SVS Securities - shut down?

jenwrendorset

I agree - SVS was a small set-up compared to the likes of HL etc but it suited our purposes and we felt it worked well. We did get the occasional phone call from them, but the call was for our son and not us which was strange but perhaps they looked at the age structure and decided that it was probable that us old codgers were more likely to be risk adverse than a 30+ year old however the calls never proceeded past the thank you but no thank you stage.  We've now moved onto iWeb and find them equally good, as they are part of Halifax I feel more confident that there won't be any problems in store for us, just hope I haven't spoken too soon!

Josl

update
Complaint filed against ITI capital with FOS in Oct 2020 has finally been assigned to an investigator today.

Another Complaint filed against the FCA handling continues to be under investigation for 17 months with monthly generic updates

Not holding my breath for either, like someone wrote earlier that complaint culture has become a norm in this country and ignoring complaint is the only solution authorities have come up with.

johnburman

And complain to the FOS about the dilatory way the FOS have handled the matter so far 

My2penneth

extract from the FOS's letter to ITI Capital.

"ITI has not offered any compensation to Mr X for the trouble and upset caused, so I’m recommending that they offer £300, which is in line with what our service considers fair and reasonable in the circumstances. I also understand that ITI hasn’t sent Mr X information about the dividends received into the accounts since August 2019 and I don’t think it’s unreasonable for ITI to provide this information to him. Next steps I think this is a fair outcome in the circumstances, for the reasons I’ve explained. Please let me know by 13 December 2021 whether you agree to my recommendations. If I can’t resolve things then an ombudsman here can look at everything again and make a final decision"

That's next Monday then! 

johnburman

Here's a thought. With that sort of evidence you could bring a case in the small claims court and win. Claim is for breach of contract and negligence. But hay 300 GBP buys a lot of mince pies 

jenwrendorset

I've just received the following from ITI:

Notice of termination of your agreement with ITI Capital Limited 

We would like to inform you of the termination of your agreement with ITI Capital Limited (“ITI”) and the closure of your account. 

We are giving you fifteen Business Days’ notice of termination of your agreement from the date of this correspondence in accordance with Section 22.2 of the agreement.

I gave notice to close this account in October 2020 so guess admin at ITI hasn't improved.  Interestingly enough the signatory was the Chief Operating Officer with a name I hadn't come across before and could almost be an english name!

johnburman

So did i. Why? I finished with ITI months ago. And it is a Do Not Reply email.

Seems to me they are updating their systems. But why now. And why sooooo late

RasputinB

Even though your accounts are "terminated" don't let ITI fob you off should you need to make further complaints or claims. The Conduct of Business Sourcebook defines a client as "A person to whom a firm provides, intends to provide or has provided: (a) a service in the course of carrying on a regulated activity".

jenwrendorset

RasputinB said:

Even though your accounts are "terminated" don't let ITI fob you off should you need to make further complaints or claims. The Conduct of Business Sourcebook defines a client as "A person to whom a firm provides, intends to provide or has provided: (a) a service in the course of carrying on a regulated activity".

Thanks for that - out of our 4 accounts this is the only one which I didn't need to submit a complaint against - even the transfer went across in a timely manner.

My2penneth

On page 597 I reported that the FOS asked ITICapital asked for a reply to their proposals for compensation by 13th December. ITI Capital did not respond. This applied for both complaints (mine and my wife's).

Of course we contacted NS of the FOS to let her know that nothing has been received. 

I logged on to my account this morning and I noticed that the one remaining share on the Qort account has now vanished. I never asked ITI to sell.