SVS Securities - shut down?

shiznit76

how hard can it be though for even one person to send valuations etc By now a fair chunk of us who wanted out should be out

Nbs222

I got my cash today in my bank account as well. That's a bit of relief.

But have not received any response to my transfer emails.

TheMoss

As we speak I have no access to my account and I am told my transfer request could take between 85 and 90 working days. The Ombudsmen tries to help but they mainly ignore him. 
This is causing me real problems. I am borrowing money from family in spite of having lots of assets.
They have offered me £75 which I have refused for many reasons. I would be grateful for advice as to how much compensation I should look for and how to go about getting it.

shiznit76

They won't get away with just ignoring the Ombudsmen, they have some clout.

My2penneth

I made yet another phone call to the FCA today just to emphasise that things had not improved with ITI and they had possibly got worse. I indicated that ITI were pulling the wool over their eyes. 
I would suggest it is worth having a whinge to the FCA again to simply get the ITI complaint numbers up.  

(FCA  -  0800  111 6768)

(yes, I have raised an FOS complaint but how long will that take?)

My2penneth

shiznit76 said:

They won't get away with just ignoring the Ombudsmen, they have some clout.

But they are glacial with regard to timescales.... and that was before using Covid19 as an excuse.

My2penneth

TheMoss said:

As we speak I have no access to my account and I am told my transfer request could take between 85 and 90 working days. The Ombudsmen tries to help but they mainly ignore him. 
This is causing me real problems. I am borrowing money from family in spite of having lots of assets.
They have offered me £75 which I have refused for many reasons. I would be grateful for advice as to how much compensation I should look for and how to go about getting it.

What I suspected - ITI are waving 2 fingers. Hence there is a need for the FCA to step in and stop them trading until they sort out the transfers. Give them due warning with the threat that the FCA would pull the plug if they don't comply.    

RasputinB

TheMoss said:

As we speak I have no access to my account and I am told my transfer request could take between 85 and 90 working days. The Ombudsmen tries to help but they mainly ignore him. 
This is causing me real problems. I am borrowing money from family in spite of having lots of assets.
They have offered me £75 which I have refused for many reasons. I would be grateful for advice as to how much compensation I should look for and how to go about getting it.

It will take a while for you to read through these pages but you should find some useful advice. You could also look at the SVS Client Support Group organised by Mark Bentley, Director of ShareSoc, as he is helping clients. You will have to join ShareSoc (free) to see the posts and add your problems. https://www.sharesoc.org/forums/topic/problem-reports/

t237

shiznit76 said:

how hard can it be though for even one person to send valuations etc By now a fair chunk of us who wanted out should be out

I'm at the same stage as you - ITI have taken over 2 months produce a valuation

Jamesram

TheMoss said:

As we speak I have no access to my account and I am told my transfer request could take between 85 and 90 working days. The Ombudsmen tries to help but they mainly ignore him. 
This is causing me real problems. I am borrowing money from family in spite of having lots of assets.
They have offered me £75 which I have refused for many reasons. I would be grateful for advice as to how much compensation I should look for and how to go about getting it.

FOS Compensation is not relevant to your immediate troubles, because any Award is likely to be at least 9 months away, probably more.However, guidance as to amount  and type  of award can be found on the FOS website- its not over generous.

As regards your cash flow troubles:- if you have stock to sell, you can do so by telephone dealing with ITI. If you have cash already on your ITI account you can instruct a drawdown to your bank and if ITI fail to comply with your instruction you can sue them for it, using Money Claims Online:- its your cash- ITI have failed to provide it to you on demand- ITI are liable.  If your cash/stock is ISA'd you will of course lose the tax wrapper if you do this.

Those are the nuts and bolts- you need to make a request by email to drawdown cash. You may need to complete a Withdrawal Form. But if ITI don't respond to your instruction at any stage, I repeat you can issue a claim. You should give them 5 working days notice, I suggest. The court rules anticipate longer notice where there is a possible Defence, but if the cash is showing in your ITI account, what defence can there be to not providing it to you on ypur instruction? There will be a court fee by the way AND you can claim 8% interest- its all  explaineed on Gov website if you Google Money Claim Online.