SVS Securities - shut down?

RasputinB

These comments taken from Ombudsman Final Decisions might be useful as a guide to their attitude with transfer delays, distress and inconvenience etc. When searching I used “stockbrokers” and that may be why Barclays came up so often. I know that they did have considerable problems after they changed their platform in, I think, 2017.

Bear in mind that claimants have had to be quite persistent to get to the Ombudsman stage. I think I saw somewhere that only 10% of claims to the FOS get that far.

To get the full pdf of any decision of interest enter the case number (starting DRN) here https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions

DRN4142187 Louise Bardell Ombudsman

There was no dispute that Barclays failed to provide the promised level of customer service during the transfer.

I find that Barclays failed to provide the promised level of customer service during the transfer and as a result, caused Mr A to be out of the market for a longer period than would otherwise have been the case.

DRN4638886 Venetia Trayhurn Ombudsman

The transfer completed just under 12 weeks...

It was still within a reasonable timescale for arranging the transfer – and within the 6 to 12 weeks that Barclays quotes for transfers out.

DRN4350823 and DRN5626431 Philip Roberts Ombudsman

In my provisional decision I said it’s normal for brokers like Barclays to tell their clients about corporate actions.  I realise that Barclays may not have been contractually obliged to do so but it should step back and think about what has actually happened here.

DRN9340191 Tony Moss Ombudsman

BS admitted responsibility for various delays and said its level of service fell short of what it would normally offer its customers. But it didn’t accept liability for Mr H’s investment losses.

It initially offered Mr H £500 for trouble and upset which it increased to £700 after Mr H had provided details of his £413.72 dealing costs.

DRN5780699 Michael Stubbs Ombudsman

If I find that an error on the part of a business has caused the consumer a financial loss then I can award compensation for this loss. I can also award compensation to reflect the distress and inconvenience that has been caused by the business’s error.

DRN7346961 Philip Roberts Ombudsman

Barclays is a regulated business and it’s subject to the FCA’s Principles which include:

6 Customers' interests

A firm must pay due regard to the interests of its customers and treat them fairly.

7 Communications with clients

A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

Barclays’ points included:

Mr C’s account with Barclays is an execution only dealing service where customers make their own decisions about the investments they have in their account.  Barclays has no part in the customer’s management of their account.  It only provides custody and execution services.

I might expect Barclays to write to its customers but it doesn’t provide that service.

An ombudsman does not have the power to require it to do so......

I am not saying Barclays should change it business practices.  I do however have to make an assessment of whether Barclays have treated Mr C fairly and reasonably in all the circumstances of this case. And it remains my view it did not in this case.

DRN2068935 James Harris Ombudsman

Where this service makes an award in respect of the trouble and upset caused by a business’ error, or errors, we base this upon what we consider to have been the impact of the error and its consequences for the consumer.

I accept that the delay in transferring Miss K’s ISA would have been frustrating and that the additional issues that followed would have compounded this frustration. After the adjudicator’s intervention the total amount now being offered to Miss K is £250

DRN2924547 James Harris Ombudsman

Mr B held an ISA that was administered by Barclays. He made a request for it to be transferred to an alternative provider in December 2012. Unfortunately the process was not completed until some months later in July 2013.

Mr B complained to Barclays about the delay. It acknowledged that its service had not been adequate. It provided an explanation of what had gone wrong and pointed out that responsibility for the delays sat partly with the provider to which the ISA was being transferred...

I direct Barclays Stockbrokers Limited to pay Mr B £350 for the trouble and upset caused by the delays in transferring his ISA.

DRN9980171 Doug Mansell Ombudsman

It’s clear Mr S found the apparent fluctuation in value of his SIPP disconcerting. And it took Barclays quite some time to explain the position following Mr S’s query. I appreciate Barclays’ point that its systems aren’t always able to deal with unusual investments. But I think it has a duty to provide accurate records of the investments held within the SIPP. So I think this aspect of Mr S’s complaint should be upheld.

Turning now to Mr S’s wish to transfer some of his SIPP investments to another provider, he informed Barclays in April 2015 that he wanted to move his US dollar assets. But the transfer wasn’t fully completed until the end of October 2015. It seems there were some problems in establishing precisely which of Mr S’s holdings were to be transferred, and the way this should be done. But I don’t think this explains or justifies the very long delay in completing the transfer.

