SVS Securities - shut down?

eskbanker

shawdon said:

The FOS appear to have woken up from their very long hibernation and are now asking for more details of my complaint and the final response from ITI to my complaints. I will not hold my breath waiting for their decision as in my opinion they are almost as bad as the FCA, LC and ITI themselves!

Their annual report was published yesterday and includes some revealing statistics about their resolution timescale targets (on page 26)!

We resolved 23% of all complaints in 45 days or fewer

Aim: 37%+

37% in 2018/19

We resolved 90% of complaints more than 12 months old

Aim: 95%

78% in 2018/19

[...]

Resolved within 3 months: 56%

Resolved within 6 months: 74%

Resolved within 9 months: 84%

although to be fair they also highlight a contributory issue that won't surprise readers of this thread:

As we focus on bringing down waiting times, it’s essential that parties involved in complaints act fairly and pragmatically, so we’re only called on for help where it’s absolutely necessary. For this reason, during the year we continued our work to prevent complaints and unfairness at source – including sharing insight and having regular operational contact with the FCA (see page 41), the businesses we cover, CMCs, and both consumer and small business representatives.

My2penneth

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?

ITI would contend that you could have sold using their broker line at SVS rates.  

My2penneth

Jamesram said:

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. 

In an effort to try to buck ITI Capital up, I tried to exert pressure on iWeb by raising a complaint on them. Basically my complaint was "I sent the transfer paperwork to iWeb and it is your responsibility to make it happen". After a day or so, iWeb came back to me and offered two lots of £50 - not because they had done anything wrong but they felt that they could have kept me better informed about how the transfer was (not) going. I told them to give it to charity (but there is no mechanism for that so I guess they cancelled the complaint!). 

My2penneth

johnburman said:

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. 

Just done it - scanned and emailed!  I asked Ell Pittom at the FOS to add it to my case notes. 

(pity that iWeb refer to ITI Capital Ltd as just ITI Ltd.)

shiznit76

My2penneth said:

johnburman said:

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. 

Just done it - scanned and emailed!  I asked Ell Pittom at the FOS to add it to my case notes. 

How do you add info to your case notes, have you a ref number for your complaint with FOS?

Monsieur_Bourse

So near, yet so far. My wife and I have almost escaped from this shambolic company, my account has been transferred to HL, and we sold all the shares in my wife's account, and after a big battle managed to get the cash transferred back to her bank account.

As things stand now I am one dividend missing that was paid after my account was transferred to HL, supposedly HL are going to chase up the dividend from ITI, I wish them luck. The biggest problem that we now have is with two dividends in my wife's account, PHNX was paid into her Qort account about 3 weeks ago and then disappeared, with a cash withdrawal for the same amount showing in her cash statement ledger in Qort, the second dividend RDSA which should have been paid in to her account on 21st September has not shown up at all. Can anyone confirm that they have had their RDSA dividend paid into their account. With all guns blazing yesterday I banged off threatening e-mails to every address that I could find, no response from any of them, but the PHNX dividend has shown up in her Phoenix account today, so just RDSA to go.

I really would advise anyone who are having problems with transfers, withdrawals or missing dividends to threaten ITI with small claims court action or getting the police involved citing you consider their actions to be theft, to date for my wife and I apart from her RDSA dividend has worked well for us.

Much appreciated if anyone could confirm receipt or otherwise regarding their RDSA dividend.

desertorchid123

Monsieur_Bourse said:

So near, yet so far. My wife and I have almost escaped from this shambolic company, my account has been transferred to HL, and we sold all the shares in my wife's account, and after a big battle managed to get the cash transferred back to her bank account.

As things stand now I am one dividend missing that was paid after my account was transferred to HL, supposedly HL are going to chase up the dividend from ITI, I wish them luck. The biggest problem that we now have is with two dividends in my wife's account, PHNX was paid into her Qort account about 3 weeks ago and then disappeared, with a cash withdrawal for the same amount showing in her cash statement ledger in Qort, the second dividend RDSA which should have been paid in to her account on 21st September has not shown up at all. Can anyone confirm that they have had their RDSA dividend paid into their account. With all guns blazing yesterday I banged off threatening e-mails to every address that I could find, no response from any of them, but the PHNX dividend has shown up in her Phoenix account today, so just RDSA to go.

I really would advise anyone who are having problems with transfers, withdrawals or missing dividends to threaten ITI with small claims court action or getting the police involved citing you consider their actions to be theft, to date for my wife and I apart from her RDSA dividend has worked well for us.

Much appreciated if anyone could confirm receipt or otherwise regarding their RDSA dividend.

When did your transfer process begin with HL? What was total time taken start to finish? Thanks

RasputinB

My2penneth 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?

ITI would contend that you could have sold using their broker line at SVS rates.  

In Final Decision DRN8853557 the FOS Ombudsan stated that "Mr D either wouldn’t have been able to make any transactions, or would understandably have assumed this was the case (even if there was, in practice, a dedicated line for share dealing)".

https://forums.moneysavingexpert.com/discussion/comment/77718518/#Comment_77718518

I repeat what I have said earlier, I think it far too soon for settlement amounts to be agreed with ITI with or without assistance from the FOS. In my opinion there are wider issues that have yet to be addressed. Everybody should be continuing to raise complaints and these should be separate complaints for different issues. One burning question must be - why didn't more people go for a reverse transfer as this would have been a far easier, and quicker, way of getting holdings to the broker of choice?

shiznit76

RasputinB said:

One burning question must be - why didn't more people go for a reverse transfer as this would have been a far easier, and quicker, way of getting holdings to the broker of choice?

i guess we never knew what a nightmare this would become

rnf11

shiznit76 said:

RasputinB said:

One burning question must be - why didn't more people go for a reverse transfer as this would have been a far easier, and quicker, way of getting holdings to the broker of choice?

i guess we never knew what a nightmare this would become

Quite!

I am still waiting for two sets of cash to transfer out, now that all dividends due should have been received and posted (but no way of confirming that). I see no signs of the situation improving.

On the subject of ITIC compensation, I note that despite all the people saying thay have had offers made/accepted, I have yet to see that anyone is actually in receipt of same. Just more false promises then?