SVS Securities - shut down?

Danie6

With sanctions now looming againtst Russia and Russian companies on their Ukraine adventure - can there be any impact on ITI and its clients? Just asking and glad I got rid of them.

RasputinB

Danie6 said:

can there be any impact on ITI and its clients?

On 21 July 2020 the UK Government printed a report on Russia from the Intelligence and Security Committee of Parliament.

It is worth reading. For example "Lawyers, accountants, estate agents and PR professionals have played a role, wittingly or unwittingly, in the extension of Russian influence which is often linked to promoting the nefarious interests of the Russian state."

If you look back at earlier postings on this site you can find at least one person warning about providing ITI Capital with personal information and that (according to him) it wasn't a requirement for onwards transfer of assets. https://forums.moneysavingexpert.com/discussion/comment/77506258/#Comment_77506258

Records at Companies House show that ITI Capital currently has only Bitish directors, with the exception of one from Ireland.

They also show that they were notified on 10 August 2017 that "The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company" and that on 10 August 2017 Mr [I have redacted his name], a Russian resident of Llc Expobank, Kalanchevskaya Street 29, Building 2, Moscow, Russian Federation, 107078 ceased to be a person with significant control.

I believe that since 10 August 2017 the holding company has been offshore.

There is, of course, no secret that ITI Capital, (also trading as ITI Markets) has been funded by Da Vinci Capital. https://www.dvcap.com

From https://iticapital.ru/ I see that the Moscow Exchange will not hold morning trading on the stock market tomorrow, February 28, 2022. They also state that "there are no restrictions on transactions through SWIFT for the entire banking system (prohibition only for individual banks)".

There was a warning on this forum in August 2020 that ITI's Terms of Business "include your agreement that ITI can use unregulated markets for dealings on your shares and that ITI can use your shares for the benefit of ITI and other ITI clients" https://forums.moneysavingexpert.com/discussion/comment/77506207/#Comment_77506207.

Also of interest is the fact that another connected company ITI Funds (also under the DaVinci umbrella) has Russia focused ETFs.

Hopefully the FCA will continue to ensure that ITI Capital is well funded.

pafpcg

RasputinB said:

Danie6 said:

can there be any impact on ITI and its clients?

.....

Hopefully the FCA will continue to ensure that ITI Capital is well funded.

I hope you're not suggesting that the FCA should be demanding that some oligarch should launder more funds through a London-based financial institution?!!!

RasputinB

For those that missed it; ITI Capital and SVS Securities were mentioned in the Russian press.

https://utro-news.ru/argument-zhelezko-protiv-durova/

The article also contains some insights into possible profiteering by defying sanctions.

shiznit76

FOS and ITI have now came to an agreement and i have accepted £300 for ITI's poor service, happy enough with thisfor one account

jenwrendorset

shiznit76 said:

FOS and ITI have now came to an agreement and i have accepted £300 for ITI's poor service, happy enough with thisfor one account

Well done for getting this far, I'm still waiting and am just on the point of sending yet another email to FOS to ask them for an update on my three complaints - I know one is with an investigator, one is in the queue waiting for an investigator to be assigned but nothing on the third account - will this ever end???

shiznit76

Compen is in my bank, this nightmare is finally over

johnburman

Well done shiznit76

But what about the rest of the clients of ITI EXSVS? How many of them have claimed and how many of them are still going through the process? 

jenwrendorset

johnburman said:

Well done shiznit76

But what about the rest of the clients of ITI EXSVS? How many of them have claimed and how many of them are still going through the process? 

I'm definitely not giving up - another email to FOS is winging its way there as I type.

My2penneth

We are still waiting for compensation. Crapital are not responding to emails from the Ombudsman.