SVS Securities - shut down?

rnf11

More comment in the outside world, this time a review and (yet another) critical comment beneath.

https://theforexreview.com/2020/08/14/iti-capital-review/

johnburman

bnet tell the FCA

sweetsand

johnburman said:

bnet tell the FCA

I may be wrong but was advised it takes them 8 weeks to act no sure why that was years ago - worse than your broker.

rnf11

In the light of what seems to be a stalemate situation now with ITIC - whether staying or trying to leave - has anyone here established what the subsequent procedure is going to be if the account is reverted back to LC?

johnburman

No sweetsand, that is the FOS.  They pay the compensation up to £85k.  And insist on 8 weeks for a company to file response to a complaint letter before acting.  FCA are the regulator.  

sweetsand

johnburman said:

No sweetsand, that is the FOS.  They pay the compensation up to £85k.  And insist on 8 weeks for a company to file response to a complaint letter before acting.  FCA are the regulator.  

I distinclty recall calling the FCA about the crash of my broker and how it was being dealt with by the new lot - i was eager and rang then the second day and they said 8 weeks.
Why do you guys not take them via small claims court for the wasted hours/days, the upset, stress etc?
Thnaks.

helencary

Standard_Goose said:

Danie6 said:

I have also got that clientam.com/sso/Login link by email from ITI to log into the Phoenix platform. It seems to be the same platform used by Interactive Brokers where I have opened an account. My Interactive Brokers login details have been saved on my computer and if I try to open the Phoenix it sends  me an OTP and then opens my Interactive Brokers account! When I override the IB details with the login ID and password received from ITI nothing happens, as can be expected of course.

I know it doesn't help, but I have also noticed the similarity. For me though there is no mixup with the saved login details.

I assume you don't have any AIM stocks, as Interactive Brokers don't deal with those, so (because I do have some) my transfer is no longer a straightforward 'whole account' transfer and i fear it could go on for months given ITIs inability to deal with even a straightforward one. I tried ringing the dealing line today to just sell them and reduce the complication but I can't get through.

I am going to start writing letters of complaint tonight, but am terrified that if the FCA or anyone else steps in that we'll be back to last July again.

Why would ii not deal with AIM shares? 

masonic

johnburman said:

Not so quick masonic. You are right but the FOS are contacting iti and demanding a response to my complaint letter. Whatever happens the 8 weeks will be running 

Yes, I told you they could do that 2 weeks ago, though it is only useful if you believe ITI is capable of resolving the issue to your satisfaction within 8 weeks, or if you wish to complain using a medium where you cannot retain evidence of when you made your complaint:

masonic said:

johnburman said:

ITI Capital have not responded to Broker X for any transfer requests going back to 23 July.  How do I know - I spoke to Broker X this morning and they told me! 
ITI Capital did not pick up their phone on their support line 40 mins ago when I tried to call them.

If ITI are not answering their phones, and you are using the same phone number that they use to accept complaints, then the Financial Ombudsman Service can intervene if you are struggling to make a complaint. If you are so inclined to phone the FOS. Though their powers at that stage are merely to get the firm to make contact with you to discuss your complaint.

https://forums.moneysavingexpert.com/discussion/comment/77483001#Comment_77483001

masonic

johnburman said:

See
https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644?ref=author/ramos

Well done to the anonymous SVS client for raising awareness!

johnburman

Because sweetsand a Class Action is easier and more likely to succeed