SVS Securities - shut down?

RasputinB

You could consider selling your holding by phone rather than on-line. But you still need to get the cash from the sale.
Why don't you try the FCA (Freephone) and explain your predicament to them? They will know the third party who is supposed to be overseeing closure of accounts at ITI so try to get direct communication with that party.
If the FCA aren't helpful I'd ask them if they are recording the conversation as you want it logged and point out that you are finding the situation very distressing and inconvenient. Make a note of all hassle so that it is ready for a claim to the FOS if you want to collect £200 or more. 

englishmas

I am pleased to see that some you have got some compensation from FSCS, where in my case I am still waiting.
Masonic and some others may remember my previous posts regarding my case.
I was awarded compensation by the FSCA ombudsman  but did not get it as SVS went bust the same week. The liquidator asked  me to file the claim with FSCS, which I did in July 2019 and I am still waiting to get any compensation.
Each time I ask for update , I get the stander response fromFSCS , " we are still investigating your case" I do not know that why the FSCS taking such a long time to reinvestigate the case already decided by the FCA ombudsman, what are they investigating I do not know.
I am a pensioner and this is my saving for my pension, now five years has passed since this case was started.
Any suggestion/advise What action I can take would be greatly appreciated.
Thank you

masonic

englishmas said:

I am pleased to see that some you have got some compensation from FSCS, where in my case I am still waiting.
Masonic and some others may remember my previous posts regarding my case.
I was awarded compensation by the FSCA ombudsman  but did not get it as SVS went bust the same week. The liquidator asked  me to file the claim with FSCS, which I did in July 2019 and I am still waiting to get any compensation.
Each time I ask for update , I get the stander response fromFSCS , " we are still investigating your case" I do not know that why the FSCS taking such a long time to reinvestigate the case already decided by the FCA ombudsman, what are they investigating I do not know.
I am a pensioner and this is my saving for my pension, now five years has passed since this case was started.
Any suggestion/advise What action I can take would be greatly appreciated.
Thank you

Updates on the FSCS page for SVS seem to be showing they are making slow progress and working through different types of claim in a sequence: https://www.fscs.org.uk/making-a-claim/failed-firms/svs/

I agree with you that it is an open and shut case that your FOS award is owed, but before the FSCS will pay out they will need to investigate whether there are any other avenues for you to claim compensation, for example, a regulated financial adviser. I can't remember the specifics of your claim, perhaps it was a SVS cold caller that "advised" you to invest in unsuitable investments. There probably isn't a lot you can do to get your case moved up the priority list, but it wouldn't hurt to get your MP involved if you are facing financial hardship as a result of the delays.

Potentially the most recent update of 9th September, around beginning to accept and process claims for Discretionary Fund Management might be relevant to you.

englishmas

Thanks Masonic for your response, I did try to involve my PM but did get any response from her. As you said what can do is only wait .

johnburman

Insolvency Rules  - -Rule 7.108.—(1) All fees, costs, charges and other expenses incurred in the course of the winding up are to be treated as expenses of the winding up.

You are right, but there will be enough in the company to pay the fees of the winding up process I am sure, even if there not for other creditors 

johnburman

Re FSCS. Can you include a loss of interest charge to the award for their delay?

it seems to me that the delay is caused by the FSCS and they should pay the same.

It's a shame that you can't force them to speed things up by applying to the court 
Or can you? 

englishmas

Hi Johnburman

The FCA ombudsman decision was  that SVS should  compensation with interest, I do not know if the FSCS will fallow that.

RasputinB

2 more additions to Ombudsman decisions -

DRN-3652059 £500 D&I, ITI initially offered £75
DRN-3619278 £500 D&I

Note that both of these decisions included this wording - "If ITI Capital Limited doesn’t pay this sum to [] within one month of ITI Capital Limited being notified of []’s acceptance of this decision, then ITI Capital Limited should pay [] simple interest on the sum at the rate of 8% per year from the date of my decision until the date ITI Capital Limited pays [] the sum."

englishmas

in my case the compensation awarded by FCA against SVS was much more than the 85k, I understand that FSCS compensation has a limit of 85k, if I ever get any compensation from FSCS it will be 85k minus liquidator cost so any interest payable will come  meaningless.

masonic

johnburman said:

Insolvency Rules  - -Rule 7.108.—(1) All fees, costs, charges and other expenses incurred in the course of the winding up are to be treated as expenses of the winding up.

You are right, but there will be enough in the company to pay the fees of the winding up process I am sure, even if there not for other creditors 

Based on the latest progress report, total expenses of the administration of SVS are currently estimated at £31m. The vast majority of that was borne by investors and paid through FSCS compensation. In the case of ITI, the FCA is trying to prevent that from happening again by forcing clients away from ITI. This has the side-effect of cutting off the majority of the company's earnings, so it is effectively going to have to fund itself through consumption of its assets. It looks as though there are still a lot of stranded illiquid client assets, probably numerous financial instruments each of low value, and much work to be done in winding up the company, which would trigger an insolvency under the Special Administration Regime. There's no doubt that with most clients and assets gone, the total expenses would be lower, but even if they were an order of magnitude lower, expenses could greatly exceed realisable assets.