SVS Securities - shut down?

pbcinlondon

I have just completed the FOS online complaint form. Anybody else done this? Worthwhile? Not holding out for any quick response or resolutions. Feel better for doing it though. 

Jamesram

helencary said:

Hi, 
can anyone give me email addresses for people that I can contact at iti that I might actually get a reply from please? 

Helen - a correction to my last post. Oleg is Chairman of the Board of directors of the ITI Group, of which ITI Capital forms part. He is also the founder and a Managing Partner (out of two) of the Da Vinci Capital parnership, which as I say "owns"  ITI Capital.

Just to be clear.

My2penneth

Emillion1 said:

I think the main question clients should be asking is actually to LC.  Where are my assets? Who is administering my assets, have my assets (cash & stock) been transferred out of SVS to ITI?  If so, I would want to know whether the CASS rules have been breached putting my assets at risk? CASS Rules 6.2.2 , 6.6.19 and 9.5.4 come to mind.  

Definitely at ITI capital in either your holding account (Qort) or in Phoenix or split between them.

pbcinlondon

Jamesram said:

helencary said:

Hi, 
can anyone give me email addresses for people that I can contact at iti that I might actually get a reply from please? 

Helen - a correction to my last post. Oleg is Chairman of the Board of directors of the ITI Group, of which ITI Capital forms part. He is also the founder and a Managing Partner (out of two) of the Da Vinci Capital parnership, which as I say "owns"  ITI Capital.

Just to be clear.

I tried a scatter gun email approach taking names of their listed people off their website  [ firstname.surname@iticapital.com ] and got a reply from one of them, the MD, Pierre Iseux. His reply wasn't particularly helpful, if anything a bit concerning:

START

Hi,

Please do not use my email address for your claim.

This is nothing to do with my line of business and I am not aware nor involved with the situation.

Thank you.

Pierre Iseux

END

My2penneth

pbcinlondon said:

I have just completed the FOS online complaint form. Anybody else done this? Worthwhile? Not holding out for any quick response or resolutions. Feel better for doing it though. 

Of course...ITI capital will be hit with a fine of £650 per complaint after the first 25 complaints whether "guilty of not".

FCA - waste of space..what do they do?
Written to my MP - same comment
emailed DaVinci over a month ago - no reply
FOS - Phoned & email form

Jamesram

pbcinlondon Yes, M Iseux has come up in discussion before.

On Linkedin he is ITI Capital's  MD Transactions & Advisory whatever that relates to.  ITI Capital says "Pierre Iseux benefits of over 20 years of investment banking experience..... He has strong relationships with a number of investment groups, SWF, credit funds and wealth managers in Europe and Middle-East."

It's Rahul Agarwal Head of Private Clients UK who is supposed to be our "go-to"man responsible. ITI say  "At ITI Capital, Rahul will be responsible for the profitability of the private client business including product, sales & marketing and dealing."  Its just that he doesn't seem to respond much.  Perhaps he is still at the "will be" stage?

rnf11

RasputinB said:

This is the (edited) reply I have received from the FCA after asking them if rules have been breached.
"I understand you're looking for clarification on rules within our FCA handbook as you have a complaint with a firm."
"I appreciate you've asked for clarification of a specific rule within our handbook, however we wouldn't be able to tell you or provide our opinion as to whether our rules have been breached or not. We can't interpret the rules within our handbook, if you'd like an interpretation you'll need to seek you're own legal guidance on the matter."
"We set the rules and regulations for authorised firms to follow in relation to their regulated activities; however we must remain impartial, this means we can’t investigate consumer’s individual complaints or disputes with an authorised firm, as we do not hold complaint resolution powers. Whilst we can't investigate or intervene we can log the information provided to us by consumers about their experiences with the firms we authorise, this is then made available to the relevant supervision teams here for their review."

It comes to something if the FCA are unable to give a clarification of the own rules.

For what it's worth, from the FCA's own webpage  "About us";  https://www.fca.org.uk/about/reporting-treasury-parliament

Reporting to Treasury and Parliament

First published: 19/04/2016 Last updated: 10/09/2020 

Understand who we are accountable to, and how we report on our progress.

We are an independent financial regulator, accountable to the Treasury and Parliament.

Every year we report to the Treasury on our progress through our Annual Report. The Treasury then submits a report to Parliament that examines our performance against our statutory objectives, and how we have dealt with major regulatory cases.

We appear before Parliament’s Treasury Select Committee (TSC) in a general accountability hearing twice a year to scrutinise all aspects of our work. We also regularly give evidence to the TSC and other Parliamentary committees.

As part of our accountability to Parliament we respond to requests for information from MPs and peers through letters, parliamentary questions and evidence to All Party Parliamentary Groups.

The Treasury appoints our Board, which manages and challenges our senior executives, helps hold us to account and helps set our direction as an organisation. The Board also ensures we achieve value for money and oversees senior appointments.

Investigating regulatory failure

We must carry out an investigation and report to the Treasury if there has been a significant regulatory failure.

Our approach to investigating and reporting on regulatory failure sets out how we will decide whether the conditions have been met, how we will carry out the investigations and how we will report.

The Treasury can require us to carry out an investigation and report to it where it considers that the conditions have been met, or if it thinks that an investigation is in the public interest.

Jamesram

rnf11, extract from your copied FCA webpage above " As part of our accountability to Parliament we respond to requests for information from MPs and peers through letters, parliamentary questions and evidence to All Party Parliamentary Groups."

Thats interesting, in that it is set out in black and white - the FCA's accountability to Parliament. My MP is Rishi Sunak, I have written to him in the past but I feel he and his support team ( who of course do the spade work on constituents' issues) have enough on their plate right now.

But some other MPs probably have less, not more, routine work to do at present with limited House of Commons activity, so it could  well be  worth complaining to people's MPs about the situation and in particular the FCAs role in it.

rnf11

Jamesram said:

johnburman said:

1  can certain gentlemen who post please moderate their speech.  Things are stressful enough as it is without reading 'intemperate' comments

Apologies to one and all- should not allow myself to be "wound  up". No one wants to read a spat about nothing less than 2 different points of view- and no one ever "wins".

Not to worry. It serves as a useful reminder that the English system is "adversarial".....

rnf11

Jamesram said:

Helen - a correction to my last post. Oleg is Chairman of the Board of directors of the ITI Group, of which ITI Capital forms part. He is also the founder and a Managing Partner (out of two) of the Da Vinci Capital parnership, which as I say "owns"  ITI Capital.

Just to be clear.

Which should be amended to:-

".... owns and financially supports"

(Vide Companies House documents - accounts).