SVS Securities - shut down?

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

masonic

sweetsand said:

Why do you guys not take them via small claims court for the wasted hours/days, the upset, stress etc?

The small claims court is unnecessary when you have a free alternative dispute resolution service at your disposal, which will assess the situation on more favourable (Treating Customers Fairly) grounds than the small claims court.

Group litigation ('class action' is applicable to the USA, but not the UK) considerably more expensive, much slower, and while some costs might be recoverable if you win, it is still likely to give rise to a worse outcome than going through an individual complaints process and then taking that complaint to the FOS.

sweetsand

masonic said:

sweetsand said:

Why do you guys not take them via small claims court for the wasted hours/days, the upset, stress etc?

The small claims court is unnecessary when you have a free alternative dispute resolution service at your disposal, which will assess the situation on more favourable (Treating Customers Fairly) grounds than the small claims court.

Group litigation ('class action' is applicable to the USA, but not the UK) considerably more expensive, much slower, and while some costs might be recoverable if you win, it is still likely to give rise to a worse outcome than going through an individual complaints process and then taking that complaint to the FOS.

Many thanks. So hw would these ex SVS lot that have been messed about for over a month claim their compensation based on their time wasted could easily be tens of hours, the stress and distress of waiting for more than a year and ending up with a fiasco like this. Having read several of the posts it looks as though promises made never kept, systems still not showing accute details, money still stuck phones not answered or to useless answerphone, as well as emails and tomorrow, but tomorrow has yet to arrive.
I was serious p'd off when my broker went uder and the people it went over to spent a couple of days sorting stuff out this is over a month with ITIC -

masonic

sweetsand said:

masonic said:

sweetsand said:

Why do you guys not take them via small claims court for the wasted hours/days, the upset, stress etc?

The small claims court is unnecessary when you have a free alternative dispute resolution service at your disposal, which will assess the situation on more favourable (Treating Customers Fairly) grounds than the small claims court.

Group litigation ('class action' is applicable to the USA, but not the UK) considerably more expensive, much slower, and while some costs might be recoverable if you win, it is still likely to give rise to a worse outcome than going through an individual complaints process and then taking that complaint to the FOS.

Many thanks. So hw would these ex SVS lot that have been messed about for over a month claim their compensation based on their time wasted could easily be tens of hours, the stress and distress of waiting for more than a year and ending up with a fiasco like this. Having read several of the posts it looks as though promises made never kept, systems still not showing accute details, money still stuck phones not answered or to useless answerphone, as well as emails and tomorrow, but tomorrow has yet to arrive.
I was serious p'd off when my broker went uder and the people it went over to spent a couple of days sorting stuff out this is over a month with ITIC -

I'm glad you asked. It's quite simple really, they just follow a few steps:

Step 1) Make a formal complaint to ITI about the issues they have suffered

Step 2) Wait up to 8 weeks for ITI to resolve the situation and offer a sum of compensation that is to their satisfaction

Step 3) If they remain unsatisfied with ITI's response to their complaint, they may after 8 weeks or upon receipt of ITI's final response to their complaint (whichever is sooner) complain to the Financial Ombudsman Service (FOS).

The FOS has the power to award compensation for non-financial losses as set out on this webpage, which I have posted previously: https://www.financial-ombudsman.org.uk/consumers/expect/compensation-non-financial-loss

Icyberg

I've requested my cash balance to be transferred to my bank account using ITI Capital's (1990's technology) withdrawal system, but don’t hold out much hope of seeing the money arrive anytime soon. I've applied to HL to have my shares transferred to them, they have informed me that a 'normal' transfers generally takes 4-6 weeks to complete, so it's anyone’s guess how long this one will take. Trying to get some kind of positive response from ITI Capital over the past 4 weeks has caused me high levels of stress, anger and frustration, so I've decided its time to chill out and let this saga just take its course.  - Good Luck Everyone.

sweetsand

masonic said:

sweetsand said:

masonic said:

sweetsand said:

Why do you guys not take them via small claims court for the wasted hours/days, the upset, stress etc?

