SVS Securities - shut down?

johnburman

You may have a point here but there are going to be people who don't know the FOS is free and applies to cases such as iti. Claiming is easy... All online and my advice is to send them copies of all emails. Yes they take an age to deal but all affected should COMPLAIN TO THE FOS

sweeter_strudel

Just thought I'd thank John for updating at least his experience with FOS compensation. I went down the formal complaint route too, and after weeks of silence got sent a standard set of questions to answer to describe my whole ITI experience. Those FOS questions didn't inspire confidence as they seemed to miss the point about where and how ITI were failing - accounts were not accessible on the trading platform and ITI never replied to emails about anything.

That FOS email was more than six months ago and I thought a speedier bulk complaint was happening. Maybe I was being naïve.....

I've heard zero from FOS in the intervening months, probably like many others.

johnburman

FOS are like snails 

But they have their own internal complaints system too.  ASK FOR A FORMAL INTERNAL REVIEW of the complaint...that moves things along

Still a long an unsatisfactory process...but its free 

jenwrendorset

Just to keep the momentum going I thought I would just update everyone on our progress with the FOS and FCA - one big ZILCH!!!!!

Last time we heard from the FOS was February but give the FCA their due, I hear from them every 4 weeks and each time the 'end is nigh' and 4 - 6 weeks is quoted but still waiting.  Anyway emails going off to the FOS now, for what good it will do.

shiznit76

FOS are now finally on ITI's case for me, they have gave them till 25th November to respond and if not the  handler will give an unopposed judgement and redress. 

johnburman

You can always complain to the FOS about the sloth of the complaint!  I did and for some reason, the complaint speeded up a bit.  Odd that.  Remember to claim £250 per account for delay (min - even if you suffered no pecuniary losses.  a very small price for all the aggro and stress caused by ITI)

jenwrendorset

shiznit76 said:

FOS are now finally on ITI's case for me, they have gave them till 25th November to respond and if not the  handler will give an unopposed judgement and redress. 

Only one of our three complaints has actually been assigned to a case handler and that was back in June so have just sent off emails requesting updates - the hell that ITI put us all through won't be forgotten that easily, not by me anyway.

johnburman

jenwrendorset that is of itself a reason to complain to the FOS about their service.

QUESTION FOR ALL POSTERS.  How much compensation for delay and distress has the FOS been awarding against ITI Capital per individual per account (non-pecuniary loss only)?  I hope it is around £250 per individual account

jenwrendorset

johnburman said:

jenwrendorset that is of itself a reason to complain to the FOS about their service.

QUESTION FOR ALL POSTERS.  How much compensation for delay and distress has the FOS been awarding against ITI Capital per individual per account (non-pecuniary loss only)?  I hope it is around £250 per individual account

Thanks John for your advice, I included a dig about appalling service from FOS as well so wait to see what that brings forth - I didn't realise just how long it had been since I submitted our 3 complaints but over a year without a case handler being assigned to two of them is way out of order. The signatories on the FOS letters don't inspire confidence, it reminds me of all the names we had to juggle with at ITI Capital, rarely did I come across an english sounding name which I find disconcerting. Anyway watch this space.

johnburman

Complain to the FOS abou their apalling service.