SVS Securities - shut down?

eskbanker

Out of curiosity, are you still with them or was that email sent to all who were transferred from SVS, including those who've long since moved on to more competent providers?

Nbs222

I didn't get that email , all my SVS stocks has long been transferred.

My guess is  , It only was sent to retail clients whose stocks are still with ITI.

Emillion1

eskbanker said:

Out of curiosity, are you still with them or was that email sent to all who were transferred from SVS, including those who've long since moved on to more competent providers?

I had a minimal holding with them, less than the cost of a stamp! I closed my SVS Accounts in 2013 but for some reason the account wasn't closed.   As for the email, I had a phone call from them and asked them to email me a copy of the letter. My guess is that they are sending it peicemeil

johnburman

The ITI news has made my day. Well done FCA.... but approx two years too late!

It's the appointment of the independent third party to supervise the closure that caught my eye. Why this? And why now from the FCA? 

RasputinB

From the website of ITI Trade - "Matthew Wright and Andrew Duncan were appointed as Joint Administration Managers (the “Joint Administration Managers”) of ITI Trade Limited on 18 July 2022 by an order of the Royal Court of Guernsey (the “Administration Management Order”). As a result of the Administration Management Order, the business, property and affairs of ITI Trade Limited are being managed by the Joint Administration Managers. Customers of ITI Trade Limited may contact the Joint Administration Managers by emailing ititrade@leonardcurtis.gg"

Emillion1

RasputinB said:

From the website of ITI Trade - "Matthew Wright and Andrew Duncan were appointed as Joint Administration Managers (the “Joint Administration Managers”) of ITI Trade Limited on 18 July 2022 by an order of the Royal Court of Guernsey (the “Administration Management Order”). As a result of the Administration Management Order, the business, property and affairs of ITI Trade Limited are being managed by the Joint Administration Managers. Customers of ITI Trade Limited may contact the Joint Administration Managers by emailing ititrade@leonardcurtis.gg"

Unbelievable, the gift that keeps on giving!

johnburman

But who are ITI TRADE LIMITED? I've only dealt with the FCA UK regulated company ITI CAPITAL LIMITED. They have been restricted by the FCA. Too little and too late IMO. ALL retail clients wiil have to seek new brokers and claim compensation from the FOS. 

eskbanker

johnburman said:

But who are ITI TRADE LIMITED? I've only dealt with the FCA UK regulated company ITI CAPITAL LIMITED. They have been restricted by the FCA. Too little and too late IMO. ALL retail clients wiil have to seek new brokers and claim compensation from the FOS. 

As suggested in the quote, they're a Guernsey subsidiary of the same group, not directly related to ITI Capital Limited or regulated by the FCA - as I recall they've been discussed on this thread before but they're essentially irrelevant for those who came over from SVS to the UK ITI entity, even though the collapse of a separate part of the ITI empire may be of passing background interest....

RasputinB

eskbanker said:
 the collapse of a separate part of the ITI empire may be of passing background interest

The Guernsey Financial Services Commission felt it necessary to place ITI Trade into administration in order to protect the reputation of the Bailiwick as a financial centre and the interests of investors. "The application was not contested by the Company, it being accepted by them that it was desirable that such an order be made". See https://www.gfsc.gg/news/iti-trade-limited

eskbanker

RasputinB said:

eskbanker said:
 the collapse of a separate part of the ITI empire may be of passing background interest

The Guernsey Financial Services Commission felt it necessary to place ITI Trade into administration in order to protect the reputation of the Bailiwick as a financial centre and the interests of investors. "The application was not contested by the Company, it being accepted by them that it was desirable that such an order be made". See https://www.gfsc.gg/news/iti-trade-limited

Yes, but my point was that this doesn't have any direct impact on ITI Capital Limited customers, in that it's a separate entity operating under a different jurisdiction in another country.