SVS Securities - shut down?

Jamesram

johnburman said:

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. 

On the point of ITI potentially going bust, I contacted FSCS to ask whether they would pay out on an FOS Compensation Award. After being fobbed off with inadequate info twice, I did finally get a very lengthy email which I won't set out here but will retain, which gives a lot of "ifs and buts"  but does seem to conclude that the FSCS will cover a Civil Liability owed by ITI and that a Civil Liability does include an unpaid Ombudsman Award.

But there is another issue- is a settlement in FOS proceedings, or compensation agreed through an FOS case handler, technically a Civil Liability in the same way that a full Ombudsman Award is? I don't know the answer yet- again its all wretchedly technical and there has been case law. The only solace is that there is a right to ask the Ombudsman her/hiself to make a  final determination, I understand, from a finding of the claim assessor,and so that award would definitely be a Civil Liability.

I resisted posting about this when I got full info from FSCS afew days ago Thought it a bit premature, but now people have mentioned the "ITI bust" possibility more than once I felt it should be considered. If anyone wants to see the full response they can message me and I wil send it. Otherwise I am just at this stage setting out the position  that apparently the FSCS will cover an FOS award if ITI goes bust. Probably.

eskbanker

shiznit76 said:

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

The subject of the volume of ITI complaints escalated to FOS was discussed earlier this month in this thread, and in particular "FTAdviser understands the ombudsman has received about 10 complaints about ITI Capital, but these are not necessarily in relation to SVS clients" - I was highlighting in a previous post that FOS received over 100,000 complaints in the most recent six month reporting period and that the most complained-about institution accounted for over 8,000 of these, so the notion that ITI complaint volumes are of any particular significance to FOS isn't supported by the facts....

johnburman

Wonder if the FOS will use the same case handler to deal with 'all' the ITI claims?
AND
is it just me or have ITI gone very quiet/slow.  Nothing seems to have happened for a few days now after a flurry of activity.

PS: remember every account holder with ITI should make a complaint ot the FOS in their own name.

Sheris

Just a note for anyone with a transfer to Iweb, today my update was they have sent emails to ITI on the 9th,12th and 26th Oct with no response from ITI, they stated ITI have very little staff.
More shocking was the telephone conversation with FCA, did not want to know and he was half a sleep on the phone, must have just woke him up.
ill get back on the ITI conversation update later, unbelievable.       

shiznit76

Sheris said:

Just a note for anyone with a transfer to Iweb, today my update was they have sent emails to ITI on the 9th,12th and 26th Oct with no response from ITI, they stated ITI have very little staff.
More shocking was the telephone conversation with FCA, did not want to know and he was half a sleep on the phone, must have just woke him up.
ill get back on the ITI conversation update later, unbelievable.       

Wonder how much longer Iweb will keep persevering before they throw in the towel? How can banks be tied down to strict time scales for transfer but these companies aren't?

RasputinB

johnburman said:

Wonder if the FOS will use the same case handler to deal with 'all' the ITI claims?
AND
is it just me or have ITI gone very quiet/slow.  Nothing seems to have happened for a few days now after a flurry of activity.
PS: remember every account holder with ITI should make a complaint ot the FOS in their own name.

I'd suggest that a separate complaint is made to ITI for each specific problem so that they can be escalated to the FOS individually.

johnburman

No way RasputnB, I would have 1000 complaints and they would be merged by the FOS!
Every account = a complaint.  But throw in everything. 

Michael_Reynolds

It's my strong personal belief that ITI aren't in any danger of going bust. Oleg has plenty of money. THIS IS PURE & SIMPLE INCOMPTENCE. Hard to believe I know but it takes real talent to be this incompetent! Take a look at the Qort cash statement. I reconciled mine the other day and then hit Rahul (copied to my usual list) with it. It's mind boggling. The individual dividends don't add up to the top level balance! The individual dividend balances don't even line up. That's before one gets started on the duplicates and missing dividends which can well be included in the top level balance! It's abject chaos. They just haven't a clue what's going on.

CameronRiley

Both my accounts including cash have now been transferred with one error still to be cleared up insofar as the latest divi from each account never made it, so they still owe me a few hundred quid for the two divs.  My complaint to ITI was upheld by their compliance officer and I have been offered a modest compensation sum which I intend to accept and probably spend on Vodka.  I will be happy never to have to go throught that again.  It was extremely stressful, but now it's over, I feel a bit sorry for some of the individuals I was able to communicate with directly.  They knew they were !!!!!! but it was the system that failed and at least one really helpful chap I spoke with and who followed up on his promises is no longer working for them.  I wonder why.
Cam

shiznit76

Who did you transfer to?