I’ve not seen evidence Mr S has suffered an actual financial loss through the delay. It was always his intention that his investments were to be transferred “in specie”. That is, the same holdings would simply be moved to another SIPP provider. So there was no buying or selling

of investments involved. But I think the process caused Mr S considerable inconvenience and some stress, for which he should be compensated.

I uphold the complaint in part and require Barclays Stockbrokers Limited to pay Mr S £600 for the trouble and upset he’s been caused.

DRN2145369 Philip Gibbons Ombudsman

Mr and Mrs E complain that Barclays Stockbrokers Limited delayed the transfer of their account to a new broker.

Barclays had provided no evidence that six to eight weeks was the normal timescalefor transfer as it had suggested.

It was reasonable to use four to six weeks as the normal timescale for transfer.

Because of the issues that arose with its SmartInvestor platform there was an increased amount of work which meant the normal timescales couldn’t be kept to.

Barclays should pay:

Interest of £164 for delay in payment unless it shows the payment was made earlier, on 8 November 2017 in which  case it should pay £135.

£134 for additional tax payable unless Mrs E shows she wouldn’t have incurred any tax in which case it should pay £268.

£300 for the distress and inconvenience caused to Mr and Mrs E.

£100 for the delay in dealing with the complaint.

eskbanker

Sheris said:

eskbanker said:

Sheris said:

eskbanker said:

johnburman said:

I have received an email from Jarvis x-o saying that they have had mass delay with transfers from ITI and HERE IS THE INTERESTING BIT they have informed the FCA.

There is no progress with our transfers which are now 9 weeks old. 

One wonders what the FCA is doing about this.... !!!!!! all for all I can see. BUT we should keep the FCA informed as to our position and keep the complaints to them coming. 

Many ISA transfers between numerous permutations of providers have been conducted well outside guideline timescales this year, given the Covid crisis that has naturally impacted on resourcing and efficiency levels throughout the financial services industry (and all others).  Not saying that the delays with transfers from ITI can be solely attributed to such issues but just highlighting that they're far from alone in not operating at the desired level, i.e. don't expect that FCA to leap into action for this particular company when they're not really out of step with what many others have been doing without apparent sanction.  That doesn't mean that two wrongs make a right of course!

Are you you for real, this has been going on for well over a year.   

For the avoidance of doubt, my comments clearly related specifically to the subject of delays in transfers - ITI were only announced as the new broker four months ago and no transfers could actually be initiated until late July at the earliest.  Don't get me wrong though, I'm not trying to defend them, I'm just observing that their performance on transfers isn't noticeably out of step with many other companies during these turbulent times - obviously this doesn't make it right or acceptable, but is worth bearing in mind when expecting the FCA to ride in on the white charger....

eskbanker, You keep observing from what ever plant you are on, If you are anywhere near the the moon, please pop in and see if my accounts are there, very easy to look in when you do not know the facts.  

Feel free to highlight any statements I've made about transfers in the above quotes that are factually incorrect....

Sheris

eskbanker said:

Sheris said:

eskbanker said:

Sheris said:

eskbanker said:

johnburman said:

I have received an email from Jarvis x-o saying that they have had mass delay with transfers from ITI and HERE IS THE INTERESTING BIT they have informed the FCA.

There is no progress with our transfers which are now 9 weeks old. 

One wonders what the FCA is doing about this.... !!!!!! all for all I can see. BUT we should keep the FCA informed as to our position and keep the complaints to them coming. 

Many ISA transfers between numerous permutations of providers have been conducted well outside guideline timescales this year, given the Covid crisis that has naturally impacted on resourcing and efficiency levels throughout the financial services industry (and all others).  Not saying that the delays with transfers from ITI can be solely attributed to such issues but just highlighting that they're far from alone in not operating at the desired level, i.e. don't expect that FCA to leap into action for this particular company when they're not really out of step with what many others have been doing without apparent sanction.  That doesn't mean that two wrongs make a right of course!

Are you you for real, this has been going on for well over a year.   

For the avoidance of doubt, my comments clearly related specifically to the subject of delays in transfers - ITI were only announced as the new broker four months ago and no transfers could actually be initiated until late July at the earliest.  Don't get me wrong though, I'm not trying to defend them, I'm just observing that their performance on transfers isn't noticeably out of step with many other companies during these turbulent times - obviously this doesn't make it right or acceptable, but is worth bearing in mind when expecting the FCA to ride in on the white charger....

eskbanker, You keep observing from what ever plant you are on, If you are anywhere near the the moon, please pop in and see if my accounts are there, very easy to look in when you do not know the facts.  

