SVS Securities - shut down?

My2penneth

If you have a good case...submit to the FOS. The case investigation alone will cost ITI £650. Is it not a case that the FOS will also rule on any compensation payment and I suspect it won't be as low as £100. 

Still, if one is prepared to accept being jerked around with poor service for £100.....good luck! I'd rather stick it where it hurts ITI Capital and hopefully let it be a message to the next company that offers such dreadful service levels.   

pbcinlondon

It is heartening to read posts about compensation. BUT is money really being paid out by ITI?

Has ITI finished dealing with ex SVS clients?

Their last most recent email to me wasn't too encouraging: "You (sic) transfer request to Equiniti Group has been logged in, but I can’t see any stocks on your account SC18***, U4350****. Please correct me if it is incorrect."

Time to return to the corner for a good howl. Not of laughter.

johnburman

I have 2 ITI guys in the Complaince/complaints dept trying to see what is going on and to extract what remaining money we have with them and send it to our new brokers.  To the question "how much have we got" brings the answer...."I'll check with the necessary department"!  Thus far no details or money. 

It is clear ITI are still in a mess.  BUT all our shares have been sold or transferred.  I am amazed that people in the forum still want to trade with ITI.  GET OUT would be my advice.  When Jarvis and IWEB work (which they did not 2 days ago) then are a million time better than ITI - you can see what shares you have and what cash too...a unique concept for ITI.

On compensation it does look as if going to the FOS is going to be the way ...shame as it will take 6-9 months.  Of course we will start making claims (claims in the plural, one for each account, of course), and we will then see what ITI decides to do (or if they are no longer about in 6 months, the FSCS).

As for the FCA all one can say is that VERY SLOWLY ITI are getting their act together.  But why did it happen in the first place?  And why was it allowed to happen by LC and the FCA?    

pbcinlondon

johnburman said:

As for the FCA all one can say is that VERY SLOWLY ITI are getting their act together.  But why did it happen in the first place?  And why was it allowed to happen by LC and the FCA?    

Quis custodiet ipsos custodes?

Hard to believe that this is happening in the UK, a leading OECD country.

(While also acknowledging there are serious worldwide problems out there)

Clairabella

Please can someone give me the email address or link I need to complain to ITI. I can find their complaints procedure but not what to do. Am I correct in thinking that I need to complain to ITI then, if it isn’t resolved, I can complain to the financial ombudsman? 

eskbanker

Clairabella said:

Please can someone give me the email address or link I need to complain to ITI. I can find their complaints procedure but not what to do. Am I correct in thinking that I need to complain to ITI then, if it isn’t resolved, I can complain to the financial ombudsman? 

https://iticapital.com/faq

How do I raise a complaint?

If you are displeased with the level of service you are receiving from ITI and you wish to raise your concerns then in the first instance please contact our compliance department at compliance@iticapital.com who will communicate directly with you regarding the issues that you have raised as part of your complaint. Further details of ITI’s Complaints Procedure can be found at https://iticapital.com/assets/pdf/Complaints-Procedure.pdf

As with any other FCA-regulated business, they have up to eight weeks to resolve complaints, and if they've failed to do so within that timeframe, you can escalate to FOS.

My2penneth

pbcinlondon said:

It is heartening to read posts about compensation. BUT is money really being paid out by ITI?

Has ITI finished dealing with ex SVS clients?

Their last most recent email to me wasn't too encouraging: "You (sic) transfer request to Equiniti Group has been logged in, but I can’t see any stocks on your account SC18***, U4350****. Please correct me if it is incorrect."

Time to return to the corner for a good howl. Not of laughter.

It looks like  Equnity are trying to transfer your shares from your holding account ( SC) but I'm guessing it is empty because the shares have  been transferred to your Phoenix account. So, there's nothing to transfer from the SC account. 

My2penneth

Clairabella said:

Please can someone give me the email address or link I need to complain to ITI. I can find their complaints procedure but not what to do. Am I correct in thinking that I need to complain to ITI then, if it isn’t resolved, I can complain to the financial ombudsman? 

The FOS complaint form is straightforward to fill in if you don't get a reply.

I might as well tell you that now because I doubt you will get much response from Mr Eva.  You might get a CRM number ( essentially a complaint number) but they haven't addressed any complaints to date!

rnf11

My ISA cash has passed over the moat surrounding ITIC.

All present and correct.

Tonyiti

My cash (ISA & trading) has also come out and seems about right. Just waiting on one very low value share holding to transfer out and I'm all done.