SVS Securities - shut down?

manted

My question to all would be - 
What's the most effective answer to this question - 

• What were your plans when you decided to transfer your account to another provider

What would the most effective answer be ? Thoughts 

johnburman

Manted. Simples. Get out of the ITI shambles and join a simple to use reliable and secure platform with a known provider. 

RasputinB

I think that the answer regarding "What were your plans when you decided to transfer your account.." needs to carefully worded to ensure that the FOS get the message that the ITI shambles was costing us money. If you can't do that don't expect much compensation!

johnburman

The fact that one could not deal is the point to make. The issue is that they will say that you cannot prove you have suffered a pecuniary loss. And they are right you can't and no one can. But I want compensation for being in the position that I could not deal. 

RasputinB

johnburman said:

I want compensation for being in the position that I could not deal.

Exactly, but despite the shambles at ITI it was possible to deal, albeit by phone. If you weren't able to use the telephone dealing facility FOS will expect to see that you sold the shares in question as soon as you were able to do so at the new broker.

Just saying that you "lost out" because you couldn't deal won't get you very far. If you were not aware of the telephone dealing facility you could use the argument that you assumed that you would not be able to get through by phone. See the FOS Final Decision DRN8853557.

RasputinB

Those of you in correspondence with the FOS may find this of interest - "Please note that the on-line account was not properly encrypted when my account was first transferred to ITI. I believe that this has been reported to the FCA but I am not aware of their making a statement about the breach of security. You may feel that this issue is not within the jurisdiction of the FOS in which case please advise with clarity how I should pursue a claim for compensation due to the distress and anxiety of knowing that my holdings were in a non-secure environment and that email correspondence with ITI Capital involved routing through servers which are outside the EU."

jenwrendorset

RasputinB said:

Those of you in correspondence with the FOS may find this of interest - "Please note that the on-line account was not properly encrypted when my account was first transferred to ITI. I believe that this has been reported to the FCA but I am not aware of their making a statement about the breach of security. You may feel that this issue is not within the jurisdiction of the FOS in which case please advise with clarity how I should pursue a claim for compensation due to the distress and anxiety of knowing that my holdings were in a non-secure environment and that email correspondence with ITI Capital involved routing through servers which are outside the EU."

Many thanks for this info Rasputin - I've just wasted more hours of my life re-answering all the questions raised by the FOS in their latest email - all had already been covered in my original complaint and the attachments I sent, all to no avail I'm sure.  Now waiting for two more emails from FOS to cover other accounts so will incorporate your wise words in my response.  I have absolutely no faith in the FOS but have come this far so might as well carry on.

My2penneth

Having got the bulk of shares and cash transferred out of ITI Crapital to interactive investor (ii), there remained just 2 shares that ii did not support. So, I initiated a transfer request with iWeb. The transfer forms were duly sent to iWeb who lost them. So, we sent another set...lost again. Finally, 3rd time lucky and on 25th February, iWeb acknowledged receipt. Time marched on an d on June 14th , I contacted than to check on progress. According to their notes, the transfer request had been cancelled..BY THE CUSTOMER.  That was untrue. iWeb have reinstated the transfer request an a formal complaint will be winging its way.

RasputinB

My2penneth said:

Having got the bulk of shares and cash transferred out of ITI Crapital to interactive investor (ii), there remained just 2 shares that ii did not support. So, I initiated a transfer request with iWeb. The transfer forms were duly sent to iWeb who lost them. So, we sent another set...lost again. Finally, 3rd time lucky and on 25th February, iWeb acknowledged receipt. Time marched on an d on June 14th , I contacted than to check on progress. According to their notes, the transfer request had been cancelled..BY THE CUSTOMER.  That was untrue. iWeb have reinstated the transfer request an a formal complaint will be winging its way.

Problems with the transfer system are well known and have been highlighted by Mary McDougall of the Investors Chronicle and FT. See my earlier post at https://forums.moneysavingexpert.com/discussion/comment/78256240/#Comment_78256240

Unfortunately, unless people like us complain, and keep complaining, there appears to be little incentive for the regulators, or the industry, to do much. Perhaps contacting Mary McDougall will also help?

johnburman

The FOS are hopelessly slow.  They seem to do not very much and then write to ITI and await a reply.

Has anyone actually had a finding and compensation payment award from them against ITI?  If so how much?