SVS Securities - shut down?

RasputinB

Some thoughts and questions.

First a reminder that this week is the last chance to demand a Reverse Transfer. (The Reverse Transfer Cut-Off Date is three months after the Settlement Date which I think occurred on the 24th July.)

There is a 6 year time limit for making a complaint to the FOS. Once made to ITI Capital  (an expression of dissatisfaction is a complaint) and having received a Final Response there is a six month time limit for escalating to the FOS. See https://www.financial-ombudsman.org.uk/faqs/all/time-limits-complaints

When my complaint goes to the FOS would ITI Capital’s breach of CASS, or other rules, effect the amount of compensation I could expect? If I move to another broker because I suspect that ITI Capital was failing to administer my account properly then I’d argue that I should be compensated for any costs and losses associated with the move. But could the FOS ombudsman decide that as the FCA / LSE have not said that ITI Capital was in breach of the rules there will be no compensation for a move that was my choice?

If I choose a Reverse Transfer then the administration of my account will remain with ITI Capital but SVS / Leonard Curtis will be responsible. Would I then be able to raise two complaints? One against ITI Capital for maladministration when the account was with them and another against SVS / Leonard Curtis for when the responsibility was back with them?

Josl

Jamesram, Under SPA, administrator has the responsibility to reconcile first then deal with claims or counter-claims as part of reuniting funds/assets to its clients and establishing the creditor committee.
Two separate stages of administration. Therefore, reconciliation must have completed for administrators to move to the next stage.

Josl

RasputinB, Good point on the reminder. ITI capital gave access on the 24th, Court documents state 23rd being the date, so if I were to revert the transfer safely, I'd demand by 22-Oct.

Jamesram

RasputinB -re thoughts and questions. Thank you for pointing out the Time Limits, especially FOS-very important.

As regards your third paragraph, I think that is an excellent argument, although I am not sure what "costs and losses" you have in mind, 2 points occur to me.

1) I think you could make the point to the FOS that you are mitigating potential future loss and damage by moving to a new brokers, and therefore any expenses incurred should be compensatable.(if that's a word)

2) The FOS will certainly take account of breaches of the legal rules- I read it on their website, but I don't think establishing such a breach will of itself increase any amount of compensation. A concept of "aggravated or exemplary" damages is sometimes (rarely) applied in the courts to increase awards to indicate disapproval of particularly bad conduct. I don't think that has any application to the FOS scheme of compensation.

However, you could claim that the anxiety distress and inconvenience suffered is compounded by the fact that ITI is clearly sticking two fingers up to everyone concerned, including the FCA rules- that might register well with the FOS, particularly since part of the issue, at least early on, was the non-existence of any remotely adequate Complaints System, as required by the Rules!

As regards your last para, well you have got me there- I tried: second cup of coffee and the only result is a headache.

Jamesram

Fair and reasonable - [the test for assessing a complaint under FCS Rules DISP 3.6]

"DISP 3.6.1 R 06/04/2008   The Ombudsman will determine a complaint by reference to what is, in his opinion, fair and reasonable in all the circumstances of the case.

DISP 3.6.4 R 06/04/2008     In considering what is fair and reasonable in all the circumstances of the case, the Ombudsman will take into account:

1. relevant:(a) law and regulations ( b)regulators' rules, guidance and standards; (c) codes of practice; and
2. (where appropriate) what he considers to have been good industry practice at the relevant time."

Came across these provisions of the FCA Handbook which set out the FOS Scheme, and they distill the FOS Complaint system in to these 2  issues- thought I would post them up because they seem to clarify the basic issues rather well:-

1) Has the Respondent acted unfairly and unreasonably, taking into account  general law, FCA and LSE regulators' rules and guidance and codes of practice (eg ISA transfer guidance) and good industry practice?

2) If so, has the Complainant thereby  suffered loss - actual financial,  or intangible (anxiety distress inconvenience)?

RasputinB

I have several complaints with the FOS relating to another stockbroker. After a couple of Subject Access Requests I started to pull at a can of worms. The FOS is trying to close off the case before more comes out of the can!

This is what they told me recently "Your complaint is currently at the ombudsman stage but is still waiting to be allocated as you’ve asked for time to respond to a few points. I understand you’re waiting for the ICO to get back to you so you can provide a response on those points, but the ombudsman doesn’t require a view from the ICO to issue their decision".

So there you go, I reckon that in my case the FOS is sticking two fingers up to me!

shiznit76

Iweb still saying that they have had no further contact from ITI since the valuations sent out weeks ago

Monsieur_Bourse

Could somebody advise me if possible as to how I stand with the complaint that I lodged against ITI Capital. I have received a reply from ITI accepting everything that I complained about, and very kindly laid in out in the reply to my complaint. I used the buzz words: stress, inconvenience and anxiety. As posted before they have offered me an amount of money which is reasonable I would say, not trying to be secretive here but I am respecting their request for the matter to remain confidential, although I do not know why after the way that they have treated us all.

In their reply they use the phrase,  'it will be in full and final settlement regarding the matters raised by you'. As I still have an ongoing complaint about the unacceptable amount of time that it is taking to transfer my account to another broker, does this mean that if I accept their offer I cannot lodge a further complaint? If this is the case then I will certainly be rejecting the offer from ITI Capital and progressing the complaint onto the FOS. Obviously this will then add to the stress and hassle levels and presumably take a long time to resolve, when in reality and like all us I guess, we just want to escape from ITI Capital and carry on with our lives.

pafpcg

snipkin said:

I have today received the cash amount from my ITI non-ISA account into my Jarvis XO account. However, I do not think this includes any dividends I have received recently as my ITI qort account does not seem to be up to date on my expected dividends. Oh well one small step at a time...

Jarvis credited your account on a Sunday?  Jarvis credited my account with the cash balance from ITI last Friday (16th).  The amount credited does match the sum of the amount of cash displayed in the ITI account when it was closed on my request to transfer-out, together with the amounts I'd expect for the two outstanding dividend payments both of which should have been received at ITI on 3rd Aug.  For me, thankfully, there's no obvious discrepancy.

RasputinB

Monsieur_Bourse said:

'it will be in full and final settlement regarding the matters raised by you'

I am sure that others are more knowledgeable but my view would be that it would be best to clarify what the full and final settlement specifically covers. Then add that you accept the amount of compensation without prejudice to your rights to make further complaint(s) and request further compensation if other issues arise.