Technical Issues Cripple SVS Clients’ Access to Their Money at ITI Capital
They have been locked out of their investments since the broker's collapse in August but things could have been worse.
The special administrators of collapsed broker SVS Securities have reassured clients that their money is accessible, and they are working with ITI Capital, which acquired SVS’ assets in June, to finalize funds distribution.
The latest update came as some SVS clients were unable to access ITI Capital’s onboarding system. Other traders reported that they have yet to receive their initial onboarding email, i.e., didn’t set up their accounts four days after the FSCS opened the gates for over 18,000 clients.
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“I still can’t access my funds as the ITI Capital onboarding form has bugs and won’t let me continue. They also don’t respond to emails, extremely disappointing,” a former SVS client told Finance Magnates earlier this week.
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He had been locked out of his investments since the broker’s collapse in August 2019, but things could have been worse.
Liquidators said they are working with the UK broker to resolve all technical issues that had blocked clients from accessing their online accounts over the next 48 hours. Once the onboarding process completed, they can begin to access their share of nearly £24 million in funds secured by Leonard Curtis, the administrator.
“The Joint Special Administrators (“JSAs”) have raised this with ITI and we understand that ITI are looking into this as a matter of urgency and hope to have the issues resolved imminently. The JSAs would like to reassure clients that they remain committed to providing assistance wherever possible in relation to the transfer and are working with ITI to resolve all outstanding issues,” they added.
The vast majority of SVS’s clients have become clients of ITI since June, and they were provided with access to their money and assets again from July 24. ITI Capital tried to lure the newcomers into staying, saying that they now have a wider selection of asset classes to choose from, including FX trading, and pricing will remain competitive to what was previously paid at SVS.
I’m unable to open my account and find it pointless to try to argue with a computer alog. I have tried all possible available email addresses linked to ITI uk to no avail. I have had one sided conversations with the answering machine at ITI London, long distance from Australia
I am seeking the Ombudsman’s help at this stage and wish to know what persuaded the special administrators to enter an exclusive deal such as this.
This firm is a joke, they never answer the phone or emails and have run off with all SVS clients money and the FCA and Poxon the liquidator have washed their hands off it.
It is now the 3rd August and I have had been sent no onboarding details from ITI for two weeks or given an explanation for the delays, I have contacted Leonard Curtis twice and they supplied a telephone number for ITI and mentioned IT issues, the ITI contact number just rings , nobody answers. It is shocking that a company that is unable to provide resources has been given custody of SVS client accounts and is now holding over £ 24 million in their accounts and gaining interest I assume. This just gets worse for ex SVS clients after a… Read more »
The assets transferred amounted to £240 million, not £24 million.
Leonard Curtis the administrators have been paid millions by the FSCS . It has taken them a year to transfer all svs clients to ITI Capital. Accounts should have been live by 23 July 20 with ITI Capital. Two weeks have passed by you cannot access your accounts. You cannot trade shares you want to sell so losing money. What a total SHAMBLES by Leonard Curtis and ITI Capital.
A complete shambles…documented here. If the FCA doesn’t get involved I will be surprised. The very definition of poor customer service.
Terrible situation, no one is helping us … ITI Capital totally unprepared … they should also be thoroughly vetted before using them … brokerage charges are super high, customer service low, system is highly complicated, etc. On basis did LC choose them ? Does FSCS know about all this ? Jumping from the frying pan into the fire. LC should be made to compensate for all this. I have lost over £7,000 in the past 12 months of the debacle.
This situation has been a total nightmare and has caused nothing but emotional and financial heartache. This company is not ready and is just adding to an unpleasant situation. Two weeks in and still waiting to trade will transfer to another broker as soon as possible. No compensation for the monies lost during this time, it’s a harsh lesson to learn.
I have called more than 100 times and sent the equivalent amount of emails and I have had no response, I have tried contacting Leonard Curtis to no avail, nobody wants to help and Leonard Curtis appear to have washed their hands of this debacle.
It’s now 18 days and I still have no access and am bleeding thousands from declining investments.
I have been told senior ITI management are looking into my issues, however nothing gets resolved, an alternative channel is required as ITI and Leonard Curtis quite simply do not care and both are lazy and incompetent.
