SVS Securities - shut down?

RasputinB

The FCA have two "extra" ITI Capital contact numbers that they are making available.
02075628001 which is likely to be unanswered and switch to a message service after 6 minutes.
02038898362 is for the dealing desk but they say that they will pass messages on to compliance etc.
I'd suggest that anyone with a burning need to get action tries plenty of calls to the latter number.

Josl

Higher amount of the last award is due to the claimants age. He’s gone through no more crappy service than any one of us. FOS makes concessions to elderly, ill and those deemed vulnerable. 

johnburman

pleased that the FOS individually considers the quantum of compensation before awarding it but in reality they tend to award the same or rather within a limited range 

what is important is that all those who have received appalling service from iti obtain compensation for it. 

most will not. most don't know about the FOS. 

SamAus

21st December, deadline day, and four months into my transfer and no luck. ITI sent my new broker a valuation which purported to show a negative balance. I'm still unsure as to how one might generate a negative balance through the pure and simple sale/buying of shares, coupled with the fact that I have over 4,000 shares in the stock. Put a complaint into the FOS, adding to the many. It's an absolute disgrace, in this shambles of a country and joke of a regulator, that someone like ITI was able to receive client assets. They didn't even have an office, in stead borrowing space at a Regus in London, and they were allowed to take into custody over £10m in client assets. Thank you everyone for sharing your insight and experiences. It continues to be tough on me emotionally, as I could really do with my money back, and never asked for my assets to be transferred to such a shambles, but I could never get the assets out. Have a great Christmas all, and keep supporting each other.

johnburman

it's part of your claim on the FOS 

But you must tell the FCA too... my feeling is that the FCA don't know what is going on with ITI and how they still are treating their retail clients 

RasputinB

If you organise complaints properly it is quite possible to have multiple complaints against ITI which increases the amount of D&I payments etc.
Getting the compensation from ITI is another matter and, of course, it is questionable as to whether dealing with the FOS is worth the time and trouble. That is IMO exactly how they want it to be so that out of the thousands of ex-SVS clients who received disgraceful service only a few score persevered to the Ombudsman stage. Couple this with the policy of settlements with non-disclosure agreements and I find comments such as "shambles of a country and joke of a regulator" perfectly understandable. What can be done about it? I have chosen to invest elsewhere.

masonic

The system is designed such that the vast majority of complaints are settled by the firm in private (just subject to reporting within vague complaint volume statistics), while of those that go to the FOS the majority get settled by an adjudicator or investigator in private. Very few indeed fail to get resolved at that stage and end up with a public Ombudsman decision. The publication is intended to serve as precedent to avoid firms disputing similar resolutions, so as not to put undue strain on the service. Seeing multiple similar decision against the same firm is a red flag in itself.

The trouble is with unscrupulous firms that try it on with low-ball offers and who no longer need to preserve a reputation. The regulator has proven toothless against firms that try to obstruct the process.

The trouble with taking your business outside the jurisdiction of the FCA is that you'd need to have a very good understanding of the alternative regulatory regime, and faith that you would be treated on an equal footing as a foreigner to the locals (see Icelandic banking crisis for example).

johnburman

a happy Xmas and other festive greetings to the regulars on this thread 

of course the system is designed for firms to deal with complaints and pay up when found wanting 

with ITI they seem to have given up on retail clients 

so 

Complain to them 
it will be ignored 
complain to the FOS 
at the same time tell the FCA 
make several claims on the FOS 
get the FOS to award comp. it is going up but it still is low 
iti may pay it... they did for me... or not
if not claim on the FSCS 
and again tell the FCA 

Simples... but bloody time consuming 

But you will get comp 

sometime I'm sure Panorama or the Insight team will write up this story but I'm not holding my breath 

VERY few svs clients will have complained. thus justifying iti taking the stance they have. What is mystifying is that the FCA allows them to do do

Josl

FSCS won’t allow you to file a claim if ITI refuses to payout your FOS award. Simply because ITI is registered and regulated and hasn’t collapsed that will apply even if ITI exit the UK markets.

FCA reply was sympathetic as they agreed to pass my concerns to an internal team overseeing ITI mess. From the reply it seems FCA is aware of ITI refusal to pay FOS award

i agree with SamAus, moving investments out of UK is the right decision. Regulator is criminally negligent and legal process is not on our side. Crooked businesses setting up genuine business can walk away with all your investments into the sunset. There’s nothing anyone can do about it. There’s no protection and nor there’s a will to set things right. Morons running FOS are a prime example.

johnburman

FSCS won’t allow you to file a claim if ITI refuses to payout your FOS award. Simply because ITI is registered and regulated and hasn’t collapsed that will apply even if ITI exit the UK markets.

Yes, you are right....but the FSCS will pay if the firm has "failed" .  So does that mean that you must wind them up for the monies owing to you?  And will the FSCS pay the costs of the winding up? (but you do get those costs paid out by the failed firm)