SVS Securities - shut down?

Clairabella

I have finally received my dividend into my bank after eight weeks of chasing. I just hope that my shares transfer before the next dividend payout or I’ll be chasing again. 

I submitted a formal complaint eleven days ago but have not had a reply, not even an acknowledgement of receipt. My cash is still showing in my account, sometimes double the amount I’ve withdrawn. 

What an absolute shambles. LC should be taken into account over submitting us to this, not to mention the length of time it took them!  I, and I’m sure many others, have lost thousands of pounds in not being able to sell at an optimal time. 

RasputinB

sweeter_strudel said:

Just realized my previous post could be misleading. ITI have not said they are going to do a second compensation offer when everything is resolved with my accounts. I meant that if ITI are making an offer that they describe as "final", then the earliest that such an offer should  be made is when everything is resolved.

We are nearing the four month anniversary of the start of the ITI debacle. Freedom by Christmas? Seems a tad optimistic to still have such hopes....

My strategy is to have separate complaints for the different issues. Not only does this enable new complaints as new issues arise but you can learn from the handling of earlier complaints. Looking at it from their end they are going to want to minimise claims and the strategy they will use (as does the FOS) is to compensate without clearly defining the actual issues so that if new evidence, or issues, arise they can say that the matter has already been dealt with.

Every failure or delay to reply to correspondence, every failure to properly administer your account, every failure to properly account for dividends etc. etc. just adds to the amount of compensation that ITI should pay.

I don't expect my claims to be finalised until after an accurate Consolidated Tax Advice is received. That will be many months away.

Monsieur_Bourse

GeorgieC said:

Jamesram said:

Yes, we have also told them we are off to FOS. I also  checked that sentence "We follow a rigid approach in our assessment of complaints which help us determine the level of compensation which we offer"  and find that it is used identically verbatim by Mr Philip Eva and Mr Christopher Morton in their respective Final Decision messages to my partner and myself. Why broadcast that you are using a "rigid system" - how does that look ? Morton also says in his letter to me "I can assure you that we considered all the points you raised in your complaint as well as your circumstances to reach our outcome"  

But he knew nothing at all about my personal circumstances when making his Decision ( and then refused to review, never mind revise, the Decision when I did explain something of my circumstances) - its all complete baloney!  Just in my humble opinion, of course.

Before going to FOS you are supposed to have exhausted the ITI procedure. ie official complaint to ITI with an official or out of time no response. FOS will then look at ITI resolution and decide if it is fair or inadequate and will make a ruling accordingly. 
Realistically from ITI point a complaint is relatively black and white as they have no control over personal issues.
However FOS can give a bit more credence to personal issues
You have nothing to lose with FOS but does take time, because even if he deems any ITI offer fair he should still order them to pay it even if you turned it down initially

My wife had that scenario play out when she made a complaint against another broker who had asked for proof that she was not a drug running money launderer, you know the usual thing, all private investors must be criminals, so hoops need to be jumped through. Bottom line she had to send them a copy of her passport to verify her identity. The broker then very kindly sent the copy of her passport to another client in error. She made an official complaint and was offered an amount of compensation from the broker, she declined the offer and complained to the FOS. The FOS ruled that the offer was in fact fair as the amount offered would compensate her for replacing her passport, no credence was given to the fact that somebody could have stolen her identity.

johnburman

Clairabella said:

I have finally received my dividend into my bank after eight weeks of chasing. I just hope that my shares transfer before the next dividend payout or I’ll be chasing again. 

I submitted a formal complaint eleven days ago but have not had a reply, not even an acknowledgement of receipt. My cash is still showing in my account, sometimes double the amount I’ve withdrawn. 

What an absolute shambles. LC should be taken into account over submitting us to this, not to mention the length of time it took them!  I, and I’m sure many others, have lost thousands of pounds in not being able to sell at an optimal time. 

