SVS Securities - shut down?

Josl

FOS has responded.

Dear Mr A

Your complaint about our service

Thank you for your patience whilst I’ve been reviewing the concerns you raised on 4 November 2022, regarding the missing payment from ITI Capital. I’ve now finished my review, and I’m ready to respond to you.

To start with, it may help if I explain a little bit about the powers our service has in this scenario.  

Following our ombudsman’s final decision ITI Capital owes you a sum of money in compensation for your complaint. This award is legally enforceable because you accepted our decision. But it is not enforceable by our service.

Whilst our service has the power to decide how complaints should be settled, we have no power to oversee and enforce those settlements ourselves. If one of our decisions needed enforcing, it’d be for the complainant to approach a court with a copy of our decision and arrange for its enforcement to be carried out.

The best we can do in this situation is to engage with ITI Capital to better understand why it’s not paid, and whether there are any actual barriers to it being able to do so. I’ve spoken with our staff who’ve been liaising with the firm, and they’re aware that you and a number of other complainants remain out of pocket. We’re doing all we can to ensure ITI Capital makes the payments it’s required to make, but as we lack any formal enforcement powers, there’s only so much we can do here.

Based on what I’ve seen, I’m satisfied our investigator and the staff we have working with ITI are doing all they reasonably can to ensure you receive what’s due to you.

We’ll continue to work with ITI Capital across all of the unpaid cases, to ensure we’re doing all we reasonably can at our end to ensure you receive what’s due to you. In the event it becomes clear that enforcement action will be necessary, we’ll provide more information on how to do this in due course.   

RasputinB

Josl said:

FOS has responded.

Dear Mr A

Your complaint about our service

Thank you for your patience whilst I’ve been reviewing the concerns you raised on 4 November 2022, regarding the missing payment from ITI Capital. I’ve now finished my review, and I’m ready to respond to you.

To start with, it may help if I explain a little bit about the powers our service has in this scenario.  

Following our ombudsman’s final decision ITI Capital owes you a sum of money in compensation for your complaint. This award is legally enforceable because you accepted our decision. But it is not enforceable by our service.

Whilst our service has the power to decide how complaints should be settled, we have no power to oversee and enforce those settlements ourselves. If one of our decisions needed enforcing, it’d be for the complainant to approach a court with a copy of our decision and arrange for its enforcement to be carried out.

The best we can do in this situation is to engage with ITI Capital to better understand why it’s not paid, and whether there are any actual barriers to it being able to do so. I’ve spoken with our staff who’ve been liaising with the firm, and they’re aware that you and a number of other complainants remain out of pocket. We’re doing all we can to ensure ITI Capital makes the payments it’s required to make, but as we lack any formal enforcement powers, there’s only so much we can do here.

Based on what I’ve seen, I’m satisfied our investigator and the staff we have working with ITI are doing all they reasonably can to ensure you receive what’s due to you.

We’ll continue to work with ITI Capital across all of the unpaid cases, to ensure we’re doing all we reasonably can at our end to ensure you receive what’s due to you. In the event it becomes clear that enforcement action will be necessary, we’ll provide more information on how to do this in due course.   

I think that I will soon be in the same position i.e. the FOS have persuaded ITI to accept the amount of my claim for compensation, but I haven't yet received it. I'm not in the UK but I am in a EU state and I have started looking at what I can do. It would appear that for €25 I can get a European Enforcement Order which makes ITI liable where I am. Due to Brexit this may end in 2023.
I'm sure there will be a similar system in the UK, probably through what we know as the "small claims court" but others here will be better able to advise.

johnburman

Somethin is VERY wrong with ITI if it knows of a FOS award and yet it refuse to pay it.

Have you told the regulator, the FCA?

I suppose the best thing to do is to claim on the FSCS.  Yes you can go to the small claims court but why should you?

You could serve on them a Section 123 Insolvency Act notice threatening to wind them up.  That should get them to move.  Templates are available online.

This is appalling - ITI own you (and seemingly others) compensation and they refuse to pay it....yet they are still authorised by the FCA! 

What is going on? 