On Monday, I got a reply to my email to Leonard Curtis, Joint Special administrators. They told me they remain in daily contact with both ITI Capital and the FCA regarding the technical difficulties and delays to access and trading that many clients have experienced following the transfer on 24th July 2020. Leonard Curtis Joint Special administrators told they would pass my concerns on to ITI Capital. This like a perfect storm. We are all hurting from this, good luck all in making the best out of an unpleasant situation, and hope we see a solution to these issues soon.
Ditto here, fiasco, their site is terribly confusing too 🙁
august 17th and no further forward!
Now August 26th.
The FCA are involved.
https://www.financemagnates.com/forex/brokers/technical-issues-cripple-svs-clients-access-to-their-money-at-iti-capital/#comment-62804
It is clear that this is a seriously bungled operation. Leonard Curtis chose and passed on SVS’s business to an inept company, ITI Capital. Weeks have now passed and portfolios and cash are still frozen / inaccessible. FSCS and FCA need to be involved and ITI Capital needs to make provisions for compensating these affected clients. ITI does not answer emails and phone calls go unanswered.
I have around £120k tied up in this fiasco. How, after nearly a year of acting as Special Administrators, could Leonard Curtis not find a better broker than ITI. Clients should have had access to their assets by the 23rd July 2020 at the latest. Here we are 3 weeks on and still no access. What due diligence did Leonard Curtis carry out? Clearly not enough! The FCA should also have been vetting ITI’s suitability. ITI have claimed this is a busy period for them. No excuses, they are the ones who bid to take on the SVS client book.… Read more »
This is genuinely awful, one whole year after the plug was pulled on SVS. It is time to involve the FCA to raise concerns about the way Leonard Curtis were involved as JSA and more pressing, about ITI Capital and its raging ineptitude and unsuitability. FCA have a contact form on their website.
I am in exactly the same position as the others on here, called ITI dozens of times and never able to get hold of anyone, voicemails and emails go unreturned. Totally unacceptable. Still do not have access to my account.
I have sent them an email telling them if my share trades are not executed within 24hrs, and cash transferred to my bank account, they will be liable for any future fall in the value of those shares, due to their negligence.
My plan would then be to take them to Small Claims Court for any losses. Others should do the same.
Endless e-mails & numerous phone calls all going unanswered, ITI Capital Ltd. are an absolute joke. Leonard Curtis needs to take responsibility for allowing OUR finances to be placed in the custody of such a shambolic organisation. Before I decide on my next steps in this endless pursuit of recovery, can any ex SVS clients, actually confirm whether they have (so far) been able gain access their rightful funds via ITI Capital? – Thanks
I’ve seen my funds and investments on the site but not been able to interact with them – they may as well have been a JPEG.
I have since been unable to log in as the OTI system appears to have stopped working.
I called the FCA who acknowledged that there is a problem and that they are aware but were vague about both the actions they would take and the timeframe. Chocolate teapot time.
I asked if there was a body senior to the FCA and was told “Yes. The courts.”
It’s a frustrating time.
ITI should be given till 25 Dec 2020 so they stop rushing things and they should agree to provide everyone with compensation in the meantime of around 10% interest and/or with losses of share value. FCA don’t take individual complains but will do for a group.
they would be out of business based on that level of compo. They posted losses in the last 2 sets of accounts .
07 Sep 2020, On-boarding was a nightmare with no instructions at the time. 6 weeks and counting, no access to my funds/assets. No mention that one of my accounts is an ISA. Upon logging in today my cash and assets have vanished, can only hope it is being transferred to the Phoenix account but there are no messages on my account saying so. No reply to emails/phone calls. I have also started to receive unsolicited phone calls from Asia regarding making investments, very worrying. It’s as if they are making the process of leaving as difficult as possible!
It’s the 19th August, I have 2 accounts and have no access to my money. On one account the shareholdings are wrong – 17,000 shares in Lloyds showing at £0 ! Impossible to speak to on phone and don’t answer emails.
FSA compaint on its way.
Utter joke,
ITI should be given till 25 Dec 2020 so they stop rushing things and they should agree to provide everyone with compensation in the meantime of around 10% interest and/or with losses of share value. FCA don’t take individual complains but will do for a group.
