received in USD or EUR and converted to GBP but whichever way one calculates the figures don't match the expected dividend.....

It's undeniably true that I don't have the first-hand experience that most posters on this threads do, so I'm posting from a position of detachment that differs from many others, but can see how painful an experience it is!  However, the point remains that, for someone who's completed all ITI activity, zeroing balances, and wishes to close accounts down (such as the poster to whom I was responding), it seems a sensible precaution to ensure a standalone copy of all tax-related documentation that's been made available rather than relying on ITI retaining this.

Accounts that are still in a state of flux are obviously not in a condition to be closed off, but that's a different issue....

RasputinB

Danie6 said:

I have also several times requested details of my dividends received in the ITI account, but they ignore me like a stop street.

If you like I'll find my notes on the regulations (CASS and / or FCA Handbook) which I believe show that as an FCA regulated company ITI must provide you with dividend information. I think that a complaint to the FCA would be in order, so that they know if their rules are being broken, and a claim to ITI for the cost and inconvenience due to you having to try to make your own reconciliation of your account.

I had a number of shares like your Atlantic Carbon with another stockbroker. There were other issues but the FOS ruled that the stockbroker had to provide me with share certificates at their expense. They came through quite quickly and are now under my control at zero cost.

LEAR1

Morning all

Long time since I've posted, but I have a question relating to FSCS protection that was topical for a number of us while we were in limbo last year.

The FSCS is available to individuals outside the UK - in simple terms, the eligibility rules just require the following criteria: that the firm must have been FCA/PRA authorised, it was carrying out a regulated activity and owed you a civil liability, you suffered a loss and you're an individual. Therefore, from the eligibility rules, it is simply the absence of statement saying that it is limited by UK territorial borders that confers the benefit to those of us outside??

Ideally I'm trying to find a link to a FSCS source that explicitly states that the claimant's territory is irrelevant for the purposes of determining an eligible claim. Does anyone know if one exists??

The context is that I'm being asked to sign an overseas declaration relating to the application for an investment product (regulated product from an authorised firm) to say I understand I won't be afforded any UK regulatory protection - which I know is not true!

Thanks in advance.

johnburman

LEAR1  it all looks complicated!

This may help you  https://www.fscs.org.uk/about-us/brexit/

Yes the FSCS says 

I live in the EEA and I’m a customer of a UK branch of a UK authorised firm. Will I be FSCS protected after the Brexit transition period ends on 31 December 2020?
FSCS does not have any residency requirements for making an investment claim. For customers of a UK branch or establishment of a UK authorised investment firm, if you were FSCS-protected prior to 31 December 2020, you will continue to be FSCS protected after this date. 

IT GOES ON TO SAY 

I’m a customer of a local EEA branch of a UK authorised firm, will I be FSCS protected after the Brexit transition period ends on 31 December 2020?
Probably not. In most cases, FSCS will no longer be able to protect customers of EEA branches of UK authorised firms that default (e.g. become insolvent) after the UK leaves the EU.  You may, however, be covered by the local investor compensation scheme – customers should check directly with their provider.

 So take care.  Another BREXIT confusion!

BY the way I have asked FINECO to the email address they suggest what their comp level is and my emails have been ignored!

LEAR1

Thanks Johnburman

Yes, spotted that article, just worried that my investment firm will seek to differentiate the current situation (a listed security instrument) from taking / holding cash deposits. Helpfully though the article does clearly state that [depositor's] place of residence is not an important factor...

Will see how I get on quoting that.

RasputinB

LEAR1 said:

..I'm being asked to sign an overseas declaration relating to the application for an investment product (regulated product from an authorised firm) to say I understand I won't be afforded any UK regulatory protection..

Is the investment product a UK product from a UK branch of a UK authorised firm?

If it is then you need to clarify the "overseas declaration".

Are they saying that you won't be afforded any UK regulatory protection because of the status of the product or is it because of your residency status? Many investments aren't available to non UK residents but perhaps with this one they are saying that they will make it available to you provided that you sign the "overseas declaration".

You could decide to go ahead having signed the "overseas declaration" but that would surely mean extra risk? If you haven't already done so it is easy enough to go to the FCA website and check that you are dealing with a UK branch of a UK authorised firm.

If so you could phone the FCA (a freephone number so you can use Skype etc. from abroad) and ask them if it is acceptable for you to be asked to sign an "overseas declaration" for a UK product.

shiznit76

johnburman said:

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?

Hi, not posted on here in a while since escaping ITI.

As far as i am aware ITI have closed my account.i certainly can no longer log in to it

As for the FOS, that's what brought me back, to see if anyone had had any joy with them yet. I put my original complaint in in September and other than an email in early January asking for some more info i have heard nothing else. I was told by the handler that it will take some time, how long is a piece of string

coyrls

My complaint to the FOS (nothing to do with ITI) took over 2 years to be settled in my favour.