SVS Securities - shut down?

Monsieur_Bourse

eskbanker said:

My2penneth said:
I would want at least £650 compensation - this is the minimum ITI would face.

The FOS guidance on compensation is at https://www.financial-ombudsman.org.uk/businesses/resolving-complaint/understanding-compensation - if it was as simple as saying to a financial institution 'give me £650 as that's what you'd have to pay FOS', that would be a very dangerous precedent for the industry, so don't expect them to see that as a benchmark starting point for discussions!

I take your point eskbanker but in the case of ITI Capital, who I would have thought are the exception to the rule when it comes to complaining about a FCA regulated company, with the volume of complaints being lodged against them. If they exceed 25 complaints lodged against them then the £650 fine kicks in, this will be on top of any compensation that they may have to pay out to the complainant. So I think that My2penneth makes a good point when stating that £650 could be a good figure to aim for. But after reading the link you kindly supplied I see that compensation is broken down into 4 categories when claiming for  Distress and Inconvenience: Moderate, Substantial, Severe and Extreme. I think that we can only aim for the Moderate category realistically, so if the figures quoted on the website are the maximum then the compensation would be capped at £500. Presumably ITIC would know this.

In my own case the figure offered is below £500, so I will consider whether I wish to proceed with a complaint to the FOS. I telephoned the FOS this afternoon to enquire if I could make a complaint without a UK based address, a very nice lady assured me that there is no problem in making a complaint, as long as the company you are complaining about is UK based. After re-reading the online form I see that it actually asks for country of residence.

olderbutnowiser

Regarding dividends, can anyone help me regarding the recent Vodafone dividend that went ex-dividend on 11 June and was payable on 7 August. I had originally assumed that this would have been payable to ITIC but reading the discussion over the past few days, could it be that this should have been paid to LC? On the record date the cash in this account with the previous dividends had not been transferred to ITIC, this was done on 19 June.

Any clarification on this point would be much appreciated.

 

Nbs222

Gibson81 : I understand these monies are not visible in our ITIC accounts because it is being held in some sort of holding account because technically our accounts have been closed since we made our transfer requests.
If above is true then ,why can't ITI communicate this to everyone , It will save us lot of stress but also ITI will have less emails from us.

Nbs222

olderbutnowiser : Vodafone dividend seems to have been credited to my PX account , it may have been credited first into Qort account then moved to PX account.

eskbanker

Monsieur_Bourse said:

I take your point eskbanker but in the case of ITI Capital, who I would have thought are the exception to the rule when it comes to complaining about a FCA regulated company, with the volume of complaints being lodged against them. If they exceed 25 complaints lodged against them then the £650 fine kicks in, this will be on top of any compensation that they may have to pay out to the complainant.

Just to be clear, the £650 isn't a fine, it's a case fee payable for all cases accepted by the FOS for investigation above the initial threshold of 25 cases, regardless of whether or not they're upheld.  In terms of complaint volumes, 25 cases isn't much at all in the general scheme of things - Barclays Bank for example had 8,443 cases referred to FOS in the first half of this year, out of a total of over 100K, so that puts the ten ITI ones into some sort of perspective, i.e. they perhaps are the exception to the rule but not in the direction you meant!

shawdon

Painful update:
First the good news, of the 2 out of 10 accounts that have been transferred to HL, the cash (dividends) has now arrived as well as the shares, now the bad news:
1. the recent BP, AVIVA and AA dividends are still missing from those 2 accounts and cannot be seen on either ITI or HL systems, so they have just vanished into thin air
2. the other 8 out of 10 accounts are still in limbo with ITI and i have received confirmation from HL today that ITI are holding these transfers up and have sent new valuations to HL today which is crazy as they previously sent them on the 17/9 which HL accepted the same day, so this proof that ITI are holding things up
3. none of my BP or AVIVA dividends are visible on the ITI system despite being paid nearly 3 weeks ago
4. still no reply from the top 3 managers at ITI to my latest email copying my MP, Dominic Raab which just shows how incompetent they are

olderbutnowiser

Nbs222 said:

olderbutnowiser : Vodafone dividend seems to have been credited to my PX account , it may have been credited first into Qort account then moved to PX account.

Thanks for that. Looks therefore that my VOD dividend has gone AWOL, together with the 4k cash. Life is not easy with ITIC!

rnf11

olderbutnowiser said:

 Vodafone dividend ......

I first saw my dividend from VOD in the onboarding a/c on 27th August 2020 (not identified as such - but the value was correct).

Researcher16

Like others I am still awaiting transfers of shares and the appearance of dividends.

I have complained to the FOS, LC and ITI including attaching a detailed timeline of (non) events from when I first received account log in information from ITI.  I have had almost no replies from ITI at any time.  

I asked LC why shares couldn’t have been transferred directly to our brokers of choice.  I was sent the lengthy explanation of the process leading to selection of ITI that others on here have also received as well as a statement about how transferring to brokers of our choosing would have made the process even longer.  I am not convinced of this as I pointed out in part of my reply that I have copied below. I haven’t had a response.

You state that “The alternative to transferring clients to ITI Capital …… could have added at least another 6 months (maybe even a year) to the administration”.  As things stand it is already almost 4 months (and counting) since the legal transfer of client assets and client money to ITI was completed.  Presumably the process of getting to the legal transfer after ITI had been selected took some time which would be added on to the time of whittling down the shortlist of 100 bidders in the first place so I am not convinced the alternative would have been longer, especially as batch transfers could have been made to common alternative brokers of SVS clients. 

sweeter_strudel

iWeb transfer of ISA out.... progress and news of sorts
Just got in touch with a handy person at iWeb. My transfer away from ITI of my ISA (the second half, so everything left behind after my first transfer and the cash) has been requested and they are "awaiting a valuation from ITI". The handy person then mentioned that they had set up an entire iWeb team to handle all the transfer requests out of ITI - and were processing them in batches of three or four hundred per week.
He said that ITI were not the easiest, and laughed when I asked, if you upset the iWeb boss do you get sent to the ITI Transfer team as punishment. He said they were planning a huge party at Christmas to celebrate the end of ever having to deal with ITI. I said Christmas was probably optimistic.