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SVS Securities - shut down?
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This is wrong. My wife works complaints for one of country's largest banks and she has confirmed that you can accept redress and go to FOS also. The redress is an apology for their mistakes, you are entitled compensation alsoeskbanker said:
Nevertheless, two wrongs don't make a right, so it still comes down to the fact that if ITI issue a full and final response to a complaint, the complainant has two choices: accept it or escalate to FOS, regardless of strength of feelings....Sheris said:1 -
On Nov 22nd it will be four months since we should have had access to our portfolios and cash. How on earth can the FCA & LSE accept the fact that ITI are saying they can only do 20 transfers a month to each of these brokers? Can someone please explain exactly what ITI have to do in order to transfer a standard portfolio of let's say 10 securities? How can this be so difficult that they can only manage 20 per month to each broker? As a retired accountant/programmer I'm sure I could have written something within a month to do this. I have never in my 67 years of living come accross such an incompetent bunch of people. They have broken every rule in the book and yet both the FCA & LSE continue to allow them to operate! It's quite incredible.3
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20 per week, not that that's much better1
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Compensation for what specifically? I'm not understanding the arbitrary distinction you're drawing there between 'redress' and 'compensation', but your complaint to ITI should make it clear what an acceptable resolution looks like, in terms of corrective actions and/or compensation for financial losses and/or trouble and upset. If they come up with that acceptable resolution, you accept it, or if they don't (and clarify finality), you have the option of escalating to FOS, but (to use your terminology) if you're after redress and compensation as separate headings then you need to seek both from ITI - if they only offer one, but in full and final settlement, then why would you accept it if doing so would compromise your ability to escalate your complaint to FOS?shiznit76 said:
This is wrong. My wife works complaints for one of country's largest banks and she has confirmed that you can accept redress and go to FOS also. The redress is an apology for their mistakes, you are entitled compensation alsoeskbanker said:
Nevertheless, two wrongs don't make a right, so it still comes down to the fact that if ITI issue a full and final response to a complaint, the complainant has two choices: accept it or escalate to FOS, regardless of strength of feelings....Sheris said:
Anyway, why would you ask a question on here if you believe that your wife knows the answer?1 -
Sorry for the typo. I meant 20 per week. I'm wondering if they can manage more than 2 per week!shiznit76 said:20 per week, not that that's much better0 -
Michael_Reynolds said:How can this be so difficult ...?Because a lot of the transfers from SVS were in certificate form which isn't acceptable to the new brokers. ITI have to get the certificated shares changed to electronic before they can be transferred in the normal way.Also a lot of transfers involve non-listed and AIM shares with their corresponding problems.On top of these problems there are totally inadequate systems at ITI which are not fit for purpose.Leonard Curtis knew all this and took precautions by tightly wording the contract with ITI.ITI probably just wanted the large client base to make them look a credible player and the customers who want to get involved with more lucrative trading (i.e. more lucrative for ITI).For ITI the transfers are costly and unproductive so they don't want to pay enough staff to get them done in a timely manner. It is cheaper to pay compensation to those who complain enough to get it.At least that is my take on this. I'd say that ITI still have insufficient motivation to solve the difficulties.1
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I was asking what other people opinions were. To offer £75 for three months plus worth of stress they have caused me is laughable. TSB gave me more, unasked for, when they took 2 days longer than stated to change over my current account!eskbanker said:
Compensation for what specifically? I'm not understanding the arbitrary distinction you're drawing there between 'redress' and 'compensation', but your complaint to ITI should make it clear what an acceptable resolution looks like, in terms of corrective actions and/or compensation for financial losses and/or trouble and upset. If they come up with that acceptable resolution, you accept it, or if they don't (and clarify finality), you have the option of escalating to FOS, but (to use your terminology) if you're after redress and compensation as separate headings then you need to seek both from ITI - if they only offer one, but in full and final settlement, then why would you accept it if doing so would compromise your ability to escalate your complaint to FOS?shiznit76 said:
This is wrong. My wife works complaints for one of country's largest banks and she has confirmed that you can accept redress and go to FOS also. The redress is an apology for their mistakes, you are entitled compensation alsoeskbanker said:
Nevertheless, two wrongs don't make a right, so it still comes down to the fact that if ITI issue a full and final response to a complaint, the complainant has two choices: accept it or escalate to FOS, regardless of strength of feelings....Sheris said:
Anyway, why would you ask a question on here if you believe that your wife knows the answer?0 -
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So if you feel that £75 isn't adequate, and ITI have said that it's their final response, then you have the option to escalate your complaint to FOS, but that would be instead of accepting the £75, not as well as doing so!shiznit76 said:
I was asking what other people opinions were. To offer £75 for three months plus worth of stress they have caused me is laughable. TSB gave me more, unasked for, when they took 2 days longer than stated to change over my current account!eskbanker said:
Compensation for what specifically? I'm not understanding the arbitrary distinction you're drawing there between 'redress' and 'compensation', but your complaint to ITI should make it clear what an acceptable resolution looks like, in terms of corrective actions and/or compensation for financial losses and/or trouble and upset. If they come up with that acceptable resolution, you accept it, or if they don't (and clarify finality), you have the option of escalating to FOS, but (to use your terminology) if you're after redress and compensation as separate headings then you need to seek both from ITI - if they only offer one, but in full and final settlement, then why would you accept it if doing so would compromise your ability to escalate your complaint to FOS?shiznit76 said:
This is wrong. My wife works complaints for one of country's largest banks and she has confirmed that you can accept redress and go to FOS also. The redress is an apology for their mistakes, you are entitled compensation alsoeskbanker said:
Nevertheless, two wrongs don't make a right, so it still comes down to the fact that if ITI issue a full and final response to a complaint, the complainant has two choices: accept it or escalate to FOS, regardless of strength of feelings....Sheris said:
Anyway, why would you ask a question on here if you believe that your wife knows the answer?
Depending on FOS's opinion once they've heard both sides of the story, they may instruct ITI to increase that amount, or leave it as is, or even (theoretically!) decrease it....3 -
eskbanker, Do you think ITI will have a story to tell ?0
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