SVS Securities - shut down?

rnf11

Given the past and ongoing difficulties suffered by so many with regards to getting their own cash out of the ITIC stone, I can't help but wonder what their performance will be like with regard to any compensation cash they agree to pay out.......

Jamesram

Monsieur_Bourse said:

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

If you look at the FCA Handbook DISP.3.4 and 3.3.4A  there is a distinction beween claims brought 9 July 2015 and those after that date. Pre 2015 complaints could be dismissed if "(4)the respondent has already made an offer of compensation (or a goodwill payment) which is: (a) fair and reasonable in relation to the circumstances alleged by the complainant; and (b) still open for acceptance" So even then, the offer had to remain open for acceptance when the FOS claim was being entertained.

But that provision does not feature in 4A, post July 2015 claims at all.

So I raise a rather broader question- can the FOS post July 2015 decline to hear ANY complaint when an offer has either  been accepted in settlement, or if it "remains on the table". This is in clear distinction to an acceptance  "in full and final settlement" of legal action, which in most situations would bar a claimant from starting or continuing a court  case.

If the FOS cannot decline to hear a claim where an offer is open or has been accepted, then the question of precisely what has been "settled", or is "offered for settlement"  does not arise..

Of course, if the offer is so generous that it outweighs any financial award then no further compensation will presumably be payable, and a lesser settlement sum could be offset against an FOS award, although I cannot as  yet find any Rule addressing precisely this.

I raise these points to promote further discussion/research/ advice from an expert! ,  and  I respectfully agree with RasputinB's comments above and caution is advised.

Jamesram

Can I ask please- people who have received a Final Response letter with an offer of settlement- does it comply with the following ?

Also, as regards F&F settlement- perhaps we should bear in mind that the FOS is not just interested in Compensation- they will look to direct the Respondent to take any necessary corrective action as well.

shiznit76

what kind of compensation are ITI offering?

Monsieur_Bourse

Thanks for all your replies.

To try and answer some of the questions raised, ITI Capital has imposed a 14 day time limit on my acceptance of the offer, which expires on 21st October. Regarding the document kindly posted by Jamesram I can confirm that ITI Capital has followed the procedure laid out in the document. The only line that would not apply 'say you do not accept the complaint, with your reasons', because they have obviously offered me compensation.

So presumably if I or any of us turn down the compensation offer, the FOS is clearly stating at the bottom of the document that they will use the letter as a starting point to look into the case. Not sure if the FOS could reduce the amount of compensation already offered and even though ITI Capital have placed  a time limit on their compensation offer does the FOS have the power to make ITI Capital honour their offer? I am afraid all this legal talk goes way over my head, so please forgive my observations if they are not correct.

Monsieur_Bourse

As I have already posted shiznit76 the offer is based on confidentiality, so for the moment I am honouring my side of the offer, although ITI Capital certainly do not deserve this respect. If my account had already been transferred to my new broker I would accept the offer and regain my sanity of not having to constantly be fighting a losing battle against ITI Capital. As things stand I really do not know what to do.

Josl

Jamesram: The final response lays out all these points. In my case, final response failed to address prime concerns raised in my complaint i.e transfers except stating they are waiting to be transferred. ITI have not tried to rectify the complaint, only admitted its failures. 

Monsieur_Bourse: My final response states this, which means anything raised in my complaint has been addressed, if I wish to accept the measly £60 they have graciously offered, then complaint is considered resolved ELSE it can be forwarded to FOS.
In my opinion once you accept the offer, then FOS isnot going to be inclined to deal with an identical complaint.

"Should you wish to accept this offer, it will be in full and final settlement regarding the matters raised by you. We request that you respond to this offer within 14 days of the date of this letter. Upon receipt of your acceptance we will consider this matter closed and will arrange for the sum outlined above to be transferred to your preferred bank details within 7 days."

toad333

My cash balances are wrong due to missing dividends and not being charged the SVS rate on a trade, so the information on my transfer form is wrong. Should I just fill out the form anyhow? Or wait till the information is correct?

shiznit76

Josl said:

Jamesram: The final response lays out all these points. In my case, final response failed to address prime concerns raised in my complaint i.e transfers except stating they are waiting to be transferred. ITI have not tried to rectify the complaint, only admitted its failures. 

Monsieur_Bourse: My final response states this, which means anything raised in my complaint has been addressed, if I wish to accept the measly £60 they have graciously offered, then complaint is considered resolved ELSE it can be forwarded to FOS.
In my opinion once you accept the offer, then FOS isnot going to be inclined to deal with an identical complaint.

"Should you wish to accept this offer, it will be in full and final settlement regarding the matters raised by you. We request that you respond to this offer within 14 days of the date of this letter. Upon receipt of your acceptance we will consider this matter closed and will arrange for the sum outlined above to be transferred to your preferred bank details within 7 days."

£60?? That's insulting. TSB gave me that for being couple days late sending me out a new pin number!

Josl

shiznit76 ITI have tens of thousands of my funds in tied up investments. They failed to give out a time frame for transfers or dealt with the transfers therefore I rejected their grand offer.