SVS Securities - shut down?

AgriBoy

Many thanks to all who contributed to this site. It has proved an invaluable source of support, through the darkest hours of this fiasco. Lets hope that ITI are nearing the end of the process of returning all assets to their owners. Also when this is done, it is to be hoped that action is taken, to ensure that the repeated mistakes, of which this is just one example, made by a weak FCA, are reined in. It is essential, post Brexit that the British financial economy, that is The City Of London and elsewhere, are properly policed, in order to sustain a reputation for high integrity. Weak oversight, will lead to a loss of trust, resulting in investors melting away. Right now that is the last thing we need, in our brave new independent world, if we are to prosper as a separate nation.
Sort out the FCA!!  

johnburman

Has anyone had any joy with the FCA regarding complaints ABOUT THE FFC TO THEM? 

My2penneth

Just spoke with the FOS with whom I lodged a complaint on Oct 15th ...they haven't even assigned an investigator yet!!
(I also updated the FCA that the case is dragging out - it is worth keeping them informed as ITI are probably telling them that everything is roses!)

eskbanker

My2penneth said:

Just spoke with the FOS with whom I lodged a complaint on Oct 15th ...they haven't even assigned an investigator yet!!

In normal times they set expectations of cases typically being allocated within about four months but at the moment it's seven, as per https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/investments

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.

johnburman

eskbanker said:

My2penneth said:

Just spoke with the FOS with whom I lodged a complaint on Oct 15th ...they haven't even assigned an investigator yet!!

In normal times they set expectations of cases typically being allocated within about four months but at the moment it's seven, as per https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/investments

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.

Disgraceful!  But still keep it up and still complain further.  Never give in.

Sheris

johnburman said:

eskbanker said:

My2penneth said:

Just spoke with the FOS with whom I lodged a complaint on Oct 15th ...they haven't even assigned an investigator yet!!

In normal times they set expectations of cases typically being allocated within about four months but at the moment it's seven, as per https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/investments

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.

Disgraceful!  But still keep it up and still complain further.  Never give in.

Simple answer is stolen monies and report to Police 

My2penneth

When it comes down to it,  I ask myself "how much have the FCA and the FOS helped me? "...the only answer is "not a lot! ". 

desertorchid123

Hi, does anyone have any news regarding the Corporate Finance Bonds distributed by SVS? It appears returns will be non existent from now on and with the company accounts showing evaporation of assets (from 50+ million last year) it appears 100% default as and when due. Foul play appears highly likely here IMO. Very few options to redress.

johnburman

My2p it is difficult to know. We don't know what effect the FCA has on iti or rather had at the time. My guess is something but not as much as we would have liked. A terrible indictment of the FCA and the FS industry generally AND an encouragement almost to other poor operators. But the problem was... What good to anyone had the FCA shut down iti? Could they have forced it to merge with a better group...but even then how do you merge it systems? Would you want to use or merge with ITI's if you were a big player? 

Sheris

johnburman said:

My2p it is difficult to know. We don't know what effect the FCA has on iti or rather had at the time. My guess is something but not as much as we would have liked. A terrible indictment of the FCA and the FS industry generally AND an encouragement almost to other poor operators. But the problem was... What good to anyone had the FCA shut down iti? Could they have forced it to merge with a better group...but even then how do you merge it systems? Would you want to use or merge with ITI's if you were a big player? 

Spot on with your statement.