SVS Securities - shut down?

pafpcg

johnburman said:

Oh and is it from 11 June OR 23rd July 2020 ITI are liable (and why). I suspect it's only from 23rd July being the date from when in the Distribution Plan clients could have access to their accounts. 

Why 23-July?  LC handed over responsibilty for SVS clients' assets on 11th June, so I would argue that is when ITI becomes liable for any problems.  The following six weeks without client access was a delay for the convenience of ITI.  (ITI had already had five months, from January 2020, to plan and implement the take-over of SVS clients' assets and to set-up accounts for the clients using their access to the clients' data in the SVS files.)

eskbanker

Jamesram said:

1 The relatively short period of 5/6 weeks in issue

Perhaps worth noting that the overall elapsed time for the case in question was about three months, from initiating an ISA transfer and it completing, i.e. the measure of the delay starts from when the transfer should have been effected, not when it was requested.  The guidance for S&S ISA transfers is six weeks 30 days from request, so it's only after that time has elapsed that the clock effectively starts ticking when calculating actionable delay for compensation purposes.

Edit: hadn't spotted the inconsistency between working and calendar days pointed out by Jamesram below!

johnburman

Resolver is not appropriate as here we have the FOS.
This is interesting:

Yes "broker transferring will claim dealing desk was always available". But in Final Decision DRN8853557 the FOS Ombudsan stated that "Mr D either wouldn’t have been able to make any transactions, or would understandably have assumed this was the case (even if there was, in practice, a dedicated line for share dealing)".

Wording in a claim for compensation could be crucial!

Reason: ITI told me to close our accounts before they could be transferred, which we did. So how could we deal?
Also the lack of contact/communication was terrible/non-existant. 

Jamesram

eskbanker said:

Jamesram said:

1 The relatively short period of 5/6 weeks in issue

Perhaps worth noting that the overall elapsed time for the case in question was about three months, from initiating an ISA transfer and it completing, i.e. the measure of the delay starts from when the transfer should have been effected, not when it was requested.  The guidance for S&S ISA transfers is six weeks from request, so it's only after that time has elapsed that the clock effectively starts ticking when calculating actionable delay for compensation purposes.

Yes Esbanker, the full decision reveals a complicated history running from April to July. But the compensation and in fact fault of BOS was limited to and assessed in respect of just those weeks from June to July, as I read the case.

As regards timescale generally , the UK Gov website on ISAs

says: Deadlines and complaints - ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer (why the different types of "day" heaven only knows!)
  

This coincides with agreed industry standards document I have posted about previously - can't recall the doc. title.

jenwrendorset

Still struggling to get our cash withdrawal requests actioned - I sent four on 16 October and nothing so resent today, to Muhammet Artykov, see if that produces any results.  Spoke with iWeb, another chaser sent by them today but not looking good - that's their 5th request to ITI to date. Received an email from FCA on Friday re. my complaint - in it I had covered all our four accounts but they (FCA) wanted confirmation from the other two account holders that they were happy for me to act on their behalf so I felt that might be construed as 'progress'.  Today FOS sent 3 complaint forms to be completed by the other two account holders and the 3rd to cover the joint account.  I was intending to do this later down the line if ITI didn't come up with a sensible offer but maybe I need to do it now.  Financially I don't know how much we've lost since this all went pear-shaped but the wasted hours/days and probably weeks now, not to mention the stress, anxiety and frustration should be taken very seriously.

Nbs222

My cash withdrawal hasn't been actioned   either , it's worrying when they stop / delay paying cash withdrawals . We  have   3 accounts (ISA) between our  family , none of them have been transferred to IWEB  though transfer requests were made in early August.   Chatting to IWEB  last week , ITI had agreed to send 60 transfers a week to them but so far they have received none.

jenwrendorset

Nbs222 said:

My cash withdrawal hasn't been actioned   either , it's worrying when they stop / delay paying cash withdrawals . We  have   3 accounts (ISA) between our  family , none of them have been transferred to IWEB  though transfer requests were made in early August.   Chatting to IWEB  last week , ITI had agreed to send 60 transfers a week to them but so far they have received none.

From the comments on this forum I think it is safe to assume that we're not alone re. cash withdrawals and, of course, transfers.  We sent 5 transfer requests to iWeb mid August - one successfully transferred to iWeb at the end of September, two were not accepted by iWeb because they were delisted AIM shares (incidentally ITI don't deal with AIM listed shares so are currently languishing in a Qort/brokerage account and iWeb don't accept delisted AIM listed shares ) and the remaining two account transfers are stuck somewhere in the ITI shambles. 

Sheris

pafpcg said:

johnburman said:

Oh and is it from 11 June OR 23rd July 2020 ITI are liable (and why). I suspect it's only from 23rd July being the date from when in the Distribution Plan clients could have access to their accounts. 

Why 23-July?  LC handed over responsibilty for SVS clients' assets on 11th June, so I would argue that is when ITI becomes liable for any problems.  The following six weeks without client access was a delay for the convenience of ITI.  (ITI had already had five months, from January 2020, to plan and implement the take-over of SVS clients' assets and to set-up accounts for the clients using their access to the clients' data in the SVS files.)

Totally correct in your statement, only problem was the followed up statement from L&C over the transfer, there date was alot later, surely there is only one date, but I would not trust a word they say.  

Sheris

eskbanker said:

Jamesram said:

1 The relatively short period of 5/6 weeks in issue

Perhaps worth noting that the overall elapsed time for the case in question was about three months, from initiating an ISA transfer and it completing, i.e. the measure of the delay starts from when the transfer should have been effected, not when it was requested.  The guidance for S&S ISA transfers is six weeks 30 days from request, so it's only after that time has elapsed that the clock effectively starts ticking when calculating actionable delay for compensation purposes.

Edit: hadn't spotted the inconsistency between working and calendar days pointed out by Jamesram below!

Clock was ticking when L&C took over and look where we are now ? 

shiznit76

Nbs222 said:

My cash withdrawal hasn't been actioned   either , it's worrying when they stop / delay paying cash withdrawals . We  have   3 accounts (ISA) between our  family , none of them have been transferred to IWEB  though transfer requests were made in early August.   Chatting to IWEB  last week , ITI had agreed to send 60 transfers a week to them but so far they have received none.

Wonder why transfers seem to be going through to HL but not Iweb?