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SVS Securities - shut down?

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  • eskbanker
    eskbanker Posts: 37,354 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just like to know If any one manage to get any kind of compensation from FSCS , 
    The role of FSCS (the protection scheme) is to make good any investment losses, not to pay compensation in the sense you appear to mean (despite the body's name).

    Complaints escalated to FOS (the ombudsman service), if upheld, may result in FOS instructing ITI to pay compensation, if that's what you mean....
  • englishmas
    englishmas Posts: 87 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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.


  • eskbanker
    eskbanker Posts: 37,354 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    Ah right, I didn't realise that there was a complex and unusual backstory for you - most on here are discussing the painful and lengthy process of extracting assets from ITI since last summer, rather than pursuing historical claims from prior to SVS's 2019 collapse.  So did FOS instruct SVS to repay you for something and then redirect that repayment obligation to FSCS after their collapse?
  • englishmas
    englishmas Posts: 87 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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.
  • SteveJohnson56
    SteveJohnson56 Posts: 61 Forumite
    Second Anniversary 10 Posts Name Dropper
    edited 11 March 2021 at 9:54AM
    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.


  • My2penneth
    My2penneth Posts: 807 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 11 March 2021 at 12:41AM
    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!
  • GeorgieC
    GeorgieC Posts: 54 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    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). 
    You should get your wife to contact them asking where her money is and when they respond saying it was paid to you she should 'inform' them you are estranged and what are they going to do about it!!
  • toad333
    toad333 Posts: 16 Forumite
    10 Posts
    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! 
  • gibson81
    gibson81 Posts: 66 Forumite
    Second Anniversary 10 Posts
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    edited 12 March 2021 at 4:28PM
    gibson81 said:
     but they should have split the accounts up and found a better broker.
    And your complaining about the length of time it's taken so far............

    Perhaps the better broker issue is the one that customers should accept responsibility for. As was there choice at the outset. 
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