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 »