SVS Securities - shut down?

Monsieur_Bourse

Today we sold all the shares in my wife's account, not something that I really wanted to do, but looking at the state of the market at the moment the decision became a little easier as I wanted to move some assets into cash. Her transfer to HL has not even progressed to ITI screwing up in their initial attempt, so after only waiting 23 minutes today for HL to answer the telephone she informed them that she wished to cancel her transfer. Obviously HL have not employed any extra temporary staff to cope with the mass exodus away from ITI, they expected their clients who obviously have nothing better to do with their lives to wait and wait until they decide to answer the telephone. Another useless bunch.

The next battle will start on Monday when the funds have cleared in her account in trying to extract the cash from ITI. Whilst I am not happy with the option of paying £10 for same day transfer it will then bring to an end her association with ITI Capital, although there is one small dividend missing, we will chase that up once she has the bulk of her cash out. Has anybody actually tried paying the £10 fee and has the money actually been transferred the same day?

She lodged her formal complaint with Moss about 3 weeks ago, who has acknowledged receipt of the complaint, but has not answered the complaint. Once the 8 weeks is up will we then officially complain to the FOS.

shiznit76

Jamesram said:

Yes shiznit76 on 21 September- got my trading account transferred after loads of hassle - now suing ITI for a dividend that should have followed.

My partner however remains in the crazy situation that iWeb can "see" her 5 stocks (and £14K) in her ISA, and we agree those stocks and quantities are correct, but somehow ITI are not providing necessary  final info- a Settlement date? a correct Valuation?- I don't know or understand the technicals and don't want or need a new hobby interest, frankly.

So we remain stuck. The only consolation is the current direction of the markets- but that won't last for ever.

any tips on how to get the transfer complete?

Sheris

shiznit76 said:

has anyone managed to transfer out to Iweb yet?

Dealing account about 2 weeks ago but no monies. Isa no luck, Iweb told me today there is no response from ITI
  
   

Emillion1

I just had a call from someone representing Oakwood Solicitors. Has anyone else had the same and taken up their offer of help?

shiznit76

sounds like ambulance chasers

Ravima

Financial Ombudsman complaint now registered and number supplied.  Interestingly, ITI sent a final response letter today as well. There was an offer of compensation, subject to confidentiality agreement. I have asked for an uplift to be sent to me, but payable to a nominated charity. Lets see if they agree. 

Emillion1

shiznit76 said:

sounds like ambulance chasers

For sure they are, just wondered how they got my details.  Also my understanding is that Solicitors can't pay referral fee's.  Some serious GDPR breaches going on here

shiznit76

That's been happening since SVS went down the tubes. People were getting calls within weeks of the demise. Had a few myself, and emails also. Rumour was that former SVS employee(s) sold the client base data, don't know if true or not

Jamesram

shiznit76 said:

do you have to 8 weeks from complaint being "notified" before contacting Ombudsman? I emailed Philip Eva yesterday asking for help in getting me out but he said he cannot help and ITI have 8 weeks to respond to my complaint on 18th September before i can go to ombudsman. God knows where that date came from, but was the date he for contacted me saying he was the ITI complaints guy and was looking in to my compliant

Apart from the FOS site itself, MSE have some good pages: https://www.moneysavingexpert.com/reclaim/fight-back-fos/

The 8 weeks is a maximum period from the date you submitted your complaint to the company. As I understand it, if you get an unsatisfactory final response within 8 weeks you can immediately make an FOS complaint. In fact, the rules of the FOS scheme require the company to tell you, within their final response, that you have a right to complain further to the FOS.

I have actually decided to discontinue my existing  FOS claim because I am not happy with admin response so far and in any case my claim does not cover all matters to date and ongoing, eg non-payment of dividend. I will be re-submitting a VERY full Complaint to ITI as soon as all matters, including my court claim, are resolved, with FOS to follow - I do not anticipate settlement. This is not going to be a quick process though.

My2penneth

[Edited by Forum Team]

I think you have made more than enough attempts to contact ITI. Hopefully you will have a call log (maybe on your mobile phone?) - it would be worth counting up the number of attempted calls to ITI and making a list of emails sent (email sent on date xx/yy/2020). I'd compile as much supporting evidence as possible and then all one can do is hand it over to the FOS. 

This week, I've emailed Agrawal , Eva and told them I have raised a complaint with the FOS and they have not even bothered to reply.  maybe they incorrectly think I am bluffing (my case number is PNX -3839658-Q3Z8) ?

To resolve issues in my complaint I have asked for 
(1) Our accounts (mine & wifes) to be transferred 
(2) ITI to provide full visibility of all dividends in all accounts (I deliberately stated "ALL").
(3) Appropriate compensation

Items (1) to (3) are not unreasonable requests - indeed (1) & (2) they are legally obliged to do !!!!!!! 

So, ITI will receive a £650 case investigation cost and a further possible cost for compensation.

I urge people to complain to the FOS.  Even If you have raised an internal ticket and ITI capital have not answered, that is your inroads to filling out the complaint form in which you can add in other supporting info (such as number of attempted calls, number of emails sent).

I would suggest that one completes a form for every family member affected.

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

The complaint form is here
https://www.financial-ombudsman.org.uk/files/69/Complaint_form.pdf