SVS Securities - shut down?

RasputinB

GeorgieC said:

https://www.handbook.fca.org.uk/handbook/DISP/1/1A.html

 I note that "The firm must investigate the complaint competently, diligently and impartially, obtaining additional information as necessary". Competent and diligent aren't two words that I'd use to describe ITI but maybe they do know how to handle complaints.

toad333

Complained to the ombudsman today. How long will it take to hear back from them?

shiznit76

toad333 said:

Complained to the ombudsman today. How long will it take to hear back from them?

about 6 weeks to get an acknowledgement that they are dealing with your complaint but very busy at the moment at a handler will be assigned as soon as possible

shiznit76

I have escaped! My holdings are all now showing in Iweb, my cash in the bank and i have no further need to have any dealings with ITI. It has taken almost 5 months, but i am free, free, FREE!!!!

eskbanker

shiznit76 said:

toad333 said:

Complained to the ombudsman today. How long will it take to hear back from them?

about 6 weeks to get an acknowledgement that they are dealing with your complaint but very busy at the moment at a handler will be assigned as soon as possible

Not sure what the actual experiences have been thus far for those who've escalated ITI complaints to FOS, but https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/investments sets low expectations:

How long it takes

It currently takes around 7 months for us to allocate a complaint about investments to a case handler for review – but it may take longer if your complaint is about spread betting or crowdfunding, where some of the most complex cases we receive can take up to 9 months. We’re working hard to reduce this wait time, so you may hear from us sooner than this.

Researcher16

I heard back from the FOS as I had complained (in early October) about my, my husband’s and my son’s experiences with ITI on one form. They requested that complaints were put in separately so I filled in forms on behalf of both my husband and my son. Case numbers for all three complaints have been allocated and my husband and son were both sent forms to sign that summarised their complaints. Therefore I feel that the wheels are in motion.

To update on my status:

- Husband and son’s shares have been transferred but not their sums of cash.

- No progress seems to have been made with my shares and cash transfers (initiated August 3rd).  I had a message at the end of last week from Equiniti Shareview stating: “We have been chasing the broker regularly, but are yet to hear anything back”.
- I have had no replies to any emails to ITI since September, even when letting them know I had complained to the FOS, apart from generic, automated responses.

johnburman

Researcher16 said:

I heard back from the FOS as I had complained (in early October) about my, my husband’s and my son’s experiences with ITI on one form. They requested that complaints were put in separately so I filled in forms on behalf of both my husband and my son. Case numbers for all three complaints have been allocated and my husband and son were both sent forms to sign that summarised their complaints. Therefore I feel that the wheels are in motion.

To update on my status:

- Husband and son’s shares have been transferred but not their sums of cash.

- No progress seems to have been made with my shares and cash transfers (initiated August 3rd).  I had a message at the end of last week from Equiniti Shareview stating: “We have been chasing the broker regularly, but are yet to hear anything back”.
- I have had no replies to any emails to ITI since September, even when letting them know I had complained to the FOS, apart from generic, automated responses.

Well done ...now push FOS for an early decision

shawdon

shiznit76 said:

I have escaped! My holdings are all now showing in Iweb, my cash in the bank and i have no further need to have any dealings with ITI. It has taken almost 5 months, but i am free, free, FREE!!!!

Congratulations on your escape achievement! Interestingly i escaped five weeks ago and ALL of my shares in all 8 accounts is still showing as active and fully valued on ITI systems (Phoenix)! Maybe i should sell these and see what happens?

shawdon

shawdon said:

shiznit76 said:

I have escaped! My holdings are all now showing in Iweb, my cash in the bank and i have no further need to have any dealings with ITI. It has taken almost 5 months, but i am free, free, FREE!!!!

Congratulations on your escape achievement! Interestingly i escaped five weeks ago and ALL of my shares in all 8 accounts is still showing as active and fully valued on ITI systems (Phoenix)! Maybe i should sell these and see what happens?

Oh i tell a lie! Not only are all of my shares still fully active on Phoenix after leaving ITI 5 weeks ago, but today is Double-Your money day again at ITI, as the dashboard shows a figure double the sum of the individual accounts within the portfolio! What a terrible way to run a company! Thank god i am out and fully compensated with the chance of a further payout, subject to FOS approval. 

Sheris

shawdon said:

shawdon said:

shiznit76 said:

I have escaped! My holdings are all now showing in Iweb, my cash in the bank and i have no further need to have any dealings with ITI. It has taken almost 5 months, but i am free, free, FREE!!!!

Congratulations on your escape achievement! Interestingly i escaped five weeks ago and ALL of my shares in all 8 accounts is still showing as active and fully valued on ITI systems (Phoenix)! Maybe i should sell these and see what happens?

Oh i tell a lie! Not only are all of my shares still fully active on Phoenix after leaving ITI 5 weeks ago, but today is Double-Your money day again at ITI, as the dashboard shows a figure double the sum of the individual accounts within the portfolio! What a terrible way to run a company! Thank god i am out and fully compensated with the chance of a further payout, subject to FOS approval. 

It sounds like a fruit machine, 3 cherries or pears ? 
Hard to take in what a company like L&C have made with there so called professional choice.