Josl

RasputinB said:

Josl said:

FOS has responded.

Dear Mr A

Your complaint about our service

Thank you for your patience whilst I’ve been reviewing the concerns you raised on 4 November 2022, regarding the missing payment from ITI Capital. I’ve now finished my review, and I’m ready to respond to you.

To start with, it may help if I explain a little bit about the powers our service has in this scenario.  

Following our ombudsman’s final decision ITI Capital owes you a sum of money in compensation for your complaint. This award is legally enforceable because you accepted our decision. But it is not enforceable by our service.

Whilst our service has the power to decide how complaints should be settled, we have no power to oversee and enforce those settlements ourselves. If one of our decisions needed enforcing, it’d be for the complainant to approach a court with a copy of our decision and arrange for its enforcement to be carried out.

The best we can do in this situation is to engage with ITI Capital to better understand why it’s not paid, and whether there are any actual barriers to it being able to do so. I’ve spoken with our staff who’ve been liaising with the firm, and they’re aware that you and a number of other complainants remain out of pocket. We’re doing all we can to ensure ITI Capital makes the payments it’s required to make, but as we lack any formal enforcement powers, there’s only so much we can do here.

Based on what I’ve seen, I’m satisfied our investigator and the staff we have working with ITI are doing all they reasonably can to ensure you receive what’s due to you.

We’ll continue to work with ITI Capital across all of the unpaid cases, to ensure we’re doing all we reasonably can at our end to ensure you receive what’s due to you. In the event it becomes clear that enforcement action will be necessary, we’ll provide more information on how to do this in due course.   

I think that I will soon be in the same position i.e. the FOS have persuaded ITI to accept the amount of my claim for compensation, but I haven't yet received it. I'm not in the UK but I am in a EU state and I have started looking at what I can do. It would appear that for €25 I can get a European Enforcement Order which makes ITI liable where I am. Due to Brexit this may end in 2023.
I'm sure there will be a similar system in the UK, probably through what we know as the "small claims court" but others here will be better able to advise.

Deplorable ways FCA, FSCS, Administrators, FOS behaved towards investors. SVS was under investigation for over two years for violations of regulations before its collapse. ITI was a known crooked organisation with long tainted history of fraud. It's on FCA. Kangaroo justice/financial system of the UK. Truly regret investing in the UK.

johnburman

Have you been paid your FOS award yet by ITI?

One for the newspapers papers if you have not 

masonic

This does seem like the final act of a company resigned to cease its operations in the UK. An FOS decision carries the weight of a court order, but requires legal proceedings before it can be converted to a court order (discussion of this process was in earlier posts). Sadly I think the time has come to take these steps. Agree that the FCA and press should be engaged about this issue, as it is very rare to find a regulated firm that fails to comply with an ADR.

RasputinB

It isn't just the FCA and FOS. This is the eventual response I received from the ICO after asking them to investigate my allegations of ITI allowing our data to be accessible to the Russian FSB.....

“Unfortunately, we have been unable to get a response to the queries we raised with ITI Capital Limited (ITI).”

“We contacted ITI on 7 October 2022 asking for further information surrounding this complaint and their wider information rights practices. As we did not receive a response to our queries, we contacted them again on 26 October 2022 and again on 4 November 2022. However, we have not received a response to our correspondence.”

“As such, we are unable to provide an outcome in relation to the concerns raised.”

“I should also explain that if you remain concerned about the way ITI have handled your personal data, you do have the right to take the matter to court. This is not a process that the ICO can assist you with.”

RasputinB

More wheels falling off at the FOS -
"We're aware that the decisions database is not showing full results right now, and that some decisions files aren't available. We're working to resolve this as soon as possible."
So much for transparency!

johnburman

two appalling responses from the so called regulators 

Mind you there is not much iti could say to the ico as they would dig themselves into an even deeper hole. 

the ico could take enforcement action for it I non response. they have chosen not to do so

masonic

I had a similar experience with the ICO after reporting a firm for sending marketing emails to an address I'd uniquely used with another firm that had recently suffered a data breach. Same outcome - all a firm needs to do is refuse to engage and the ICO backs down.