SVS Securities - shut down?

My2penneth

(see my post just above here)

Having written a letter to complain to iWeb I was surprised to receive a phone call from them...and more surprised with the £250 compensation (now in bank). 

If compensation was in proportion to hassle and iWeb was the baseline case, then when it comes to ITI Crapital, I think we would all be retiring to Bermuda 

(ps. I still have 2 shares in the holding account ....I cannot see any dividends that have been paid : When will ITI list out the dividends that they have paid so I can do a tax return with evidence of divis paid? ).  

RasputinB

My2penneth said:

I cannot see any dividends that have been paid

ITI Capital are able to generate a full report in an Excel spreadsheet that gives more detailed information on dividends, cash transfers, holdings etc.

The title of the file is "REPORT ON OPERATIONS AND TRANSACTIONS WITH SECURITIES, DERIVATIVE TRANSACTIONS AND RELATED OPERATIONS ON EXCHANGE MARKETS AND OVER-THE-COUNTER MARKET".

It should be available on request....

johnburman

It's poor iti have to result to spread sheets to give clients basic and much needed fundamental information.

My accounts were eventually closed but I have not received formal tax certificates despite requests. Why can not iti deal with the basics? I have of course told the FOS. 

RasputinB

Looks like the FCA have increased their restrictions on ITI Capital -

25/6/21 ITI will not accept, without the prior written consent of the Authority, any new monies or assets from existing clients.

https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF#what-can-this-firm-do-restrictions

My2penneth

Dividends in Phoenix won't be a problem as Crapital are using IB's system. What about divis in the on boarding accounts.  I think I'll be emailing them next week ( I want to do tax returns) . I had a look for evidence of divis being paid for my 2 residual shares in Qort holding account...( an exercise in  futility).

Sheris

RasputinB said:

Looks like the FCA have increased their restrictions on ITI Capital -

25/6/21 ITI will not accept, without the prior written consent of the Authority, any new monies or assets from existing clients.

https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF#what-can-this-firm-do-restrictions

Leonard Curtis have alot to answer for.  

RasputinB

The mess continues -

https://iticapital.com/assets/pdf/сlient-сommunication.pdf

File dated 9/7/2021

Dear Client,

Following the migration of clients from SVS in 2020 we have conducted an operational review which has
highlighted some areas where we need to strengthen our systems and controls, and accuracy of books and
records. The process is already underway. However, until such remedial work is complete, we feel it is
prudent to stop accepting any new orders and new monies or assets from clients. For a period of time, we
will not be processing payments in or out, or accepting transfer requests to move positions to other brokers.
 
We will however accept client funds for existing clients of ITI under the following circumstances only:   

a. Receipt of dividends or coupons to your account;
b. Subscriptions to Rights issues;
c. Corporate actions including maturing bonds;
d. Settlement of trades that have been previously instructed prior to 25 June 2021 but not yet settled; and
e. Margin calls and movements associated with open trades and positions.
 
We have been in dialogue with the FCA and they have encouraged us to implement these enhancements as soon as possible, which we are fully committed to.

We must stress that these enhancements are not related to any information security concerns. Your cash and investments remain safe in our custody, and we are co-operating with the FCA.

We apologise for any inconvenience caused and we will be in touch with you as soon as we are ready to process your request. If you require further clarity, please contact our Account Management team by emailing us at accountmanagement@iticapital.com or on +44 (0) 207 562 8001  

Rest assured we value you highly as a client and we are working very hard to resolve these issues as quickly as possible.  
 
Yours sincerely,   

Oleg Jelezko  
ITI Capital Limited, CEO

johnburman

It's taken them and the FCA an awfully long time to get to this.

Can ITI survive all this? No new clients and there can't be many old SVS clients left as surely they will have all transferred out to other brokers.

Finally have any ex SVS clients received their tax certificates yet? I ve asked for them an been ignored 

My2penneth

Just got the email today. 
No tax certificates neither - I reckon that ITI Crapital will go under. The FCA have been pathetic and the FOS even worse.

Accuracy of books eh? colour me surprised! 

"we feel it is prudent to stop accepting any new orders and new monies or assets from clients. "


No, the FCA have stopped you! 

Ravima

ah, but will LC accept/have any responsibility?