SVS Securities - shut down?

Jamesram

jenwrendorset said:

Any suggestions as to whom to contact re. all these missing dividends - in our case L&G (24 Sep); BP (25th Sep) and latterly GSK (8 Oct).  The L&G dividend is due to be paid into an account which is not waiting upon transfer so an earlier comment that they may be delayed due to the transfer process isn't applicable. I note today that cash has now disappeared from the dashboard on my account, as yet not 'landed' anywhere but ever optimistic I will check later on.  Will also be contacting iWeb to ask them if valuations received for remaining 2 accounts (only 1 transferred to date), if not will suggest they bring more pressure to bear.

On Saturday AM I sent a final notice by email  to Rahul Agarwal that I would be issuing proceedings on Tuesday if my SLA divi was not paid to me or my new broker iWeb. I received a Reply within a few minutes:

"Acknowledged. Will have this addressed with the appropriate department internally.

Regards, Rahul"

This is the closest to a personalised response that I have had from ITI in the last few weeks- it seems to be a reply rather than an auto-response, I think.

I am serious about issuing a money claim online tomorrow in default of resolution by ITI. The divi in question is just less than £250 so the advantage is that the court fee is only £25. Obviously this divi cash is small beer in the scheme of things but 1) I am hoping a court action will wake up ITI to the possibility of multiple claims if this divi situation continues and 2) it just might up the stakes so far as FCA and possibly even LC are concerned, if they see that court action is now having to be taken to obtain what is rightfully OUR cash.

I can hardly believe what I am saying here as I type - there have been lots of rogue financial outfits over time, but I can't think of any which have enjoyed the implicit backing of the FCA whilst continuing to perpetuate their known and reported misdeeds!

9406824

Is there any court action that we can take to force the transfers out from shiti crapital that have been ongoing for more than 2 months.

Jamesram

ITICAPITAL said:

Is there any court action that we can take to force the transfers out from shiti crapital that have been ongoing for more than 2 months.

Yes there is. An application could be made to your local County Court for an Order that ITI transfer your stock out in compliance with its contractual obligations to you and in compliance with the Court Order and Sale Agreement which ITI made with the Special Administrators. This would be by way of a mandatory injunction and/ or order of specific performance  of the contract.

The only problems with this course of action are

1) time -although it might be possible to ask for an interim injunction, perhaps even without notice on an ex parte basis- ie just hearing your side of the story, because in principle your rights of transfer are so obvious. Alternatively, you might get permission to give short notice. That would speed things up, but a lawyer versed in current Court practice and judicial attitude would have to advise about the practicality of this. Otherwise, a full court hearing could take many months, although less of course if ITI chose not to participate at all.

2) expense - this is not something that can be equated to a simple online action for money owed- there are substantial Court fees and lawyer's costs to consider from the start

3) Risk. You cannot generally get an injunction or similar order in the Small Claims jurisdiction, so there is always the risk of exposure to the other side's costs if you lose, or something goes wrong in procedure, and you cannot guarantee that you will receive all of your own legal costs even if you win- in fact it is quite likely that you might only get ITI to have to pay say 80-90% of your own legal costs even if you win hands down.

If there is CASH you want to claim, that is different of course. If its in a trading account or you are prepared to lose the ISA tax wrapper, you can issue a money claim online for the whole amount up to, I think, £100K, You don't need a lawyer, and should get the Court fee back if you succeed and get an Order for payment. If ITI decided to Defend the case, for any reason, then their legal costs might become an issue if you somehow lost the case and the value was over the Small Claims limit. However, ITI would first have to file a written Defence so you would be able at that stage to discontinue your claim at little if any cost.

Some of these issues are complicated, and I set them out as general pointers to possible remedies- anyone considering bringing a substantial claim should of course first take up to date legal advice based on the facts of your particular case.

Josl

ITICAPITAL said:

Is there any court action that we can take to force the transfers out from shiti crapital that have been ongoing for more than 2 months.

I am ready to take legal action against ITI Capital. It should really be against the FCA. The FCA has ITI regulated and they approved the appointment. After all, they are the ones mainly responsible for this chaos. If someone has a name of a competent law firm that specialises in finance/insolvency law, those of us who want, can join hands to take these dept to the court. Other who have had losses and transferred out can also consider taking legal action. This should really be a class action.

My2penneth

ITICAPITAL said:

Please everyone get complaining to the finanacial ombudsman - that’s the only thing that will make shiti crapital sit up and take notice.

The 8 weeks wait from my initial complaint to ITI (D Moss) with copy to the FOS was up today so my complaint against ITI is now live.
Filling in the FOS online form is easy. Note, to investigate a complain will cost ITI £650. That's why ITI have been offering £50/£100 sweetners (bribes) to various clients so they don't raise the issue with the FOS. However, is it worth £50 to put up with this level of poor service - I think not! 

My2penneth

Ravima said:

finally got access to my accounts, that I can close. 

Good luck...... start preparing your case against ITI now.

johnburman

Remember, all family members who have accounts can complain to the FOS. It's too early for FOS decisions but it will be interesting to see what they award for the simple fact of the delay and hassle factor as well as the deprivation of access to accounts. 

jenwrendorset

Followed Jamesram's advice (pg 477) and contacted Rahul this afternoon but didn't get same quick response, in fact I'm still waiting. I've sent off an email to Moneybox so will be interested to see if that produces any results - I would have thought they would have already been onto ITI.  4 x FOS complaint forms will be completed this week although I have already emailed them on a couple of occasions but due to Covid-19 etc. etc. nothing of any substance has followed.

My2penneth

johnburman said:

Remember, all family members who have accounts can complain to the FOS. It's too early for FOS decisions but it will be interesting to see what they award for the simple fact of the delay and hassle factor as well as the deprivation of access to accounts. 

When I spoke to the FOS they suggested that as my wife also had accounts with ITI that they add her name on to the complaint as well. Perhaps it would have been better to keep it separate (2 investigation claims = £1300 fee)..drat! 
 

My2penneth

https://www.financial-ombudsman.org.uk/contact-us/complain-online