SVS Securities - shut down?

My2penneth

shiznit76 said:

has anyone not had a final response from ITI after being told that their complaint will be replied to within 8 weeks?

I emailed D Moss..long list of issues . He ever replied. This formed the basis for my complaint to the FOS.

Jamesram

Saitai You can't make a money claim online for a share transfer - ISA or otherwise. But in principle you CAN make an application for a mandatory injunction in the county court, asking for a Court Order compelling ITI to transfer over your shares. So you could write " I hereby give Notice that unless you complete the transfer of these funds stocks to my [*****] account under the ongoing transfer process  by Wednesday 11 November 2020 I intend to issue proceedings in the County Court for a mandatory injunction to require ITI Capital Ltd to complete this [stock] transfer immediately, in compliance with the Judgment and  Order of Miles J. in the High Court of Justice made on 7 May 2020, and the Terms of Business and legislation referred to above"

 You do need to have made the transfer request at least 30 calendar days prior to this Notice (reasonable time under voluntary trade arrangement and Gov advice) AND give appropriate time period for compliance- I would suggest 10 working days if you have not referred to court action in emails to ITI previously- if you have you could reduce it to say 5 working days.

You must be aware that to actually bring such a county court claim you would really need legal advice if not to instruct a solicitor to act for you and the court fee is quite steep -£308 I believe, although you would hope to get the court to award  your costs against ITI which would include (some) of your solicitor costs and the court fee. Also, it may well take at least a few weeks to get into court, especially with lock down.

But all that need  not stop you from at least giving Notice of proceedings to ITI. You might find that that does the trick.

Good luck

saitai

@Jamesram. Thank you.
Yes I posted the transfer request for both 'Share Dealing' & 'ISA Shares' to iWeb 4/Aug/20, they sent it to ITI on 18/Aug/20. Share dealing account, luckily got transferred to iWeb on 22/Sep/20. After reading on this forum, made a separate cash (<£20 between the two accounts) withdrawal request directly with ITI on 15/Oct/20 and the cash was in my Bank account 26/Oct/20. Now just my ISA Shares left to transfer, considering the initial request was with them on 18/Aug/20.

I will give your suggested wording a go. I have emailed several times and only recently got an email with CRM reference on 29/Oct/20. I will use this to reply a response.

Thanks again 

Michael_Reynolds

Jamesram said:

Anyway  not the last of me (groans all round). Still my ex-wife to assist. She is at the "awaiting on-boarding" stage I think - shows what you can achieve with ITI if you do nothing:Nothing!

Pleased to hear you have escaped James but sorry that your loved ones haven't. You have made an enormous contribution to this site. It is true that without constant pressure being placed on ITI they would have done absolutely Zilch. I have personally never experienced anything quite like it. The stress and anxiety of day after day of chasing these people for three and half months has meant a serious detioration in my mental well being and physical health. I am slowly winning but it often seems like two steps forward and one back. It has been so exhausting and so time consuming and most of all so unfair. Sadly as we all know "Life wasn't meant to be fair". I have based my claim for compensation on the basis of TOTAL NON PERFORMANCE by ITI with effect from July 23rd. This appears to be a successful strategy. Within a few days of being contacted by the FOS ITI made a not insubstantial offer which I immediately rejected on the bass that "It's not over till the fat lady sings". The quicker they process my securities and cash transfers the more likely I am to settle the compensation claim. At the current rate of progress that's unlikely to be less than four figures!.Next week I will be concentrating on my three cash transfers. If they are not in my accounts by close of play Monday I will give ITI a forty eight hour deadline before lodging a formal complaint to the police for FRAUD. The battle continues......

shiznit76

i have my complaint in with FOS but how do you claim for compensation?

GeorgieC

shiznit76 said:

i have my complaint in with FOS but how do you claim for compensation?

If I remember rightly, FOS will assess your complaint, see what ITI have done about it and/or offered by way of compensation, decide whether what they have offered is reasonable/proportionate/fair then make a decision.

