SVS Securities - shut down?

johnburman

And to Josi

If the monies owned are >£750, you can issue an immediate winding up petition.  That will get their attention.

RasputinB

johnburman said:

This is on the ITI Website:

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

Dear Client,

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

We are providing these FAQ’s to help answer any questions you might have.

Key Dates:

22nd July 2022; Clients will not be able to open any new positions, but can close positions.

25th November 2022; All Retail client open positions must be closed.

21st December 2022; All Retail client accounts will be closed at ITI Capital Limited.

Our dedicated account management and dealing team will be on hand to answer any questions you might have but we do ask you to have a look at these FAQ’s which will also be available on our website.

Kind Regards,

ITI Capital

Or, in the words of the FCA - "ITI Capital Limited must complete the closure of all retail client services by 21 December 2022 (or a date agreed with the independent third party to the satisfaction of the FCA)".

They also said that "ITI Capital Limited must hold a minimum of £4m in cash" and that this cash is a) To make client redress payments, b) To meet costs associated with any additional remedial actions required by the Authority, c) To ensure that, in the event of firm wind-down, this can be completed in an orderly manner, or d) In any other circumstances, with the express consent of the Authority.

An independent third party was supposed to have been appointed to oversee the orderly closure and the return (or transfer if appropriate to another provider’s custodian) of all retail client monies and custody assets. Should that third party be expected to help with the redress payments? (From what Degiro have said, it looks like they are already failing with the management of orderly transfers.) 

eskbanker

johnburman said:

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

Dear Client,

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

We are providing these FAQ’s to help answer any questions you might have.

Key Dates:

22nd July 2022; Clients will not be able to open any new positions, but can close positions.

25th November 2022; All Retail client open positions must be closed.

21st December 2022; All Retail client accounts will be closed at ITI Capital Limited.

Shock, horror, more deadlines missed!

https://forums.moneysavingexpert.com/discussion/comment/79408273/#Comment_79408273 [16 August 2022]

johnburman said:

ITI Capital Limited has made the decision to exit the retail client business in the UK by 30th September 2022.

Dear Client,

ITI Capital Limited has made the decision to exit the retail client business in the UK by 30th September 2022.

We are providing these FAQ’s to help answer any questions you might have.

Key Dates:

22nd July 2022; Clients will not be able to open any new positions, but can close positions.

31st August 2022; All Retail client open positions must be closed.

30th September 2022; All Retail client accounts will be closed at ITI Capital Limited.

RasputinB

Two more additions to Ombudsman decisions.
DRN-3618337 £350 D&I.
DRN-3639031 £350 D&I, ITI initially offered £60

SteveJohnson56

johnburman said:

This is on the ITI Website:

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

Dear Client,

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

We are providing these FAQ’s to help answer any questions you might have.

Key Dates:

22nd July 2022; Clients will not be able to open any new positions, but can close positions.

25th November 2022; All Retail client open positions must be closed.

21st December 2022; All Retail client accounts will be closed at ITI Capital Limited.

Our dedicated account management and dealing team will be on hand to answer any questions you might have but we do ask you to have a look at these FAQ’s which will also be available on our website.

Kind Regards,

ITI Capital

RasputinB said:

Or, in the words of the FCA - "ITI Capital Limited must complete the closure of all retail client services by 21 December 2022 (or a date agreed with the independent third party to the satisfaction of the FCA)".

They also said that "ITI Capital Limited must hold a minimum of £4m in cash" and that this cash is a) To make client redress payments, b) To meet costs associated with any additional remedial actions required by the Authority, c) To ensure that, in the event of firm wind-down, this can be completed in an orderly manner, or d) In any other circumstances, with the express consent of the Authority.

An independent third party was supposed to have been appointed to oversee the orderly closure and the return (or transfer if appropriate to another provider’s custodian) of all retail client monies and custody assets. Should that third party be expected to help with the redress payments? (From what Degiro have said, it looks like they are already failing with the management of orderly transfers.) 

I've had a provisional award from an ombudsman at the FOS due to be finalised in the next 3 weeks, will that £4m cash be used to pay out the FOS awards against ITI?

Or will I receive nada?

johnburman

I missed this bit:

 To ensure that, in the event of firm wind-down, this can be completed in an orderly manner, or d) In any other circumstances, with the express consent of the Authority.

ITI look as if they are not going to be around for very much longer.  They have given up dealing with complaints it seems (seeing the Degiro comment).

My view is personal: the sooner they go the better.  They were a disgrace to the UK FS industry.  ANY company that "does not treat clients fairly" and that includes answering the (complaints) phone, dealing with complaints, and dealing with the FOS and paying compensation promptly does not deserve to be "regulated" in the UK.