The choice of new broker by LC should have been put to client vote out of say 3-5 brokers. At lease folks could do their own due dilligence. The whole process some may think is sharp practice. Having got through the tortuous uploading farse, one just sees an image of holdings. Most worrying is that there is no mention that one of my accounts is an ISA. Has this status been lost in the transfer. At no point do they ask for linked bank account details so no method of transferring cash. I see that ITI are advertising for a… Read more »
Same here very frustrated, phoned, emailed, asked my husband to have a look in case I was missing something, getting very annoyed and angry!
Pls can someone find out from the Adminstrators of this website if they can allow us to share each other email & watsapp nbrs to form a Group ?
I spoke to LC a few weeks ago, I told them of all the problems I was having. I also asked why one my accounts did not have ISA attached to it, appears as if has lost its ISA status. Guy at LC tried to reassure me it hadn’t but I was not convinced. I only went through with the on-boarding which was hopeless( would not accept a selfie) because it asked if I wanted to close my accounts and I was worried about implications of ISA account closure, instructions should have been emailed before 23 July 2020 not several… Read more »
Hi everyone, how is it possible to share everyones’ email & watsap nbrs ? so we can all make a Group to force ITI for compensation payments as long as they take with their unimpressive on-boarding process. We need money in the meantime, right ?
The fiasco at ITI Capital appears to be very similar to the cockup made by Barclays when they switched to a “Smart Investor” platform. There is supposed to be regulation of these firms. The Financial Ombudsman Service will deal with complaints and should refer problems to the Financial Conduct Authority. 89% of the reviews for The Financial Ombudsman Service on Trustpilot are BAD. https://www.trustpilot.com/review/www.financial-ombudsman.org.uk 98% of the reviews for the Financial Conduct Authority on Trustpilot are BAD. https://www.trustpilot.com/review/fca.org.uk This appears to be the attitude of the Financial Ombudsman Service to regulation – “The hope is that the costs, administrative expenses,… Read more »
3rd September, No calls answered, no emails answered, no on-line queries answered! Do ITI Capital exist!?
My cash/assets have vanished into thin air £75k, showing as zero in the initial log in accounts and Phoenix is also zero. FAQ states it can take a week for assets to show during transfer but there is nothing in the messages box. No answered calls, no replies to emails, no assets, are we a victim of fraud,…last few days I have had several unsolicited calls from dubious sounding Asians,…two calls form Jakarta.
ITI Capital. Zero is what you get from them. They don’t answer the phone, respond to email and a customer complaint to their Head of Compliance hasn’t been answered. No replies to queries raised by me nor by my other brokers I am transferring out to. Nothing at all being done by ITI to progress transfers. They have failed to supply contract notes on deals made over the phone. No ability to trade my accounts online via their platform. ISA accounts are not identified as such. Dividends are weeks overdue and still unpaid. Cash and share values when visible all… Read more »
Yep, as above my experiences also. Most worrying when I log in to see if there is any progress the website now shows as NOT SECURE in the browser, before it had the padlock. And now my assets are have disappeared, nothing in the messages box to state it is being transferred to the Phoenix accounts which I don’t want anyway. I JUST WANT OUT OF THIS MESS AND DONE WITH ITI CAPITAL!
3 Sept and still no progress. Leonard Curtis had one job to find a suitable broker. ITI Capital is what they came up with. A broker fined for fraudulent activities in UK and the US. Banned from operating in the US. Any one of us could have swung a dead cat and hit a better broker than ITI Capital. LC collected 40% fee on my assets which have dwindled by 45% thanks to their painful 52 weeks administration. PWC gave back access within 6-7 months to clients of Beaufort Securities which collapsed in 2018. Criminal negligence on the part of… Read more »
The situation with ITI Capital has not improved in the last month. They no longer give me any idea of how long it will be before I can access my funds. Although since July they have consistently been telling me “Three working days.”
Also when I have logged in I used to be able to see my stocks and funds in holding accounts, and they were accurate. In the past week many of the stocks have disappeared, along with some of the cash. I would discuss this with ITI Capital but they are not currently answering the phone.
It’s November 2020 and I still haven’t been able to access my Phoenix accounts to withdraw money. Several requests for a password reset have been ignored. Why this is not automated eludes me and when I phone up, I get a rude person on the other end. All they can do is message the account management team for them to ignore it. ITI clearly weren’t ready to take in the SVS clients. I’m now writing to ask them to close my account and give me my money. To be frank, I’m more worried than I was when my account was… Read more »