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.
Mark Bentley
Director, ShareSoc
I know you have to chose your words carefully, Mark, but here is a few from me….
“Eyes, wool, pulled, over, having”…
Our objective is to get the problems clients are experiencing resolved. ITI Capital have indicated that they are prepared to work with us. The proof will be in the pudding and we will not hesitate to take sterner measures if issues remain unresolved.
Do join our support group to have your say in the forum. We want to put all the outstanding problems to ITI.
Best,
Mark
I’d prepare your “sterner measures”. Things are not improving.
Its been another month and nothing has changed. They just completely ignore us. Its time to petition for their deregistration and dissolution.
Roger, do you think most SVS clients would like to start another special administration process again?
We ARE making progress – though there’s still a long way to go. It is clear that ITI is under-resourced to handle all the new accounts. I will be putting pressure on ITI’s owners to address that and expect to ask the FCA to do the same.
I am struggling to handle the workload this is imposing, recording and addressing the problem reports that are raised, and we need more of our members to upgrade to full membership to be able to take on more resource ourselves to handle this.
Best,
Mark
I understand and appreciate what you’re saying Mark but I really do wonder if it might not be resolved quicker.
My wife died in Nov 2020, we have been trying to liquidate/ transfer our accounts (ISA), Since SVS collapsed We get no help from ITI…….and I have reached the stage where I don’t believe we will ever get help after reading of their interactions with the FSA.
Most of our attempts at contact are ignored or answered with a standard electronic reply.
It is possible to transfer a deceased spouses ISA account and we have s uggested they do this. We are not making any progress.
Bobby
Dear Bobby,
Firstly, my condolences for your loss.
If you join ShareSoc’s SVS Client Support Group, we may be able to assist you.
You should decide whether you would prefer to transfer or liquidate your accounts. Obviously liquidating an ISA means that you do not benefit from the tax shelter for future income and capital gains that the ISA may generate.
Best,
Mark
The transfer I mentioned was my wife’s (now deceased) ISA accounts into my ISA . (This is permissible under ISA RULES) After this is activated I can then liquidate all equities and transfer all cash to another ISA Management Company This seems the way to go, but I’d settle for just liquidation and out of ITI if that is the only way out.
Dear Mark,
If you check this out (spouse to spouse ISA TRANSFER without loss of gained tax relief ) you should find this can be done upon the passing of one Spouse/Partner.
Since the SVS transfer to ITI I have not been perform any kind of financial activity or solicit a meaningful response from ITI.
ROBERT FORMBY
[…] по защите интересов инвесторов ShareSoc в 2020 году сформировала группу поддержки клиентов SVS. В сентябре директор […]
I submitted transfers in Sept. 2020. One ISA transfer is still not complete !! The cash part ” disappeared ” from my ITI ISA on 15th March , only to appear in my Fidelity Isa 10 days later, with no news between …NOW 50 days !! yes 50 days later ITI Capital still hold over £100k of shares that need transfering as part of the same process …Approaching 10 months and counting !! excuses, excuses, more excuses and no replies or promised call backs. And they suddenly told me they hold about another £5 of my shares that don’t show in any of my accounts !! How is this firm licenced by the UK authorites
[…] по защите интересов инвесторов ShareSoc в 2020 году сформировала группу поддержки клиентов SVS. В сентябре директор […]