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SVS Securities - shut down?
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englishmas said:Just like to know If any one manage to get any kind of compensation from FSCS ,
Complaints escalated to FOS (the ombudsman service), if upheld, may result in FOS instructing ITI to pay compensation, if that's what you mean....0 -
Hi eskbanker
In my case I have already been through the FCA propess , the Ombudsman made the decision in my favour almost two years ago , now going though the FSCS to get some compensation sincece last July. It is a nightmare , so for no response. I donot what else I can do to get some my money back.
Any suggestion would be appreciated.
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englishmas said:Hi eskbanker
In my case I have already been through the FCA propess , the Ombudsman made the decision in my favour almost two years ago , now going though the FSCS to get some compensation sincece last July. It is a nightmare , so for no response. I donot what else I can do to get some my money back.
Any suggestion would be appreciated.0 -
Well my candle is burning from both ends I am like many ex SVS clients also going through the painfull process of extracting my assets from ITI. In parallel to that trying to get some compensation from FSCS.
With my exprience I only can say that I have no trust of any socalled protection schemes .
LC made such a mess and got away while we all are paying the price is an example.0 -
This sums up the incompetence all have endured at the hands of ITI Capital since July 2020.
My stress levels have been rising these past 6 weeks.
Share dealing account residual cash £100 transferred from Phoenix arrived at iWeb 7days after my statement said it had transferred in late January
The Phoenix ISA account cash £10's of thousands transferring to iWeb has been very stressful, a totally different kettle of smelly fish.
Phoenix statement showed as transferred January, iWeb week after week stated they had not received it, kept chasing them for it. ITI Capital kept up the pretense it had been sent confirmed via email contact I had with a complaints handler who did reply quickly to try an alleviate my concerns. He claimed that there was nothing further he could do, as far as he could see it had been sent. iWeb said they had on at least two occasions sent emails to ITI Capital to chase up the cash, no reply.
After many emails and 4 weeks later ITI Capital informed iWeb the transfer was complete.
APPEARS MY CASH HAS DISAPPEARED INTO A BLACK HOLE!
ITI Capital then basically attempted to blame iWeb.
iWeb chat online then confirmed the final value transfer received from ITI for the cash element. The mistake was glaringly obvious though I had to tell them it was missing the final digit/figure off the total, 6p.
Back to ITI Capital with another email to say they had got their figures wrong/typing error according to iWeb.
Complaints handler said he would get back to me the next day,....guess what?
That's right he never did.
Another email sent off, he got back, claimed the payment had been rejected but did not know why or who was to blame, yeah right! Said it was being resent.
iWeb have now confirmed the correct amount has been received but will take several days to show in my account, fingers crossed.
SO THE CASH TRANSFER THAT SHOULD HAVE TAKEN SEVERAL DAYS TOOK SIX WEEKS.
NEARLY 6 MONTHS FOR THE TRANSFER TO COMPLETE!!!
The emails will be added to my case with the FOS for compensation.
Next problem will getting ITI to close the accounts down before they bring in Inactivity Charges!
|As a side note:-
I might add in January I instructed iWeb to transfer my Halifax share/ISA accounts to them, it took 22 days to complete (admittedly same company part of Lloyds), but everything would have to checked as if two separate companies and transferred.
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The latest bizarre (well, not for Crapital) is that my wife filled in a cash withdrawal form and ITI have credited my bank account with the cash. The paperwork clearly states my wife's name and her account number but yet they still managed to contrive to send it to another account entirely (we do not have any joint accounts).
And can I get them to transfer some missing shares (just one company) - despite emails and numerous calls..?
Oh, and the FOS are not much better - they still haven't assigned a case officer (mid October was when I submitted the paperwork) and they have opened a different case number to the one they advised.
You really have to despair about the UK's financial services and control thereof!0 -
My2penneth said:The latest bizarre (well, not for Crapital) is that my wife filled in a cash withdrawal form and ITI have credited my bank account with the cash. The paperwork clearly states my wife's name and her account number but yet they still managed to contrive to send it to another account entirely (we do not have any joint accounts).1
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Still waiting for my transfer to IB. Emails still being ignored.Wrote to fso to complain in October ‘20. Not much progress there either.
What a mess!0 -
Let's not forget the role LC played in all this. Absolute shambles of a due diligence process. Granted, there weren't many takers for our business but they should have split the accounts up and found a better broker.0
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gibson81 said:but they should have split the accounts up and found a better broker.
Perhaps the better broker issue is the one that customers should accept responsibility for. As was there choice at the outset.0
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