SVS Securities - shut down?

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

 
 

My2penneth

Ravima said:

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 ma, but payable to a nominated charity. Lets see if they agree. 

If you agree to the probably small amount of compensation offered by ITI then this will allow them to "get away with it". By registering a case with the FOS, ITI Capital will receive a £650 case fee regardless of guilt or innocence. Then they will need to stump up any compensation anyway. So, if they offer you £150 to effectively "shut up" then they have won.

Please - don't let them get away with it for a small bribe!  

manorhouse

ITI are by far the worse broker mob i have ever had to deal with , i do not know if it is incompetence or dishonesty.
I took part in a rights issue there was a scale back of excess application.
I was awarded 10 times less then with Iweb when i question just bamboozled and delayed .
I sent them IWeb allocation of scale back and the company RNS on it.
After being told every week we are looking into it two months pass then i am  told nothing we can do 
They have sent another offer  this time they have added this line 

 "Pro-ration rates processed by IBKR on over-subscriptions may differ from the general market rate."

Can anyone throw any light on IBKR ?
Are the using sub contractors ?
Buy the time the excess shares were allocated we had  already seen over 100% gain of the offered shares in the market .
Could "IBKR " have kept these for own gain ?
Would my allocation of been different if there was no premium  or indeed if the market share price had fallen below the offer price ?