SVS Securities - shut down?

Jamesram

sweeter_strudel said:

Just noticed tonight you can no longer access the Qort online support / ticket system to raise issues.
They provide a phone number and an email address only - account management at ITI.....

Luckily I took all my screenshots of the 10+ complaints I made for my FOS complaint.

It is still possible to access previous User generated complaint etc. tickets. There is a red "bell" top right with a number whiich corresponds to internal System generated Requests. Click on the "bell" and only these System Requests will be shown, suggesting a nice neat process, which was no doubt ITI's intention. However, if you click on one of the Requests shown, a list of ALL Requests will come up, ie including your own User generated tickets. So at present at least it seems we can still access those User Request records that may be relevant to an FOS complaint, so screenshots can still be taken, currently.

My partner and I have our own battles ongoing with Complaints dept - about to issue a court claim for lost divi. opportunity on IPE.L interim divi, exD date 1 October- ISA cash not transferred over until Nov= lost dividend of £280. ITI say we should have bought IPE.L stock through their own dealing desk, so not their fault. You can imagine our views about this. But maybe they are right, who knows? Darlington County Court here we come!

As regards negotiating an uplift in ITI offers of compensation, which my partner and I have both had, we have drawn a complete blank. I have advanced reasons why my comp. should clearly be rather higher than the identical comp offered to my partner, for particular health reasons I won't go into. (my partner agrees with me) Despite my furnishing medical evidence previously unknown to ITI they just say "We follow a rigid approach in our assessment of complaints which help us determine the level of compensation which we offer"  In other words, as I interpret it: "we have worked out a convenient system of calculation of compensation, and we ain't gonna budge no matter what your personal circumstances or ITI experiences may be". Am I wrong- has anyone succeded in shifting ITI's initial position on comp?

shiznit76

i told them to stick their offer

Jamesram

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 [Removed by Forum Team] in in their respective Final Decision messages to my partner and myself. Why broadcast that you are using a "rigid system" - how does that look ? [Removed by Forum Team] 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.

GeorgieC

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 [Removed by Forum Team] in their respective Final Decision messages to my partner and myself. Why broadcast that you are using a "rigid system" - how does that look ? [Removed by Forum Team] 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

eskbanker

Jamesram said:

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 (Removed by Forum Team) and (Removed by Forum Team) in their respective Final Decision messages to my partner and myself. Why broadcast that you are using a "rigid system" - how does that look ?

Looks to me like they're trying to convey exactly what you suspected in your previous post, i.e. that there's some sort of set tariff and/or formula that they use to calculate compensation offers and that as far as they're concerned this is non-negotiable, as opposed to them making offers that are to be seen as the starting point for discussion.  I'd have thought that most financial institutions would have something similar, rather than having to start from scratch with every complaint - obviously there will be variations but equally there will be common themes and experiences, as seen on this thread.

Jamesram

GeorgieC Thank you - yes point taken that they have to start somewhere and have some sort of sytem. But calling it a "rigid approach" is not very good PR.  Thanks for also for pointing out that any offer made by ITI is probably protected, in that I guess it is unlikely the FOS is going to assess at less than what was on offer.

sweeter_strudel

The biggest insult about my compensation offer was, other then being a miniscule amount of money for the amount of stress I've been through, was that the accompanying words acknowledged I was still awaiting to transfer out one account (true tally is two) and that even though they could escalate my request they had no idea how long it would take to complete.
A more realistic "final" compensation offer would only be made once all my accounts and cash were extracted from ITI - at an unknown future date.
Weeks have elapsed since the compensation offer and I still have zero progress on my remaining transfers.

I cannot fault ITI's consistent and complete utter ineptness.

sweeter_strudel

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....

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.