SVS Securities - shut down?

masonic

RasputinB said:

johnburman said:

How much compensation for delay and distress has the FOS been awarding against ITI Capital per individual per account (non-pecuniary loss only)?

Zero (so far). Any awards would be published under Ombudsman's Decisions and there is nothing showing. Some clients (maybe many) have accepted compensation but even if this is with the assistance of the FOS I'd not regard it as a legally enforceable award unless it has gone all the way to an Ombudsman. Some may think that they were dealing with an Ombudsman but were in fact dealing with a FOS investigator or adjudicator. I'm sure I'll be corrected if I'm wrong!

The FOS is making awards, but as you say only decisions that are not accepted by both parties and have to be referred to an Ombudsman for a binding decision are published. The three levels of resolution are as follows:

1. An offer by the firm during adjudication that is accepted by the customer closes the FOS complaint without a decision
2. The FOS adjudicator/investigator issues a decision that both parties agree to, thereby closing the complaint (this is an award by the FOS and will be specified in a decision letter, both parties must confirm they are willing to accept it and the firm must comply with it to close the case)
3. The FOS adjudicator/investigator issues a decision, but one or both parties disagrees with it and requests it is reviewed by an Ombudsman. This rarely results in a different legally binding decision and it is quite uncommon for decisions to be bounced up to the Ombudsman by the firm. It is much more common for the customer to believe they can get a better outcome by escalating the case further. It is generally not in the firm's interest to have the decision published because it then sets a precedent for others bringing a similar complaint.
   

johnburman

My hero masonic is once again right.  My adjudication did not need to go to the ombudsman as the investigator put forward figures which i accepted...and ITI did not disagree.  The investigator sent letters out and 14 days later ITI paid the £ into my bank account (no letter of apology, or any other letter to me, by the way). 

Matter for each of the 3 accounts we had, sorted.

We got a total of £850 for 3 separate complaints (one for each of 3 accounts).  

shiznit76

wonder how much ITI are going to have to end up paying out in compensation, Been some debacle. must be hellish for the genuine folks who work there

johnburman

for the staff yes.  for the bosses, i'm not sure they care

Buying the SVS 'book' with almost no additional staff to deal with them was a monumental failure.  Why the FCA allowed them to do so is a mystery.  Then the sh*i hit the fan and they were lost.  I wonder how many hundreds transferred out to new brokers - I was one of the first - and the delays etc. disgraced not only ITI, but the FS industry (and the FCA) as a whole. 

My guess is very few clients will complain to the FOS and the awards the FOS make are hardly generous. If you ignore reputation, the cost to ITI of this debacle is in the real world of £££ quite small.

The reputation of the FCA has been seriously damaged     

The worst thing is - i hope - the FCA will scrutinise this sort fo transaction in much more detail in the future.  

RasputinB

https://iticapital.com/#our-people shows -

Mr X *

Head of Private Clients UK

"At ITI Capital, X will be responsible for the profitability of the private client business including product, sales & marketing and dealing."

But according to the FCA register -

Mr X was connected to:

ITI Capital Limited  |  SMF3 Executive Director  |  From 14 Nov 2020 to 20 Aug 2021

It looks like there is now only one director linked to ITI Capital who is "Approved by the FCA" and he is a Non Executive Director with ETC Management Ltd.

Can this be right? A FCA regulated firm with no Executive Director approved by the FCA.
[* I have not shown his actual name as that might lead to this post being deleted!]

My2penneth

Just thought I'd check in to read any updates. ITI and iweb have been sending each other emails where the " agree" transfer and settlement dates.....then do nothing! 

I had an email from the FOS last week indicating that they agreed my complaint.  I will let you know the outcome.

My2penneth

RasputinB said:

https://iticapital.com/#our-people shows -

Mr X *

Head of Private Clients UK

"At ITI Capital, X will be responsible for the profitability of the private client business including product, sales & marketing and dealing."

But according to the FCA register -

Mr X was connected to:

ITI Capital Limited  |  SMF3 Executive Director  |  From 14 Nov 2020 to 20 Aug 2021

It looks like there is now only one director linked to ITI Capital who is "Approved by the FCA" and he is a Non Executive Director with ETC Management Ltd.

Can this be right? A FCA regulated firm with no Executive Director approved by the FCA.
[* I have not shown his actual name as that might lead to this post being deleted!]

Yes, but we all know who Mr X might be! Actually,  a Mr X might be more effective than that ( expletive ).

johnburman

My2penneth let us all know what the FOS award you.  I do wonder that although ITI are the real bad guys here, whether a joint complaint against ITI and iWEB would get you more compensation from the FOS than one against ITI alone.

My2penneth

I originally submitted a joint complaint on behalf of myself and wife. Somehow, the FOS screwed this up and there are two individual complaints going forward. The complaint was submitted in October ...2020 !

My wife received an email just this afternoon saying that the FOS had reviewed her case and upheld her complaint and recommended £300 compensation. Not much really (*) when you think of the 100+ phone calls, accounts being closed without her say so, and we still haven't got all shares transferred to where we want them even to this day.

( * note, we received £250 from iweb as they made an admin error)

ITI have until 13th December to challenge the decision. 

My2penneth

p.s. I made another complaint to iWeb 14th October .... they really are playing silly billies. They have not acknowledged the complaint. Soon I will be drafting up a complaint letter about the non reply to my complaint and reiterating the issue and adding on a few more issues that have developed meanwhile.I'm sure that iWeb (Halifax/Lloyds) have difficulty in recruiting staff and training them properly. At the moment, ITI and iWeb are sending each other ping pong emails, agreeing to transfer shares, offering transfer & settlement dates and then doing nothing, other than emailing each other as to why they have not carrried out the transfer. It's pretty poor.