SVS Securities - shut down?

johnburman

I have left ITI. I am no longer a client (hopefully). All funds and cash transferred to new brokers. Only too iti 4 months to transfer.
The worst most stressful experience I have ever had with a financial services company ever. Confused and incompetent. And now I have to wait for the FOS to determine matters. But everybody AFFECTED BY ITI MUST MAKE A COMPLAINT TO THE FOS. EVERY CLIENT NEEDS TO ENSURE THAT A COMPLAINT IS MADE IN THEIR NAME. And yes still tell the FCA as well. 

shiznit76

I don't think anything criminal has happened, just ITI took on way more than they were capable of dealing with with too few staff to deal with the workload 

Sheris

eskbanker said:

Sheris said:

eskbanker said:

Sheris said:

eskbanker said:

My view is that, when escalating a complaint to FOS, it's legitimate to highlight any demonstrable failures by the institution to comply with the DISP provisions of the FCA handbook when addressing that complaint, so, for example, if the business hasn't responded within the eight weeks then it seems fair game to include reference to this.  I'm not sure that such failure would warrant raising an entirely separate complaint though, if that's what you're suggesting?

With holding monies is a criminal law, unless there is a reason of why. Thats one just for starters.

Eh?  I think you've missed the point there, my post was about compliance with provisions relating to complaint handling (the DISP section of the FCA Handbook), not the original financial mismanagement matters leading to the complaint being raised in the first place....

Missed no point, just refering to outside the box or boxes, the FCA Handbook has far more better use, BLUE reclying bin.
Further telephone conversation today with the FCA for a update, they do not want to know, says it all.

Despite challenging some of the more outlandish assertions on here, I'm not trying to defend any of the organisations concerned if they're failing in their duties, but just because the FCA isn't helping doesn't mean that the FOS are suddenly liable.  However, if you believe that there's literally been a breach of criminal law, you should be going to the police about it anyway....

eskbanker, im not having a go at you, so please do not take it the wrong way, its a fact that this is still going on.
You would like to think in this day and age that one would not have to contact the police, just shows the FCA are out dated.    

shiznit76

see they are back to the two step login, needing a code emailed/text to to you 

pbcinlondon

Recent posts deal with intricacies and details, possibly semantics, of lodging and following through with complaints about ITI to FOS and FCA. I'm not going to trawl through the previous 530 pages of this forum but has anybody questioned the integrity, professionalism and competence of Leonard Curtis? Other than the misfortune of using SVS, which was clearly improperly run, is not the biggest misfortune of this whole saga the involvement of LC? Following, a reply from the ICAEW about a complaint about LC:

An insolvency practitioner (IP) has to comply with standards set out in the Statements of Insolvency Practice, the Code of Ethics and ICAEW’s insolvency regulations. If you're concerned the IP may not have followed any of these standards, you'll need to send your complaint to the Insolvency Service using their online complaint form.

Once they have reviewed your complaint, the Insolvency Service will decide whether or not it should be considered further by the relevant licensing body.

If you're challenging the decisions of an IP, there are procedures under insolvency legislation that you need to follow. The IP acts under statutory rights and powers; only the courts have the power to decide if the IP has exercised them properly.  ICAEW can't intervene in these matters; for example, retention of title.

Let the rage against the machine continue undimmed.

(I'm still waiting for cash and small shareholding to be transferred out. Needless to write all forms completed and submitted, more than once at ITI's request, and countless emails sent)

masonic

pbcinlondon said:

Recent posts deal with intricacies and details, possibly semantics, of lodging and following through with complaints about ITI to FOS and FCA. I'm not going to trawl through the previous 530 pages of this forum but has anybody questioned the integrity, professionalism and competence of Leonard Curtis? Other than the misfortune of using SVS, which was clearly improperly run, is not the biggest misfortune of this whole saga the involvement of LC? Following, a reply from the ICAEW about a complaint about LC:

An insolvency practitioner (IP) has to comply with standards set out in the Statements of Insolvency Practice, the Code of Ethics and ICAEW’s insolvency regulations. If you're concerned the IP may not have followed any of these standards, you'll need to send your complaint to the Insolvency Service using their online complaint form.

Once they have reviewed your complaint, the Insolvency Service will decide whether or not it should be considered further by the relevant licensing body.

If you're challenging the decisions of an IP, there are procedures under insolvency legislation that you need to follow. The IP acts under statutory rights and powers; only the courts have the power to decide if the IP has exercised them properly.  ICAEW can't intervene in these matters; for example, retention of title.

It was discussed quite early on in the thread. The response you received makes it clear the sort of behaviour ICAEW can and cannot investigate, and any action taken will obviously come too late to help anyone caught up in the SVS saga. I don't think anyone has been able to identify any specific improper conduct in relation to LC's statutory and professional obligations, such as they are - at least not any that are likely to stick given allowances for Covid etc. Another avenue of complaint is through your MP, again, not likely to be useful to you personally, but could lead to a better experience for others in the future.

My2penneth

I emailed my MP months ago...I don't remember even receiving an acknowledgement of my email. I guess they have got other things more pressing such as Covid-19 & Brexit.

RasputinB

masonic said:

I don't think anyone has been able to identify any specific improper conduct in relation to LC's statutory and professional obligations, such as they are

A problem is that if allegations are properly investigated it might mean that the FCA would act and shut down ITI Capital. That is not going to help those who are still waiting to get their shares and cash out.

manted

My2penneth said:

I emailed my MP months ago...I don't remember even receiving an acknowledgement of my email. I guess they have got other things more pressing such as Covid-19 & Brexit.

Senior Personnel at ITI Capital are not even responding to my MP's letter / emails. Just goes to show how egg headed these guys can be.

eskbanker

manted said:

Senior Personnel at ITI Capital are not even responding to my MP's letter / emails. Just goes to show how egg headed these guys can be.

Perhaps it's just a shell company?