SVS Securities - shut down?

Thrugelmir

Sheris said:

Josl said:

johnburman said:

Do you think the FOS are going to deal with all the ITI complaints as a batch... With a restricted compensation for everyone? Why the FOS delay over a set of simple complaints all about ITI delays and incompetence 

I fear this outcome.

Remember the FCA made this situation with Leonard Curtis for us all. 

Who chose SVS Securities to be their broker initially ...... 

Sheris

Thrugelmir said:

Sheris said:

Josl said:

johnburman said:

Do you think the FOS are going to deal with all the ITI complaints as a batch... With a restricted compensation for everyone? Why the FOS delay over a set of simple complaints all about ITI delays and incompetence 

I fear this outcome.

Remember the FCA made this situation with Leonard Curtis for us all. 

Who chose SVS Securities to be their broker initially ...... 

Your still about then Thrugelmir, you do not no the facts and never will. 

RasputinB

Why not ask the FOS for an update? If a satisfactory response is not forthcoming then notify the independent assessor, Dame Gillian Guy, at independent.assessor@financial-ombudsman.org.uk

She can investigate the level of service provided.

johnburman

And what if they ignore your requests for an update?

And can we wait for Dame Gillian 

eskbanker

RasputinB said:

Why not ask the FOS for an update? If a satisfactory response is not forthcoming then notify the independent assessor, Dame Gillian Guy, at independent.assessor@financial-ombudsman.org.uk

She can investigate the level of service provided.

But her terms of reference state:

7) Generally, the independent assessor will only consider a service complaint after the ombudsman service has completed its investigation of the case against the financial business.

although there is a caveat:

But in exceptional circumstances, they can tell the ombudsman service to put its investigation on hold while they look into the service complaint.

However, her annual report clarifies:

767 customers contacted me to consider complaints I was not able to review. This is very similar to the number of complaints I rejected last year.

The complaints were rejected for the following reasons:

• 43% of these were because the case was ongoing

[...]

while also recognising that delays are inevitable at the moment when considering complaints:

Every one of them is in a context of backlog and delays which gives immediate justification for grievance but where this is driven by demand and restricted resources, there is no redress or remedy. 

johnburman

A  Most complaints against ITI are ongoing
B To stop the FOS will slow down the whole process - or might do so
C  But I have complained; the FOS may realise that we are serious
D  Do you think the FOS are delaying the ITI batch of complaints to allow ITI to put their house in order/go into liquidations/at the request of the FCA?  Or am I paranoid?

Sheris

johnburman said:

A  Most complaints against ITI are ongoing
B To stop the FOS will slow down the whole process - or might do so
C  But I have complained; the FOS may realise that we are serious
D  Do you think the FOS are delaying the ITI batch of complaints to allow ITI to put their house in order/go into liquidations/at the request of the FCA?  Or am I paranoid?

D if I was a betting man, Evan money if your lucky. 

RasputinB

Sheris said:

Ravima said:

Seems that ITI are not allowed transfer cash at present!!

 Where can this info be obtained ?

There was an update to the FCA's restriction notice for ITI dated 20/9  This appears to clarify that ITI can transfer cash to existing clients. See https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF#what-can-this-firm-do-restrictions

eskbanker

johnburman said:

A  Most complaints against ITI are ongoing

Are you basing this just on comments on this thread or do you have access to any reliable stats about how many complaints were raised and how many remain outstanding?

johnburman said:

D  Do you think the FOS are delaying the ITI batch of complaints to allow ITI to put their house in order/go into liquidations/at the request of the FCA?  Or am I paranoid?

Sounds paranoid to me - given their role as an independent ombudsman service reviewing complaints, what would be FOS's motivation for complicity with any of those scenarios, and to what end? 

Personally I'd imagine that lack of timely response is simply a function of significantly increased demand on their services (investment-related complaint volumes have nearly doubled year on year), coupled with low resource availability and productivity, rather than anything sinister - bear in mind that even in non-pandemic times they never get particularly close to their target of 95% of complaints resolved within 12 months....

RasputinB

RasputinB said:

Sheris said:

Ravima said:

Seems that ITI are not allowed transfer cash at present!!

 Where can this info be obtained ?

There was an update to the FCA's restriction notice for ITI dated 20/9  This appears to clarify that ITI can transfer cash to existing clients. See https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF#what-can-this-firm-do-restrictions

It looks like Mark Bentley of ShareSoc was on the case https://www.sharesoc.org/forums/topic/iti-capital-email-funds-frozen/

Anyone like to explain why the FCA were preventing transfers out and thus exasperating the problems for ex SVS clients?