It is worth everybody noting that FOS charge an admin fee to the broker for EVERY complaint that is filed. It used to be £500 but i believe hat it has now increased to £650. What does this mean?.... before you write to FOS then ITI can offer you up to £499/£649 as a 'cheaper' option - it must be proportionate though as they will let it go to FOS if they feel say £250 is fair and proportionate as this stops a standard claim of £499/£649 being the 'norm'

shiznit76

Thanks, My wife works complaints for a bank she is astounded what is going on with ITI and can't believe FOS are not stepping in. They get claims for most petty of things and have to pay compen. Most folk who complain know it costs the bank £650 if it goes to FOS so always reject lower offers and threaten to go to FOS if not happy with the compen the bank offers. The banks are wise to that now though and just take the hit of FOS so as not to open the floodgates, can't see ITI being in a position to do this though. The lack or replies to any emails is bewildering, even an acknowledgement that someone has received it would be slightly more reassuring

markthompson32

Jamesram said:

markthompson32 said:

I am stuck trying to do a transfer out to iweb as many seem to be. They just told me i need to send a form in  and do an id check to close my account and what iweb send is not sufficient, I thought the receiving broker did it all. Is this the bit I have being missing that has stopped a transfer?

Well it may not be the only thing Mark but it won't have helped. You need to request one by email. Don't use ticket request system on Qort page - I don't think it will get a response. ITI staff were insistent with my partner and I that we had to go through the charade of downloading, completing and uploading a fairly scrappy document, Page I of which requires bank details- not yours, unless you actually want any cash sent to you, but the bank details of iWeb's bank which is Halifax Share Dealing services- their account number and sort code, obviously, and your iWeb account reference. Page 2 should have your ac entered-if not, put Qort and Phoenix.  Reference and date- should already be entered. Then asks various questions Transfer? YES Stock code- all in my account no.. Name of Cparty -iWeb + iweb account References- Name of Nominee Holder ? IWeb? C of Incorp Don't know-.Reference doc- see iWeb transfer request (copy attached if you have it) .Your name and sign it and you are good to go.

NOTE If anyone has a good method for  getting this wretched Closure Form sent out, could you post about it please. I am out of touch now.

struggling to find iweb bank details, did u attach something to this post? 

eskbanker

GeorgieC said:

It is worth everybody noting that FOS charge an admin fee to the broker for EVERY complaint that is filed.

The £650 FOS case fee is charged for each complaint accepted for investigation rather than every one filed, this used to be about one in six of those raised but I don't believe they publish comparable figures anymore.

GeorgieC said:
It used to be £500 but i believe hat it has now increased to £650. What does this mean?.... before you write to FOS then ITI can offer you up to £499/£649 as a 'cheaper' option - it must be proportionate though as they will let it go to FOS if they feel say £250 is fair and proportionate as this stops a standard claim of £499/£649 being the 'norm'

shiznit76 said:

Most folk who complain know it costs the bank £650 if it goes to FOS so always reject lower offers and threaten to go to FOS if not happy with the compen the bank offers. The banks are wise to that now though and just take the hit of FOS so as not to open the floodgates, can't see ITI being in a position to do this though.

Time will tell but it would surprise me if ITI (or any other institution) fell for the 'give me £650 or I'm going to FOS' line!

ABSVW

shiznit76 said:

Always cope Rahul in to my emails, never had a response from him, only ever had a reply from Philip Evra and Mani Nasseri-Chahpar , and even then that only happened once

Many thanks to My2penneth, Jamesram and all the other who have posted important and useful info. It has been invaluable as i was getting nowhere and the stress !
It would be great to get a single, consolidated post with all the known contacts - email / phone that are yielding some kind of success for folks. 
I phoned and kept getting fobbed off. Then i read that asking for a Mani helped others. I asked for Mani and got Sami instead! He was fairly helpful and acknowledged the HSBC transfer requests and gave a rough timeline of 2 weeks. 
Account Management' (020 7562 8015) ask for Mani / Sami