A more interesting point is why it took the FCA soooo long to act?   

masonic

SteveJohnson56 said:

johnburman said:

This is on the ITI Website:

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

Dear Client,

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

We are providing these FAQ’s to help answer any questions you might have.

Key Dates:

22nd July 2022; Clients will not be able to open any new positions, but can close positions.

25th November 2022; All Retail client open positions must be closed.

21st December 2022; All Retail client accounts will be closed at ITI Capital Limited.

Our dedicated account management and dealing team will be on hand to answer any questions you might have but we do ask you to have a look at these FAQ’s which will also be available on our website.

Kind Regards,

ITI Capital

RasputinB said:

Or, in the words of the FCA - "ITI Capital Limited must complete the closure of all retail client services by 21 December 2022 (or a date agreed with the independent third party to the satisfaction of the FCA)".

They also said that "ITI Capital Limited must hold a minimum of £4m in cash" and that this cash is a) To make client redress payments, b) To meet costs associated with any additional remedial actions required by the Authority, c) To ensure that, in the event of firm wind-down, this can be completed in an orderly manner, or d) In any other circumstances, with the express consent of the Authority.

An independent third party was supposed to have been appointed to oversee the orderly closure and the return (or transfer if appropriate to another provider’s custodian) of all retail client monies and custody assets. Should that third party be expected to help with the redress payments? (From what Degiro have said, it looks like they are already failing with the management of orderly transfers.) 

I've had a provisional award from an ombudsman at the FOS due to be finalised in the next 3 weeks, will that £4m cash be used to pay out the FOS awards against ITI?

Or will I receive nada?

It should be used for that yes. But in the situation where ITI goes into administration, your FOS award can be taken to the FSCS (though it would come out of your overall £85k compensation limit if you have to claim for lost assets as well).

masonic

johnburman said:

A more interesting point is why it took the FCA soooo long to act?   

One of the few things that can be relied upon about the FCA is that they are always slow to act.

SteveJohnson56

masonic said:

SteveJohnson56 said:

johnburman said:

This is on the ITI Website:

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

Dear Client,

ITI Capital Limited has made the decision to exit the retail client business in the UK by 21st December 2022.

We are providing these FAQ’s to help answer any questions you might have.

Key Dates:

22nd July 2022; Clients will not be able to open any new positions, but can close positions.

25th November 2022; All Retail client open positions must be closed.

21st December 2022; All Retail client accounts will be closed at ITI Capital Limited.

Our dedicated account management and dealing team will be on hand to answer any questions you might have but we do ask you to have a look at these FAQ’s which will also be available on our website.

Kind Regards,

ITI Capital

RasputinB said:

Or, in the words of the FCA - "ITI Capital Limited must complete the closure of all retail client services by 21 December 2022 (or a date agreed with the independent third party to the satisfaction of the FCA)".

They also said that "ITI Capital Limited must hold a minimum of £4m in cash" and that this cash is a) To make client redress payments, b) To meet costs associated with any additional remedial actions required by the Authority, c) To ensure that, in the event of firm wind-down, this can be completed in an orderly manner, or d) In any other circumstances, with the express consent of the Authority.

An independent third party was supposed to have been appointed to oversee the orderly closure and the return (or transfer if appropriate to another provider’s custodian) of all retail client monies and custody assets. Should that third party be expected to help with the redress payments? (From what Degiro have said, it looks like they are already failing with the management of orderly transfers.) 

I've had a provisional award from an ombudsman at the FOS due to be finalised in the next 3 weeks, will that £4m cash be used to pay out the FOS awards against ITI?

Or will I receive nada?

It should be used for that yes. But in the situation where ITI goes into administration, your FOS award can be taken to the FSCS (though it would come out of your overall £85k compensation limit if you have to claim for lost assets as well).

Thanks for that info.

Josl

RasputinB said:

I find it infuriating that the FOS and the Ombudsmen often won't take facts as presented by the complainants but expect the guilty company to confess before the FOS is happy to properly award judgement. This unfair bias is deplorable. Here is the guff -

"The investigator thought cash was received on 15 September as referred to by Mr A in response to some questions he was asked. But I note his bank statement he sent to us states receipt of cash was 16 October 2020 as did his letter of complaint. So, I think this is more likely the date of receipt but if there is any doubt, this needs to be agreed between Mr A and ITI before payment of the interest award is made."

The FOS is expected to resolve complaints; not leave them open ended. What a farce.

FOS exist only to exhaust the complaint process. All of investigator/ombudsman efforts are to ensure to kill or limit damage to the business. No matter how wrongful business behaves. 

In an ideal world, ombudsman should decide. Firm must pay this much in inconvenience, interest on late payment and so on. Also must make payment within 2 weeks. FOS is not fit for purpose.