SVS Securities - shut down?

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 

ABSVW

FOS Compensation - can this be done for money lost on shares that jumped heavily in value (40k) and being unable to sell due to no access to QORT / ITI shares?

shiznit76

ABSVW said:

FOS Compensation - can this be done for money lost on shares that jumped heavily in value (40k) and being unable to sell due to no access to QORT / ITI shares?

would seriously doubt it. You can still sell your shares if in Qort over the phone

Jamesram

Markthompson32   Q. "struggling to find iweb bank details, did u attach something to this post?"   A. No attachment Mark. iWeb bank through Halifax Sharedealing Services. I haven't been able to track down the bank ac on a quick Google- I did have it but not recorded- sorry. Anyway, ITI must know the correct account by now. They just transferred some cash for my partner without needing to ask her. I wouldn't worry- I would just put "iWeb account, operated by Halifax Share Dealing Limited." - I am sure that will be fine. Just make sure  you have put your iWeb personal reference and account number.

EDIT On relection , of course iWeb will have sent ITI their transfer document which would of necessity give details of its bank account. You are quite right to say in your post that that should have been quite enough.

Jamesram

ABSVW said:

FOS Compensation - can this be done for money lost on shares that jumped heavily in value (40k) and being unable to sell due to no access to QORT / ITI shares?

FOS Comp for loss of investment  opportunity income is a tricky subject/ highly complex technical legal issue/ right old can of worms, which I am just starting to look into having just today had an offer from ITI which I regard as a low starting point for consideration.

There is certainly precedent for awarding comp for loss of increase in value of a porfolio where the FOS were satisfied on balance of probabilities, that the complainant would have added to her portfolio if the funds in issue  had been available to her rather than wrongly delayed.

I intend to advance this point to ITI in the slightly different, but in my view stronger, situation where I expect to show that my partner would ( very likely)  have purchased high income IT stock producing about £95 a month on her delayed transfer ISA cash. The fact that it is ISA cash is relevant- the argument being that she could not just draw it down and then re-invest- it had to be transferred to maintain the  tax advantage. Q Why not buy through ITI then?A did not want to delay transfer, did not trust ITI, ITI records inadequate etc etc.

As to your specific issue, an important point would be evidence of your intention - on the balance of probability can you prove your intention to sell? One obvious way of showing this would be emails to ITI instructing a sale, or at least complaining that you wished to do so and were unable to access your accounts.

ITI does now seem to be addressing Complaints in accordance with FCA rules and more offers of compensation are being made.

So we perhaps need to consider how to pool information and discuss matters arising, as you have done. This applies to financial loss and to the issues of anxiety, distress, time engaged etc. which may be breaking new grounds of experience for FOS, but as I say, some work needs to be done and I for one will be looking into this. Just as soon as those pesky people at iWeb credit Sharon's transferred ISA cash to her account- is there another complaint, versus iWeb looming? I sincerely hope not- its a tough way to make a living.

GeorgieC

ABSVW said:

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 

I did post these a couple of days back...
Try these numbers if they are different to those you have...
Compliance 020 3889 8330 / 020 7562 8002
Rahul Agarwal 020 3889 8335
Back Office/Transfers. 020 7562 8005 / 020 3889 8320
Reception (can transfer or menu options) 020 7562 8000

GeorgieC

ABSVW said:

FOS Compensation - can this be done for money lost on shares that jumped heavily in value (40k) and being unable to sell due to no access to QORT / ITI shares?

Very grey area. You would need to show that selling would have been in your normal trading pattern. Evidence of pricing... what level could you have sold at? Evidence that you followed all paths open to you...telephone orders to delaying ;-) desk....rationale of why you would have sold at any given level and so on. Proving financial loss due to missed trading opportunity very very difficult, but stress / anxiety may be an angle. 

johnburman

The letter from the MD of IWeb saying that they are "experiencing ongoing difficulties in progressing transfers with ITI due to them not responding in a timely fashion to our requests for information" is a damning document.  

It should be sent to the FCA and FOS for claims for compensation.  And of course it should be sent to ITI. 

ABSVW

GeorgieC said:

ABSVW said:

FOS Compensation - can this be done for money lost on shares that jumped heavily in value (40k) and being unable to sell due to no access to QORT / ITI shares?

Very grey area. You would need to show that selling would have been in your normal trading pattern. Evidence of pricing... what level could you have sold at? Evidence that you followed all paths open to you...telephone orders to delaying ;-) desk....rationale of why you would have sold at any given level and so on. Proving financial loss due to missed trading opportunity very very difficult, but stress / anxiety may be an angle. 

Thanks Jamesram / GeorgieC - TBH, i'd rather not go through any compensation at all, and just have the shares transferred to my HSBC account and be done with these folks. Its just the sheer level of incompetency, even with simple processes like a password reset.