SVS Securities - shut down?

Standard_Goose

Well I can confirm that they are transfering cash out again because they have finally transferred the cash balance of my account out. I am 99% confident that there won't be any more dividends coming in, so my ordeal is finally over.

I'll leave the account open in case there's any compensation payments paid into it - not holding my breath.

Had an email giving me £50 for the inconvenience, but I don't know where that ended up. I've not seen it.

Hope everyone else is now free too.

Standard_Goose

Latest from FOS:

>Your complaint about ITI Capital

>
>Thank you for your patience whilst your complaint has been with our service.

>
>I'm getting in touch to let you know that I've not had any luck with obtaining the necessary from ITI Capital as of yet. 

>
>We've been told that there was a change at board level which has caused further delays in it deciding how to respond to our >service more broadly. 

>
>It could be that I decide to write a no file assessment but I'll give the business a further opportunity to supply us with the information >I've requested. 

>
>I hope to be able to provide a significant update within the next 28 days - at which point I might be able to issue my view.

>
>If you have any questions, please don't hesitate to get in touch.

>

>Kind regards

As you can imagine I'm in complete shock at the behaviour of ITI who up to this point have behaved so professionally and responsibly.

RasputinB

johnburman said:

D  Do you think the FOS are delaying the ITI batch of complaints to allow ITI to put their house in order....

In the light of the FOS saying "I'll give the business a further opportunity to supply us with the information I've requested" I'd say that johnburman hit a nail on the head.

johnburman

Got our compensation now.  After much (too much) to-ing and fro-ing with the FOS.  Totals for *4* accounts for delay only (no pecuniary loss) of £850.

Matter now closed

My worst experience with an FS company in my life.  And makes me very concerned of both the FCA and FOS.

RasputinB

johnburman said:

Got our compensation now.  After much (too much) to-ing and fro-ing with the FOS.

Good to hear. Presumably ITI settled direct and you didn't get a formal decision from an actual FOS Ombudsman?

johnburman

No got decision from the Ombudsman and ITI did not challenge it (or they may have agreed it with the FOS).  

Still a low figure but I did not fancy waiting to have it go to a full adjudication by the Ombudsman on a review by them.  ITI and the FOS wore me down!  Should have taken a case to the county court - quicker and more compensation   

eskbanker

johnburman said:

Got our compensation now.  After much (too much) to-ing and fro-ing with the FOS.  Totals for *4* accounts for delay only (no pecuniary loss) of £850.

Matter now closed

My worst experience with an FS company in my life.  And makes me very concerned of both the FCA and FOS.

johnburman said:

No got decision from the Ombudsman and ITI did not challenge it (or they may have agreed it with the FOS).  

Still a low figure but I did not fancy waiting to have it go to a full adjudication by the Ombudsman on a review by them.  ITI and the FOS wore me down!  Should have taken a case to the county court - quicker and more compensation   

Sounds like a result, albeit too little and too late (and too much hassle getting it) - out of curiosity, how was the figure of £850 calculated and on what basis do you believe a court would have awarded more, i.e. does your 'no pecuniary loss' comment mean that there was no demonstrable pecuniary loss from the delays or that there was but it wasn't factored into the £850?

johnburman

We suffered no pecuniary loss. We suffered delay dither confusion and poor service from iti. We got compensation for that for our 4 accounts which made up 3 separate complaints to the FOS. 

I have no evidence but the scores of wasted calls to ITI who didn't answer the phone would be better compensated in the county court than the FOS. Anyway the FOS takes forever and have the feeling of being amateur but came through at the end. Mean comp though. 

eskbanker

johnburman said:

We suffered no pecuniary loss. We suffered delay dither confusion and poor service from iti. We got compensation for that for our 4 accounts which made up 3 separate complaints to the FOS. 

I have no evidence but the scores of wasted calls to ITI who didn't answer the phone would be better compensated in the county court than the FOS. Anyway the FOS takes forever and have the feeling of being amateur but came through at the end. Mean comp though. 

It's all moot now I suppose but you can't sue a company in court for "delay dither confusion and poor service" alone, and would need to quantify losses, so if excessive phone calls incurred demonstrable expense then you could at least try to claim for that in court (or via the FOS route for that matter) if you couldn't reasonably avoid making them and the company concerned failed to reimburse you.

You didn't actually answer the question about how the £850 was calculated though, i.e. was it £x per week/month of delay, or some other formula, or just a number plucked out of thin air?  What higher figure did you have in mind and how did you derive that?

johnburman

They have a contractual duty to you AND under the FCA regs to treat clients fairly. That forms the cause of action in the court had I brought an action. 

Secondly the comp was a lump sum per complaint. There seemed to be no formula. They would compensate for actual loss though but there was none.