SVS Securities - shut down?

RasputinB

ahouse185 said:

RasputinB said:

I have had an email from Philip Eva too. I hadn't actually put a complaint in to ITI but I guess that LC advised them that I was complaining.

ditto

Or maybe they have been reading this forum? > "ITI Capital should "undertake proactively a redress or remediation exercise, which may include contacting customers who have not complained". - FCA Handbook DISP 1.3.6"

johnburman

Of course they should. And the FCA should make em. But the FCA is too gutless and iti neither care nor have the staff 

sweeter_strudel

After complaining for a second time to the FCA about a lack of action with the SVS-debacle they responded this week with a "could you please forward the responses to your complaints from ITI and LC" - so they may yet be stirring into action..... or maybe to inaction.

I also bit the bullet on Friday and phoned ITI Capital to place a trade - buying an AIM share with cash held in my ISA. Sometimes you just can't resist temptation. The Dealing desk answered OK within about ten rings via the 8001 number and a couple of bits of button pushing for option 1, then 2.... Of course I don't yet have a contract note this morning that was going to be meailed, nor has the purchase shown up in my Qort account. And of course the Phoenix accounts that must be heading for week 9 or 10 of Pending Approval are still Pending Approval.

Now I hold my breath for the two transfers out that I have requested. HL are seemingly making progress - but not as fast as others have reported on here. Interactive Investor seem to be stuck at the waiting for valuation, which is progress of sorts since earlier this week they tried to stop the transfer cos they hadn't received my signature..... they corrected that error thankfully.

Thanks as ever to all on here for letting me know we are all in the same boat.... at least I don't have to rely on ITI for updates!

RasputinB

johnburman said:

Of course they should. And the FCA should make em. But the FCA is too gutless and iti neither care nor have the staff 

I think that LC do care (because of reputational damage) and do have staff available which is why I think that, for me, a reverse transfer back to them may be a better solution. Like others, I have traded shares through ITI and I have received the cash (apart from dividends in USD) so it is just a matter of finding a new home for the long term holdings.

Emillion1

shahtx2 said:

Complain about an insolvency practitioner

Pls lodge your complain here:

insolvency-practitioners.org.uk/regulation-and-guidance/complaints-procedure/

foi@insolvency.gov.uk

gov.uk/complain-about-insolvency-practitioner

I've taken my money out of ITI as our case is against LC who are totally to blame for our losses. We all need to make a cohesive effort to get compensation from them or the FSCA.

LC chose ITI without vetting them. FCA chose LC professional services with adequate compensation insurance for negligence.

(LARGE firms can also make mistakes: check Sharesoc article on Deloitte ..Record Fine on Deloitte)

LC were made aware that the transfer process was problematic but chose to ignore that advice

Jamesram

Emillion1 says  "I've taken my money out of ITI as our case is against LC who are totally to blame for our losses. We all need to make a cohesive effort to get compensation from them or the FSCA."

I agree that from all the information we have available to us currently LC appear to have a strong moral and professional responsibility in this. But as has pointed out before, the Insolvency Service cannot award compensation on a succesful complaint. They advise that the remedy is Court action.

We have a remedy through the Financial Services Ombudsman as has been discussed to death on this board.

I am afraid I don't understand what else you are suggesting. Are you yourself going to bring a test claim against LC in the Courts, or consult solicitors about the prospect of bringing a "class action" against LC (not great, according to initial legal reaction reported on here?)  What sort of infringement are you thinking of claiming for? What actual financial losses have we sustained, if any?

Are you sure all such matters are actually compensatable by the Court- we know that the Ombudsman can award compensation  for proven  anxiety and inconvenience as a matter of course- this is much more uncertain in a Court claim for damages breach of contract or personal injury. Do we even have a contract with LC- maybe we do, but as legal successor to SVS.Or maybe we should sue SVS, in its current status  under Special Administration but still surviving as a legal entity. I don't know, but its possible.

See -  its very tricky in my opinion  And I haven't even got on to the issue of Court fees to issue and carry on proceedings, or the possibility of exposure to defendant's legal costs . Or time scale in the Court service- generally very long.

So I do not wish to appear rude, but I do suggest that before you promote another potential avenue of claim to the relatively simple Ombudsman process you should suggest a little more precisely what action you envisage being taken, who is going to take it, and how it would be of greater benefit to the individual than a claim to the FSOmbudsman.

There is no FSCA of course- I assume that is a typo for the FSCS who could, I am told, become relevant again if  Ombudsman compensation is awarded but ITI cease trading and cannot pay the compensation. (note- I have not checked this point out myself, it could be wrong)

My2penneth

I received a letter from iWeb this morning to say that they have received a valuation from ITI Capital. There are no stocks in the valuation and a small amount of cash which they suggest could be withdrawn to a bank account. They therefore cancel the transfer request.

Just another example of ITI's incompetence and proof that they don't really know what is in the accounts at the time of writing to iWeb..

rnf11

My2penneth said:

I received a letter from iWeb this morning to say that they have received a valuation from ITI Capital. There are no stocks in the valuation and a small amount of cash which they suggest could be withdrawn to a bank account. They therefore cancel the transfer request.

Just another example of ITI's incompetence and proof that they don't really know what is in the accounts at the time of writing to iWeb..

Priceless!!! It's just like a game of "Snakes and Ladders".......

However, I too got letters from IWeb this morning, dated 10th September (IWeb does have a glitch on its website preventing the uploading of a phone number to permit text comms). Looks like the ISA is more advanced in the transfer process than the ordinary, even though the latter was the first request to go in.

Jamesram

My2penneth Not often lost for words but temporarily almost speechless- I am really sorry to hear about that- particularly the iWeb cancellation of transfer- logical from their point of view, but what now?

jenwrendorset

Just received email requesting that we complete a W-8BEN form and self certification forms for a joint account which only contains some stray L&G (LSE) shares - what's all that about!!!! Our personal details for that account has my husband's gender as female, correct DOB but my place of birth......their application form is 4 pages long and I have neither the time or inclination to complete it, they already have had all that information..........thank goodness Sainsburys has another window sale on!