SVS Securities - shut down?

jenwrendorset

Christmas has come early, well by one day at least.  Fourth and final transfer has finally found its way to iWeb and all is correct. The cash wasn't quite so lucky but it would have been a first had that moved as well.  Fingers crossed I have just submitted my final withdrawal form - what am I going to do with all empty days that now lie ahead???  Ah yes, the deadline for responses to our many complaints is fast approaching so all is not lost - it is a relief to finally see the end to all this stress and anxiety but questions still need to be answered and if not then I will be submitting the final FOS forms.

Happy Christmas to all - this forum has been the highlight of my day.

Nbs222

I am told my transfers will happen soon.

Merry Christmas to all.

MK62

It does seem that "soon" is a very relative concept in ITI-speak.....

Alas no early present here......still stuck in the ITI phantom zone......

Sheris

MK62 said:

It does seem that "soon" is a very relative concept in ITI-speak.....

Alas no early present here......still stuck in the ITI phantom zone......

Same here, but many thanks to everyone on there help and advice.
Merry Christmas to everyone.  

Researcher16

Update 28th December

All of my shares and cash have now been transferred to Equiniti Shareview (transfer initiated at the beginning of August).  This was completed on 17th December (yay!).  However, my ITI account still displays that they still hold my shares and an odd amount of cash which is more than was in my account by about £10.  Also, as usual, double amounts are still displayed on the dashboard.

My son and husband are still waiting for cash transfers to their Hargreaves Landsown accounts. 

Complaints regarding all three accounts are with the FOS and have reference numbers.

I have yet to have any responses from ITI to emails other than generic acknowledgement type of emails.

Thank you all who have contributed to this forum, it has made this frustrating process less scary.

Here’s to a more positive 2021!

RobHun

I expect this has been brought up before but I would appreciate any advice. I made an official complaint to ITIC on 23rd October and things moved (well for them) relatively quickly and the transfer to HL was finally completed four weeks later. Last week I received a letter giving their "final response" that my complaint had been upheld and I was offered an ex gratia payment of £50 with the usual condition that "these matters remain confidential".etc.  My first instinct is to refuse this offer and raise a complaint with the FOS. Having never been down this road before and accepting that I have finally got what I have wanted all along, ie. a transfer to my chosen broker, would my complaint to the FOS be based on the amount of compensation offered by ITIC which I consider  to be laughable given the stress/disappointment/frustration I have endured.   

eskbanker

RobHun said:

I expect this has been brought up before but I would appreciate any advice. I made an official complaint to ITIC on 23rd October and things moved (well for them) relatively quickly and the transfer to HL was finally completed four weeks later. Last week I received a letter giving their "final response" that my complaint had been upheld and I was offered an ex gratia payment of £50 with the usual condition that "these matters remain confidential".etc.  My first instinct is to refuse this offer and raise a complaint with the FOS. Having never been down this road before and accepting that I have finally got what I have wanted all along, ie. a transfer to my chosen broker, would my complaint to the FOS be based on the amount of compensation offered by ITIC which I consider  to be laughable given the stress/disappointment/frustration I have endured.   

If you're dissatisfied with ITI's response to your complaint then you can escalate that same complaint to FOS, explaining why you believe the ITI response to be inadequate.  If they've belatedly processed the transfer then there's presumably nothing further to do on that front so if that just leaves the value of the compensation then that effectively becomes the remaining focus of the complaint, and if FOS agree that the figure is objectively insufficient then they can instruct ITI to increase it.

johnburman

Don't delay complaining to the FOS. they take ages to investigate and then reach a conclusion. And remember each client  should make a separate complaint to the FOS. Do not join them. 

GeorgieC

RobHun said:

I expect this has been brought up before but I would appreciate any advice. I made an official complaint to ITIC on 23rd October and things moved (well for them) relatively quickly and the transfer to HL was finally completed four weeks later. Last week I received a letter giving their "final response" that my complaint had been upheld and I was offered an ex gratia payment of £50 with the usual condition that "these matters remain confidential".etc.  My first instinct is to refuse this offer and raise a complaint with the FOS. Having never been down this road before and accepting that I have finally got what I have wanted all along, ie. a transfer to my chosen broker, would my complaint to the FOS be based on the amount of compensation offered by ITIC which I consider  to be laughable given the stress/disappointment/frustration I have endured.   

You are indeed lucky to have had your transfer processed in such quick time.
With regards to your complaint, I would go back to ITI and say their offer is derisory etc etc for the following reasons blah blah with a threat to go to FOS. This gives them a chance to reconsider and improve. You have nothing to lose other than the time it takes them to respond. FOS will take all communications in to account and will ultimately decide if the offer they made is fair. Worst case scenario is FOS deems the £50 fair in which case you are no worse off but this could take months.

eskbanker

GeorgieC said:

RobHun said:

Last week I received a letter giving their "final response" that my complaint had been upheld and I was offered an ex gratia payment of £50 with the usual condition that "these matters remain confidential".etc.

With regards to your complaint, I would go back to ITI and say their offer is derisory etc etc for the following reasons blah blah with a threat to go to FOS. This gives them a chance to reconsider and improve. You have nothing to lose other than the time it takes them to respond.

The 'final response' expression is significant in the context of the FCA's rules about complaint handling, so it's not just ITI saying that they don't want to negotiate higher amounts, it officially signifies the end of the ITI process, so they should already have included information on how to escalate to FOS if the complainant desires to take it further.