Since our last report on the situation for clients of failed broker SVS Securities, I am pleased to report that there have been significant positive developments.
Firstly, ITI Capital has been in contact with ShareSoc and appears willing to work with us to ensure a satisfactory resolution for former clients of SVS. This is a very positive development. According to this news report the FCA has been monitoring the situation too. It is good to hear that the FCA has been fulfilling its role in protecting the interests of users of financial services.
In concrete terms, ITI now offers a call centre to help handle the volume of client queries and, we understand, has added resources to handle a higher than anticipated number of enquiries. Most significantly, requests to transfer accounts to alternative brokers are now being actioned by ITI, and a number of clients have reported to us that securities have been successfully transferred to their preferred brokers.
We applaud these developments, but there is still a way to go, with some clients still complaining that they are having difficulty getting their queries addressed and lots of enquiries about dividends and in relation to account transfers. ITI states that it has assigned additional resources to these 2 areas and we hope we will see progress in the next couple of weeks.
To help address these issues, which clients have not been able to resolve directly with ITI, ShareSoc has created an SVS Client Support Group. We have launched an electronic forum for ShareSoc members to serve this support group. Group members can report problems to us via this forum or, confidentially, via a dedicated email address. The email address for problem reporting can be found under the “Problem Reports” topic within the forum. We will log those problems and have agreed to review them on a weekly basis with ITI, which will allow us to report back on progress to the SVS/ITI clients.
Given the very long delay in completing the administration of the client assets originally held by SVS, it is not surprising that SVS clients are very concerned about any difficulties in gaining access to their assets. With the assistance of ITI, we hope to be able to reassure them that any outstanding matters will be addressed soon and, through our weekly calls, to make sure that they are.