SVS Securities - shut down?

Sheris

masonic said:

It is not a requirement for an investment firm to accept transfers from others, and iWeb stopped accepting transfers for a period of time last year. In general, ISA managers do not have to accept transfers from other ISA managers. A number do not.

It sounds like iWeb have got the wrong ITI. Especially from the comment that "ITI don't have a business in the UK". If the details for ITI were pre-populated from their online system, it might be worth checking them over. iWeb are not renowned for their transfer service. They were a real mess in late 2020 - end of 2021, with many complaining of transfers grinding to a halt.

iWeb did not have any problems with transfers, if ITI do not respond to transfers, that is a problem with them.
Even now they are turning a blind eye to the FOS, so there is very little help for many of us.
So masonic, with have had many discernments in the past, but could you please find out any info on the so called JSA committee, as I only found one person that was named, not looking good with there history and past background.
       
              

masonic

Sheris said:

masonic said:

It is not a requirement for an investment firm to accept transfers from others, and iWeb stopped accepting transfers for a period of time last year. In general, ISA managers do not have to accept transfers from other ISA managers. A number do not.

It sounds like iWeb have got the wrong ITI. Especially from the comment that "ITI don't have a business in the UK". If the details for ITI were pre-populated from their online system, it might be worth checking them over. iWeb are not renowned for their transfer service. They were a real mess in late 2020 - end of 2021, with many complaining of transfers grinding to a halt.

iWeb did not have any problems with transfers

Yes they did. There were lots of problems with transfers, and several threads chronicling the woes experienced by those trying to transfer, a selection of which I link below.

https://forums.moneysavingexpert.com/discussion/6281939/iweb-isa-transfer-in-2months-and-counting/

https://forums.moneysavingexpert.com/discussion/6301064/transfer-time-to-iweb

https://forums.moneysavingexpert.com/discussion/6295036/transfer-to-iweb-13-months-and-complete-at-last

Things got so bad that they stopped accepting transfer applications for a few months while they worked to clear their massive backlog. To deny that there was a problem at iWeb with transfers is almost as bad as denying that there were problems at ITI.

Sheris said:

if ITI do not respond to transfers, that is a problem with them.

If you'd read the posts describing the problem by Unmentionable and Eskay22, you'd see that it is iWeb who are refusing to send information to ITI.

Both were told by iWeb: "On this occasion we cannot proceed with your transfer due to some security risks we've identified, which prevent us from corresponding and sharing customer information with this particular company."

Sheris said:

So masonic, with have had many discernments in the past, but could you please find out any info on the so called JSA committee, as I only found one person that was named, not looking good with there history and past background.             

Crediting me with many "discernments" (acts exhibiting keen insight and good judgment) is certainly a lot more flattering than anything you've accused me of in the past. Other than the member representing the FSCS, the names of all four other members (and where applicable who they represent) have been formally disclosed by LC, so it is readily available information if you would care to look. It is against the forum rules to name individuals here, and even if it were not, I would have reservations about being your source of information, given the content of some of your prior posts.

RasputinB

masonic said:

If you'd read the posts describing the problem by Unmentionable and Eskay22, you'd see that it is iWeb who are refusing to send information to ITI.

Both were told by iWeb: "On this occasion we cannot proceed with your transfer due to some security risks we've identified, which prevent us from corresponding and sharing customer information with this particular company."

I hope that the significance of iWeb's comments has not been missed by anyone who uploaded personal information to ITI's systems. It would make much sense to me if any attacks are directed at the thousands of clients with new brokers rather than direct ITI clients. How, when or if these attacks materialise is open to debate but IMO the danger is real and these comments of security risks are the first I've seen from a prominent source.
In time we might find out the real reasons why ITI Trade in Guernsey was suspended on 28/06/2022 and why ITI Capital in London is closing down. There is a staggering amount of wealth available to fund these companies.

johnburman

There will be very little clients of ITI can do. Make a free of charge DATA SUBJECT ACCESS REQUEST of ITI to at least see where they say they have kept or sent your personal data. 

Any difficulties contact the INFORMATION COMMISSIONERS OFFICE. 

pafpcg

masonic said:

.....

..... Other than the member representing the FSCS, the names of all four other members (and where applicable who they represent) have been formally disclosed by LC, so it is readily available information if you would care to look. It is against the forum rules to name individuals here, and even if it were not, I would have reservations about being your source of information, given the content of some of your prior posts.

Whilst I'm sure that many of those who've been involved with the SVS debacle from the outset will have maintained a file of the relevant documents issued by Leonard Curtis as the Special Administrators of SVS, but some, like Sheris, may need a little extra assistance with documents issued before they joined this forum.  Section 5.18 of LC's "Joint Special Administrators' First Progress Report" dated 27 Feb 2020 lists the members of the Creditors' Committee.  The document can be downloaded from https://leonardcurtis.co.uk/svs-downloads/

johnburman

Helpful pafpcg and Masonic, but are we not delving into history?  SVS is in administration; most client assets if not all have been transferred to ITI, and ITI is closing its retail arm.  Thus anyone still a client of ITI needs to get out, i.e. transfer to another broker ASAP.

A few can not - they must complain to the FCA and get compensation from the FOS.  

And yes if there is the fear of a data breach from ITI, a DSAR can be made of ITI.

But are we not coming to the end of this?

A  those who have left ITI - which everybody should have done -  claim on the FOS for delay and inconvenience at least; and pecuniary loss if it is suffered

B   those yet to leave, try to leave ASAP, and if not claim on the FOS as above and report to the FCA

C  is there a category C?

tonyb42

@johnburmanI'm a UK citizen based in NZ and so don't really have affordable options to transfer to another broker as almost all of them don't provision new accounts for non UK residents and the ones that do, charge large fees more suited for bigger investments. So no choice but to sell off the shares in two ISAs. What would I be raising a complaint and compensation on exactly? The inconvenience of it all and time spent chasing ITI or otherwise?

Unmentionable

An excerpt from a communication from ITI today regarding offboarding (in fact, from offboarding@iticapital.com):

"You will need to arrange either: to close your account and have your money/assets returned to you; or to transfer your account to your preferred broker. To do this, please submit a transfer or withdrawal request to our email inbox AccountManagement@ITICaptital.com"

This is at odds with the ITI Wind-down faq, point 11 which states:

"How do I transfer my cash and assets to another broker?

You will need to have an open account at an alternative broker.

Then all you need to do is tell your new provider you would like to transfer and complete

any of their forms. They will contact us and do the rest."

I will be looking to clarify with them that we don't have to take any steps ourselves - beyond making the request of our preferred broker.

They also attached a personal Excel report of my account with them.

About the most personal interaction I've received from them since the beginning of this saga!

dunstonh

A few can not - they must complain to the FCA and get compensation from the FOS.  

How does the FCA come into it?  (it doesn't handle consumer complaints)

johnburman

Correct dunstonh the FCA does not deal with individual customer complaints.  But it does 'accept' complaints, reports etc. that are sent to the department (or individuals) who deal with the regulation of each regulated entity, here  ITI.

You should report making the FCA aware of what a shambles ITI is, and continues to be.  And yes that complaint for compensation goes to the FOS (especially if ITI have ignored your emails), but what I did was to add (actually cut and paste) my 'complaint' to the FCA to the FOS.

Finally, there is always a hope, that when the FCA meet with ITI to deal with systemic failures, they will actually mention your particular complaint to them and that stirs them into action.  OK, it's a long shot, but if the FCA does not know about the failures of a regulated entity in dealing with its retail clients, how can they remedy them?