Feel free to highlight any statements I've made about transfers in the above quotes that are factually incorrect....

There is no problems with other financial companies on transfers as you stated, ITI (DO NOT) even know the word of acknowledgement and that includes clients, as I stated to you in the previous you do not know the facts.    

johnburman

Has anyone spoken with/had a response from a person at the FCA who has provided them with any useful or otherwise information at all? 

RasputinB

Yes, I had a response from the FCA. See https://forums.moneysavingexpert.com/discussion/comment/77619078/#Comment_77619078

eskbanker

Sheris said:

eskbanker said:

Sheris said:

eskbanker, You keep observing from what ever plant you are on, If you are anywhere near the the moon, please pop in and see if my accounts are there, very easy to look in when you do not know the facts.  

Feel free to highlight any statements I've made about transfers in the above quotes that are factually incorrect....

There is no problems with other financial companies on transfers as you stated    

There have been plenty of threads about delays in ISA transfers on this board - granted, more of them are about cash ones than S&S, but the point remains valid, i.e. that the mere fact of not conducting ISA transfers in accordance with the guidelines on target timescales doesn't instantly provoke the FCA into immediate action with sanctions for the offenders, i.e. there is latitude in the circumstances, despite inconvenience for the customers.

https://forums.moneysavingexpert.com/discussion/6157697/iweb-veeery-slow-isa-transfer
https://forums.moneysavingexpert.com/discussion/6135413/isa-transfer-not-happened-yet/p1
https://forums.moneysavingexpert.com/discussion/6184408/isa-transfer-delay
etc....

Sheris

eskbanker said:

Sheris said:

eskbanker said:

Sheris said:

eskbanker, You keep observing from what ever plant you are on, If you are anywhere near the the moon, please pop in and see if my accounts are there, very easy to look in when you do not know the facts.  

Feel free to highlight any statements I've made about transfers in the above quotes that are factually incorrect....

There is no problems with other financial companies on transfers as you stated    

There have been plenty of threads about delays in ISA transfers on this board - granted, more of them are about cash ones than S&S, but the point remains valid, i.e. that the mere fact of not conducting ISA transfers in accordance with the guidelines on target timescales doesn't instantly provoke the FCA into immediate action with sanctions for the offenders, i.e. there is latitude in the circumstances, despite inconvenience for the customers.

https://forums.moneysavingexpert.com/discussion/6157697/iweb-veeery-slow-isa-transfer
https://forums.moneysavingexpert.com/discussion/6135413/isa-transfer-not-happened-yet/p1
https://forums.moneysavingexpert.com/discussion/6184408/isa-transfer-delay
etc....

So three complaints not happy, out of thousands that are more than happy, two of them are many months ago.
How many complaints are there on this forum with L&C and ITI ?
Who knows how many other ex SVS clients in the world that are having the same problems.
 

Josl

On a relevant news, Leonard Curtis are thriving...having just signed a 10 year lease for a flagship office and business has never been better since its existence. Pinstripe suited criminals.
https://www.consultancy.uk/news/25715/professional-services-firm-leonard-curtis-celebrates-25-years
https://www.insidermedia.com/news/midlands/professional-services-business-relocates

Sheris

Josl said:

On a relevant news, Leonard Curtis are thriving...having just signed a 10 year lease for a flagship office and business has never been better since its existence. Pinstripe suited criminals.
https://www.consultancy.uk/news/25715/professional-services-firm-leonard-curtis-celebrates-25-years
https://www.insidermedia.com/news/midlands/professional-services-business-relocates

Well done Josl on the info, as before just find all the info thats possible.  

Michael_Reynolds

eskbanker said:

I think this hits the nail on the head - as I recall there was only one poster who put him/herself forward for nomination to the creditors committee and only one who claimed to have actually attended the meeting, which reinforces the impression that talk is cheap, i.e. it's one thing for posters to make belligerent sabre-rattling posts on here and to fire off stroppy emails to all and sundry, but another to get more actively involved and walk the walk.

In defence of my own situation I'm 12,000 miles away but I take your point. The trouble is that we were all way too trusting. As soon as we got wind that the majority of us would be covered by FSCS we sat back and let it all happen believing that LC would ensure our interests were protected. It has cost the tax payer GBP45M to recover $284M. A staggering amount of money and the meter is still running. Still I am appalled that the committee could have been elected with only 8% of the vote. There should be a minimum required and LC should have sent out individual emails to all clients stating the importance of the vote for the creditors committee. Hindsight is so useful don't you think?