The small claims court is unnecessary when you have a free alternative dispute resolution service at your disposal, which will assess the situation on more favourable (Treating Customers Fairly) grounds than the small claims court.

Group litigation ('class action' is applicable to the USA, but not the UK) considerably more expensive, much slower, and while some costs might be recoverable if you win, it is still likely to give rise to a worse outcome than going through an individual complaints process and then taking that complaint to the FOS.

Many thanks. So hw would these ex SVS lot that have been messed about for over a month claim their compensation based on their time wasted could easily be tens of hours, the stress and distress of waiting for more than a year and ending up with a fiasco like this. Having read several of the posts it looks as though promises made never kept, systems still not showing accute details, money still stuck phones not answered or to useless answerphone, as well as emails and tomorrow, but tomorrow has yet to arrive.
I was serious p'd off when my broker went uder and the people it went over to spent a couple of days sorting stuff out this is over a month with ITIC -

I'm glad you asked. It's quite simple really, they just follow a few steps:

Step 1) Make a formal complaint to ITI about the issues they have suffered

Step 2) Wait up to 8 weeks for ITI to resolve the situation and offer a sum of compensation that is to their satisfaction

Step 3) If they remain unsatisfied with ITI's response to their complaint, they may after 8 weeks or upon receipt of ITI's final response to their complaint (whichever is sooner) complain to the Financial Ombudsman Service (FOS).

The FOS has the power to award compensation for non-financial losses as set out on this webpage, which I have posted previously: https://www.financial-ombudsman.org.uk/consumers/expect/compensation-non-financial-loss

Thanks.
The 8 weeks wait from IE a complaint tomorrw as it has alread been close to five weeks of frustration by the posters here and I'm guessing many were not aware of what to do and may have false hope by the info supplied that it will be ok tomorrow or the like
Thanks

juliamarsh

Nbs222 said:

My2penneth : Were ii told  by ITIC to send transfer requests by post  as  well

Yes they were. I am trying to transfer to II as well and they came back to me straight away to say that I would have to send a form in to them by post as ITI did not accept online transfer requests. They have not responded to Interactive Investor. I am having the same problem as others with unpaid dividends and my 3 attempts to enquire about this have been ignored.

johnburman

The FOS are the people to go to for a claim.  There is likely to be a delay.  Litigation may ormay not follow.  Being shut out of your asses and monies, no phone stress etc. is all compensatable by the FOS.

But this is in the future.  We need to ensure that ITI transfers us out to other brokers.  Which is what they are not doing.  We must complain to the FCA.  They are the regulator, and they (partially) got us into this mess.  They can close down ITI as they did with SVS, and more importantly they can pressurise ITI into getting in some more staff to move things along.  ITI do nto need a handful they need 50; and quick.  And that will cost.  So we need ot make sure that the Regulator is fully aware of the problems.  SO COMPLAIN to them.  

My2penneth

Unfortunately I did actually lose my temper today with one of the brokers. I tried contacting the 8001 number to go through to accounts management to check on whether they'd received my transfer request forms and an enquiry on dividends.  The phone must have chained down to the brokers desk and, basically, he couldn't help. I tried another number and eventually got through to another person, this time in accounts management.  A difficult ( to understand) conversation and an offer by said account manager to look into my case ( he couldn't find the transfer requests from iWeb sent on August 4th, I think they scan them ).  I contacted iWeb again, they said they would send the forms again recorded  signed for, delivery and that they would send a copy of the requests by email if possible to the name I gave them at ITI  accounts management.  The problem is, the emails needed to be sent encrypted and ITI might not be able to open them but they will send the requests anyway.  

All I want to know is when will my accounts be moved to a proper broker ( date) and what dividends have been received?

The longer this goes on the more frustrating it becomes. It is galling when ITI say that technical issues are resolved and on the 19th August they provided an update and then missed their self imposed deadline.