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SVS Securities - shut down?

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Comments

  • Just put my complaint in to the Ombudsman, My fear is that ITI are on the brink of going bust themselves!
  • rnf11
    rnf11 Posts: 146 Forumite
    100 Posts First Anniversary Name Dropper
    Has anyone here who has been in receipt of an offer of cash compensation from ITIC, and has accepted the same, actually received all of the said compensation?
  • t237
    t237 Posts: 16 Forumite
    10 Posts
    Has anyone succesfully transferred out recently? I'm getting concerned by the complete silence from all parties, including regulators.
  • rnf11
    rnf11 Posts: 146 Forumite
    100 Posts First Anniversary Name Dropper
    t237 said:
    Has anyone succesfully transferred out recently? I'm getting concerned by the complete silence from all parties, including regulators.

    Yes, except for the cash - which is an almost universal sticking point.
  • rnf11
    rnf11 Posts: 146 Forumite
    100 Posts First Anniversary Name Dropper

    Surely this is now getting to point that Police need to be involved? By not letting us transfer our cash it must be breaking criminal laws, never mind financial regulations? 
    At least one person on here, some while back, has said they have reported this matter to Actionfraud.
  • Jamesram
    Jamesram Posts: 166 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    edited 27 October 2020 at 1:24PM
    rnf11 said:

    Surely this is now getting to point that Police need to be involved? By not letting us transfer our cash it must be breaking criminal laws, never mind financial regulations? 
    At least one person on here, some while back, has said they have reported this matter to Actionfraud.

    Unfortunately the Theft Act 1968 requires the complainant to prove "an intention to permanently deprive", not just delay payment. I am not aware of any other criminal statute that would assist. On the civil law side of things I am waiting to enter judgment in default of a defence to my money claim for a divi payment. 2 November is the date, following which I can "put the Bailliffs in", or require a named officer of the company to attend an enquiry from a court official or possibly a district judge as to how payment of the judgment debt is to be met, amongst other "remedies".
    On the other hand Monsieur Bourse got a fast result from threatening police action (see his post above), so well done to him. Looks like ITI's ignorance of the law is no excuse  for them not to cough up when threatened!
  • Jamesram
    Jamesram Posts: 166 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    edited 27 October 2020 at 1:49PM
    Theft Act 1968 Section 6(1)  "A person appropriating property belonging to another without meaning the other permanently to lose the thing itself is nevertheless to be regarded as having the intention of permanently depriving the other of it if his intention is to treat the thing as his own to dispose of regardless of the other’s rights; and a borrowing or lending of it may amount to so treating it if, but only if, the borrowing or lending is for a period and in circumstances making it equivalent to an outright taking or disposal."
    Property includes money. ITI would have to be "borrowing or lending" your money for its own purposes, and even then it would seem that such borrowing or lending would have to be for such a lengthy period that it would be tantamount to "outright taking or disposal" AND of course, the burden of proof still falls on the prosecutor.
    This delay and deprivation of our cash is taking place within the Client Accounts, not ITI's own company  accounts (I assume and trust!). If it were otherwise, I guess there could be a good case for a theft prosecution applying section 6(1), but there is no evidence of that being the situation.
  • Just put my complaint in to the Ombudsman, My fear is that ITI are on the brink of going bust themselves!
    But the FSCS will cover them up to £85k. 

    The FOS will take 6 months min to deal with this.  Wonder if all our complaints ot them could be joined together and agreed together? 

    Civil action is the way forward for shares/dividends not paid or transferred. 
  • shiznit76
    shiznit76 Posts: 233 Forumite
    100 Posts Second Anniversary Name Dropper
    Would think that if they are getting so many complaints all of a sudden about one company that they have previously had very little dealing with alarm bells would be ringing
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