SVS Securities - shut down?

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.

rnf11

My2penneth said:

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.    

No difference until ITIC actually increases the "solitary resource" devoted to the matter.

I am coming to the view that a swifter outcome would be a take over of ITIC by a "better" outfit.....

Jamesram

TheMoss said :-

"As we speak I have no access to my account...."

Sorry TheMoss my above reply did not address that point directly- do you mean that you cannot acess an ITI Qort or Phoenix account showing your stock holdings and cash, even if inaccurate? If so that's rather fundamental. Perhaps you can explain further as most people on this forum seem to be able now to see some form of accounts showing their shares and, if even luckier, cash.

pafpcg

rnf11 said:

My2penneth said:

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.    

No difference until ITIC actually increases the "solitary resource" devoted to the matter.

I am coming to the view that a swifter outcome would be a take over of ITIC by a "better" outfit.....

I fear that's not a realistic prospect. 

If there were, in the end, only two bidders for the SVS business (which was run reasonably efficiently with adequate records of assets and clients all matching), how many organisations would even briefly consider taking over ITI?  I'd suggest the number would be zero.  So who would fund someone to take-over ITI?  FCA?  FSCS?  The Treasury?  And how much would it cost? - remind me, how much did LC charge for the much more straightforward SVS administration?  I have this suspicion that the "authorities" are avoiding dealing with the mess at ITI because they don't want to become responsible for sorting it out.  Would you?

My2penneth

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues.
Sharesoc membership is "free" (basic level) but this will offer another forum - "SVS Client Support Group"  (#wehateITI). 
https://www.sharesoc.org/

 

rnf11

pafpcg said:

 I have this suspicion that the "authorities" are avoiding dealing with the mess at ITI because they don't want to become responsible for sorting it out.

My view on that is that it is really because they were so closely involved with the LC decision making process.

There is an interesting angle -  never developed - re the identity of the "runner up" to ITIC. I have never been able to discover the identity of the ex SVS person who was said  by the FCA to be associated with them, and therefore advised against their selection.

Could hardly have done a worse job. 

GeorgieC

My2penneth said:

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues.



 

It would be interesting to know who is attending these meetings from ITI given the ongoing lack of action in general

rnf11

GeorgieC said:

My2penneth said:

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues. 

It would be interesting to know who is attending these meetings from ITI given the ongoing lack of action in general

From Mark's comments about the last meeting, I deduce that ITIC was not represented at high level ....

GeorgieC

rnf11 said:

GeorgieC said:

My2penneth said:

Mark Bentley at Sharesoc seems to be having meetings with ITI to air issues. 

It would be interesting to know who is attending these meetings from ITI given the ongoing lack of action in general

From Mark's comments about the last meeting, I deduce that ITIC was not represented at high level ....

Probably all hiding in their various bunkers somewhere. I heard they only have a handful of people in the office...not conducive to results!