SVS Securities - shut down?

shiznit76

How many complaints do they need to hit before they start getting charged the £650? I thought they needed so many complaints first? 

CameronRiley

Got everything transferred, took the £80 compensation from iti and got the latest dividends.  Can now kiss them goodbye forever.  

RasputinB

shiznit76 said:

How many complaints do they need to hit before they start getting charged the £650? I thought they needed so many complaints first? 

25 - "Businesses that fall outside the group fee arrangement are required to pay a standard case fee of £550 upon closure of the twenty‑sixth chargeable complaint referred for investigation to the service and each subsequent complaint in any one financial year". Source: FOS Annual report and accounts for the year ended 31 March 2020.

NOTE the charge is per complaint NOT per complainant.

My2penneth

https://www.financial-ombudsman.org.uk/businesses/resolving-complaint/case-fees

Is a "complaint" defined as an individual complaint or as a generic type of complaint
(1) 1025 people complain about a company and thus there might be 1000 individual complaints (1000 x £650) 

or
 (2) 1025 thousand people complained that a company has not acted in a timely manner - cost to investigate = 1 x £650

If it was a simple matter of a fine of one lot of £650, would it not be financially advantageous for a company simply to raise their hands in acknowledgement to the FOS & to cough up one lot of £650 rather than perhaps many offers of £85/£225 compensation? 

I notice, though that the words don't say for EACH case after the 25th! 

eskbanker

My2penneth said:

stuff talk of compensation direct from ITI. Hit ITI with a FOS investigation case ( £650) AND a request for compensation which will be ordered by the FOS.  Please do not accept trivial offers of compo from ITI. 

You do realise that there's no guarantee that FOS would be more generous than ITI in determining appropriate compensation figures, and in some cases they may actually reduce them below what was originally offered by the institution concerned?  Seems to me that it would be something of a pyrrhic victory to know you've cost ITI more money but end up with less yourself....

My2penneth

eskbanker said:

My2penneth said:

stuff talk of compensation direct from ITI. Hit ITI with a FOS investigation case ( £650) AND a request for compensation which will be ordered by the FOS.  Please do not accept trivial offers of compo from ITI. 

You do realise that there's no guarantee that FOS would be more generous than ITI in determining appropriate compensation figures, and in some cases they may actually reduce them below what was originally offered by the institution concerned?  Seems to me that it would be something of a pyrrhic victory to know you've cost ITI more money but end up with less yourself....

After the grief from ITI Capital I'm personally not concerned over a small sum of compensation. Indeed, I was offered £50x2 compensation from iWeb already but asked them to give to a charity instead.  What I want is for assets to be transferred ..that's all.      

RasputinB

eskbanker said:

My2penneth said:

stuff talk of compensation direct from ITI. Hit ITI with a FOS investigation case ( £650) AND a request for compensation which will be ordered by the FOS.  Please do not accept trivial offers of compo from ITI. 

You do realise that there's no guarantee that FOS would be more generous than ITI in determining appropriate compensation figures, and in some cases they may actually reduce them below what was originally offered by the institution concerned?  Seems to me that it would be something of a pyrrhic victory to know you've cost ITI more money but end up with less yourself....

Accepting an offer from ITI on a "full and final basis" before all the allegations against them have been investigated would, in my opinion, be illogical. If people want to take the money and move on then that is up to them but it is easy enough to leave the door open so that further complaints can be raised in the future. Someone might even post a series of complaint templates to make it easy!

eskbanker

My2penneth said:

After the grief from ITI Capital I'm personally not concerned over a small sum of compensation. Indeed, I was offered £50x2 compensation from iWeb already but asked them to give to a charity instead.  What I want is for assets to be transferred ..that's all.      

RasputinB said:

Accepting an offer from ITI on a "full and final basis" before all the allegations against them have been investigated would, in my opinion, be illogical. If people want to take the money and move on then that is up to them but it is easy enough to leave the door open so that further complaints can be raised in the future. Someone might even post a series of complaint templates to make it easy!

Indeed, focusing on getting ITI to complete all outstanding actions has to be the priority, so accepting compensation offers from ITI is likely to be premature if there are still matters to be resolved, but likewise it's probably not sensible to be rushing to FOS at this stage.  However, the fundamental point I was making was that FOS isn't a one-way bet and it's not a given that they'd side with the customer, or increase the level of compensation if they did....

shiznit76

no way would i accept my full and final offer from ITI (which should be here tomorrow), i would fear that i would have no recourse to further complaint should things still not change

RasputinB

eskbanker said:

focusing on getting ITI to complete all outstanding actions has to be the priority...

Do you have any constructive suggestions as to how to do that?