Do tell the FCA about this ...it is appalling service that ITI are meant to have remedied.  and of course it goes in to the FOS as a complaint as well

Clairabella

johnburman 

Do tell the FCA about this ...it is appalling service that ITI are meant to have remedied.  and of course it goes in to the FOS as a complaint as well

I thought that I had to wait for eight weeks after submitting a complaint to ITI before I contact the FOS and FCA?

RasputinB

Clairabella said:

johnburman 

Do tell the FCA about this ...it is appalling service that ITI are meant to have remedied.  and of course it goes in to the FOS as a complaint as well

I thought that I had to wait for eight weeks after submitting a complaint to ITI before I contact the FOS and FCA?

You can contact the FCA to register your concerns about a company at any time, likewise you can contact the FOS for advice pending raising a complaint or raise a complaint straight away.

One you have made a formal complaint to ITI they need to respond within 15 days, if they don’t you can ask the FOS to deal with that complaint. Once ITI give a “final response” you have the option to escalate your complaint to FOS, this must be done within 6 months. I have put final response in quotation marks because in my experience it is possible to have two or three final responses relating to the same complaint.

I would keep the complaints separate and distinct e.g. complaint #1 failure to properly administer the receipt of a dividend from company X #2 failure to reply to email sent on X date #3 failure to respond to ticket X raised on X date….

You have 6 years in which to raise a complaint. If you think that more of ITI’s failures will become known, it would be wise to keep the door open for further complaints. In other words, don’t allow ITI or the FOS to persuade you to accept an all-encompassing offer; unless it is exceedingly generous.

[I haven't double checked the time limits, I'm sure that someone will spot any errors.]

johnburman

6 monts to refer a complaint to the FOS, no longer.  But the FOS is slow.  So get the complaints in - clearly and separately.  And remember to complain per person [or perhaps per account].  do not do one omnibus compaint for all your family members 

RasputinB

johnburman said:

6 monts to refer a complaint to the FOS, no longer.  But the FOS is slow.  So get the complaints in - clearly and separately.  And remember to complain per person [or perhaps per account].  do not do one omnibus compaint for all your family members 

6 months to refer a complaint to the FOS but 6 years to raise a complaint with the firm concerned. It is in the FCA Handbook somewhere.

masonic

RasputinB said:

Clairabella said:

johnburman 

Do tell the FCA about this ...it is appalling service that ITI are meant to have remedied.  and of course it goes in to the FOS as a complaint as well

I thought that I had to wait for eight weeks after submitting a complaint to ITI before I contact the FOS and FCA?

One you have made a formal complaint to ITI they need to respond within 15 days, if they don’t you can ask the FOS to deal with that complaint.

The 15 day limit relates to complaints about payment services and electronic money. For other types of complaint they have 8 weeks to respond before the matter can be taken up by the FOS. (See https://www.financial-ombudsman.org.uk/consumers/expect/time-limits).

If, for example, your complaint was about ITI failing to action a withdrawal request (at all or to the correct account), or wrongly debiting your linked current account, you could take advantage of the 15 day time limit. If, however, your complaint was about ITI being dreadfully slow giving you access to your investment account, failing to action an ISA transfer, or doing something wrong when executing a trade, the 8 week time limit would apply.

Contacting the FOS before the 8 week time limit is up may not be completely fruitless, as they are often willing to contact the firm and instruct them to respond to the complaint, which could make your case a higher priority for ITI.

My2penneth

Over on the Sharesoc forum (21st November 2020 at 6:12 pm#15558 ) Mark Bentley reports that the FCA are demanding daily progress reports from ITI. I reckon it is worth keeping the pressure on ITI by phoning the FCA to report progress / lack of progress. You are merely keeping the FCA informed and they claim to be appreciative of the information.

Get your dialling fingers out, pick up that receiver (as they used to say!). 
.  
(# 15558 above is a link to the Sharesoc page - give it a few seconds to load and to take you to article 15558).