SVS Securities - shut down?

toad333

Finally, got everything transferred out yesterday. Just need to close the account, and chase up my FSO complaint. I still haven't heard anything back from the FSO since January this year.

snipkin

Another article about the ITI on baording problems. In this article, in What Investment, Rahul Agarwal [managing director of ITI Capital] apparently gives a 'warts and all account' of the SVS migration. Warning: there is a large mugshot of Agarwal with a beaming smile - approach with caution. There's nothing much new to read here - it being mostly a litany of excuses, fault-dodging and promotion of ITI.

QUOTE: "When you purchase a large client book, one assumes that the processes you have in place, will work for most of the client bases. However, we were faced with a few unique circumstances where many clients were managing multiple different accounts at SVS, with the same email address and some clients had pre-empted the migration, by setting up new trading accounts at ITI with the same credentials as they had at SVS. We also found that a large demographic of the SVS client base found our electronic on-boarding process complex."

Oh dear, they faced the 'unique circumstance' of many clients having multiple accounts at SVS. Is that so unusual? I was one of them.

LINK: https://www.whatinvestment.co.uk/iti-capital-complaints-addressed-following-takeover-of-svs-2619307/

My2penneth

What next from RA, it's probably all OUR fault! Maybe the article should have directed readers to this website or to ShareSoc. 

Why would anyone want to place their funds with these guys? 

manted

FOS is asking these questions of everyone who complained about ITI - So, be prepared with your answers, so you can all ensure the issues we faced are not in vain.

Accessing your account

• What did you try and access your account to do?
• What issues did you have trying to gain access?
• Do you have full access to your account now?
• If you were able to later access your account, did you come across any issues?

Trading

• What trades did you intend to make while you couldn’t access your account?
  • Please provide the detail of such trades such as the instrument name, dates and time and evidence you tried to place these trades such as screenshots, trades carried out elsewhere, attempts to call the trading desk.

• Did you try accessing the phone trading line when you couldn’t trade online?
  • If you did, please provide details of the dates and times you tried to call including any phone logs you have.

Withdrawing cash from the account

• On which dates did you try and withdraw your money to your bank account?
• How much did you plan to withdraw?
• Please provide evidence of any of these attempts – such as screenshots, phone logs, emails.

Transfers to another provider

• When was ITI Capital first instructed to transfer your investments to another provider?
• Is that transfer still outstanding and if it isn’t then when was it completed?
• Were there any issues with the assets received at your new provider when ITI completed the transfer?
• What were your plans when you decided to transfer your account to another provider?
• Did you carry out any trades when the transfer completed which you wanted to do while the transfer was in progress?

jenwrendorset

Just received the first email (no doubt three more are winging their way to me) from FOS re. all the above questions - all of which were addressed in my original complaint(s).  I have until 12 June to respond!! Sounds like this is going to be the eternal circle.

My2penneth

jenwrendorset said:

Just received the first email (no doubt three more are winging their way to me) from FOS re. all the above questions - all of which were addressed in my original complaint(s).  I have until 12 June to respond!! Sounds like this is going to be the eternal circle.

I had the same email ....I also gave them pages of evidence previously.  

johnburman

Has anyone actually got a decision from the FOS yet? I complained immediately and I'm still awaiting the snail's pace FOS to let me know anything. They are as slow unfriendly inefficient and poor as ITI are. What a shambles of an industry 

eskbanker

johnburman said:

Has anyone actually got a decision from the FOS yet? I complained immediately and I'm still awaiting the snail's pace FOS to let me know anything. They are as slow unfriendly inefficient and poor as ITI are. What a shambles of an industry 

To be fair, they were setting expectations about likely timescales for allocation to adjudicators, unwelcome though those were:

https://forums.moneysavingexpert.com/discussion/comment/77976301/#Comment_77976301

RasputinB

Anybody know anything about https://etc-group.com ? Their website says “A better way to invest in crypto”.

Who owns ETC Management Ltd?

If we go to https://register.fca.org.uk/s/firm?id=0014G00002WLmbyQAD and open the tag under “Who is this firm connected to?” the name ITI Capital pops up! It appears that ITI is the principal of ETC.

As we know the FCA restricted ITI Capital from taking on new clients since December 2020 but this does not apply to new Non-Retail clients where the services do not involve holding client money or custody assets in accordance with CASS.

From what I can make out, it appears that ETC Management Ltd was an Appointed Representative of ITI Capital since 24/06/2020.

It would not surprise me if ETC Management Ltd can hold client money or custody assets and therefore ITI Capital have a way to work around the restriction imposed on them by the FCA.

Are the FCA asleep on the job or am I wrong?

manted

RasputinB said:

Anybody know anything about https://etc-group.com ? Their website says “A better way to invest in crypto”.

Who owns ETC Management Ltd?

If we go to https://register.fca.org.uk/s/firm?id=0014G00002WLmbyQAD and open the tag under “Who is this firm connected to?” the name ITI Capital pops up! It appears that ITI is the principal of ETC.

As we know the FCA restricted ITI Capital from taking on new clients since December 2020 but this does not apply to new Non-Retail clients where the services do not involve holding client money or custody assets in accordance with CASS.

From what I can make out, it appears that ETC Management Ltd was an Appointed Representative of ITI Capital since 24/06/2020.

It would not surprise me if ETC Management Ltd can hold client money or custody assets and therefore ITI Capital have a way to work around the restriction imposed on them by the FCA.

Are the FCA asleep on the job or am I wrong?

Excellent investigation there @RasputinB ! If only the FCA were as resourceful as you.