SVS Securities - shut down?

RasputinB

Another Ombudsman Decision is available at https://www.financial-ombudsman.org.uk/decision/DRN-3112315.pdf

It looks to me as though the claimant provided insufficient evidence.

Other "news" is that since 21/03/2022 Mr Oleg Zhelezko has consented to act as a director of ITI Capital.

https://find-and-update.company-information.service.gov.uk/company/02926252/filing-history

jenwrendorset

Eureka......compensation for all three accounts dropped into the bank accounts within a few days of me accepting their offer, if ITI had worked at that speed over the last two years this forum probably wouldn't have existed. I now have a couple of trees' worth of paperwork to destroy and then will forget this entire fiasco.....just hope iWeb doesn't falter!

Thank you to everyone on the forum who has made this 'trip' bearable, and for all the valuable information that between you all helped me get to the final hurdle, I certainly wouldn't have kept going without your encouragement.  Good luck to anyone else who is still waiting for their complaints to be sorted, hopefully you'll have my luck - only one of my complaints had reached an investigator and the other two were still waiting to be assigned to one so they obviously jumped the queue in the end.

Thank you again and it's goodbye from me.

My2penneth

Having been told before Christmas that the FOS had found in our favour and asked for compensation, ITI have not replied to their emails. I contacted the FOS (again) and they seemed to be unsure what they can do and I was left with a distinct impression that any compensation might not be forthcoming. The reply I had on 8th April..see below.

Nov 30th 2021
"I wrote to ITI Capital Limited today to explain what I think about your complaint – and I attach a copy of what I’ve said.

As you’ll see, I’ve given ITI Capital Limited time to think about what I’ve said and reply to me. They have until 13 December 2021 to do this."

Jan 10th 2022
"My contact has been chased for a response. Hopefully they will be in a position to let me know if they agree with my view so we can resolve things for you.I will be in touch when I have an answer from them."

Feb 1st
"I am also still waiting for a response from them and have been chasing them for it as until then we wont know if they accept what I've said.I'll be in touch when I hear anything or if anything changes on your complaints."

Mar 15th
"Thank you for your email, sorry for my delayed reply. I had hoped to be able to confirm ITI's response however I'm unable to. That said, we have begun to see some movement on their end and I expect to receive a response soon.I will update you as soon as I have their answers, sorry I can't give you some more positive update currently."

8th April
"Thank you for your email.  The outstanding responses are something we are aware ITI are working on. A spreadsheet has been arranged and has been sent to them for their attention recently, at the moment a decision has not been made to take this complaint to final decision due to their lack of response as its likely to take more time to resolve that way, but this will be the next step to consider. I can only apologise that it has taken as long as it has so far. "

(don't understand the last bit that I bolded).

eskbanker

My2penneth said:

8th April
"Thank you for your email.  The outstanding responses are something we are aware ITI are working on. A spreadsheet has been arranged and has been sent to them for their attention recently, at the moment a decision has not been made to take this complaint to final decision due to their lack of response as its likely to take more time to resolve that way, but this will be the next step to consider. I can only apologise that it has taken as long as it has so far. "

(don't understand the last bit that I bolded).

The FOS process entails an adjudication from the case handler, and if either party disagrees with that, there is the option to escalate to an actual ombudsman for a final decision, which is then binding on both parties:

https://www.financial-ombudsman.org.uk/consumers/how-to-complain

The ombudsman escalation would be expected to introduce further delay but would normally require one of the parties to request it rather than it simply happening as a result of lack of progress.

RasputinB

eskbanker said:

The ombudsman escalation would be expected to introduce further delay but would normally require one of the parties to request it rather than it simply happening as a result of lack of progress.

I'd agree with that but you may not be aware of the fact that the FOS had an arrangement with ITI Capital where a more pragmatic approach could be taken. This may include automatically escalating to an ombudsman. What it certainly did include was "we will not record the outcomes of complaints settled with consumers during this period as ‘upheld’".
So much for transparency!

masonic

RasputinB said:

eskbanker said:

The ombudsman escalation would be expected to introduce further delay but would normally require one of the parties to request it rather than it simply happening as a result of lack of progress.

I'd agree with that but you may not be aware of the fact that the FOS had an arrangement with ITI Capital where a more pragmatic approach could be taken. This may include automatically escalating to an ombudsman. What it certainly did include was "we will not record the outcomes of complaints settled with consumers during this period as ‘upheld’".
So much for transparency!

This is surprising. You are saying that an Ombudsman is making decisions, but withholding them from the database that "holds all the final decisions we’ve published since 1 April 2013 under the Financial Services and Markets Act 2000, as amended by the Financial Services Act 2012"? It has always been the case that a complaint settled prior to issuance of a final decision by an Ombudsman is not published.

eskbanker

RasputinB said:

eskbanker said:

The ombudsman escalation would be expected to introduce further delay but would normally require one of the parties to request it rather than it simply happening as a result of lack of progress.

I'd agree with that but you may not be aware of the fact that the FOS had an arrangement with ITI Capital where a more pragmatic approach could be taken. This may include automatically escalating to an ombudsman. What it certainly did include was "we will not record the outcomes of complaints settled with consumers during this period as ‘upheld’".
So much for transparency!

I understood from previous posts that there was a certain amount of batching up of similar complaints going on (which I assume is behind the above reference to a spreadsheet being passed between FOS and ITI), but wasn't aware that there was any material variance from their published procedures - your quoted comment presumably comes from correspondence you've received from FOS, but what supports your view about automatic escalation?

RasputinB

eskbanker said:

your quoted comment presumably comes from correspondence you've received from FOS, but what supports your view about automatic escalation?

1. Working together to proactively settle complaints – an update on our outcome codes initiative (financial-ombudsman.org.uk)
2. I just thought it might make sense to tell a company that if it uses the "outcome codes initiative" but fails to respond within reasonable deadlines then the FOS could escalate to an ombudsman (with associated costs to the company?). 

johnburman

All very interesting but how do you get more compensation?

Despite my claims being settled by the FOS ages ago, my feeling is now we should have brought cases in the country court small claims division. 

johnburman

This could form a benchmark for the FOS perhaps? Especially as the FOS award very little for non pecuniary loss