SVS Securities - shut down?
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@johnburman yes only if it fails but ITI seems to be heading towards business ceased trading scenario in which case I think FSCS protections do not apply. Court process is on a snails pace with no guarantee if one can recover the windup cost at all with ITI. I would not take the risk personally. You are right in case of a failed firm FSCS should cover that cost.0
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FCA may step in and take further enforcement action (including putting ITI in administration) if it is unable to meet creditor claims. However, much dragging of feet can be expected. ITI is already under capital restrictions to ensure it has the funds to pay anticipated compensation. It is pretty sad that consumers have reached the point where they either bring a legal claim (for which the cheapest and simplest option is to apply for a court order enforcing the FOS decision) or are forced to wait for the situation to worsen enough to push the FCA into action.
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Agree with Masonic. but applying to the County Court semms the best way to obtain payment. And when it occurs it seems unlikely that ITI would simply ignore the FOS award
Anyway one would hope court action would prompt the FCA into taking independent action against ITI.0 -
According to my FOS contact ITI Capital are processing compensation payments. I guess it depends on how much pressure is put on them. I've been assured that my payment is on its way.0
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all previous comments seem sensible
also can issue a notice to wind up the company. this is free and you fill it in and send it to ITI giving them three weeks to pay or else you can issue a winding up petition
the fact that we are talking about this is a disgrace to the FS industry in the UK and to its regulators.1 -
johnburman said:issue a notice to wind up the company."You can apply to the court to close or ‘wind up’ a company if it cannot pay its debts. This is also known as compulsory liquidation.To wind up a company you must:be owed £750 or morebe able to prove that the company cannot pay you"
Wind up a company that owes you money: Overview - GOV.UK (www.gov.uk)
I think that as things stand it would be impossible to prove that ITI cannot pay so I can't see how this idea would fly?0 -
RasputinB said:johnburman said:issue a notice to wind up the company."You can apply to the court to close or ‘wind up’ a company if it cannot pay its debts. This is also known as compulsory liquidation.To wind up a company you must:be owed £750 or morebe able to prove that the company cannot pay you"
Wind up a company that owes you money: Overview - GOV.UK (www.gov.uk)
I think that as things stand it would be impossible to prove that ITI cannot pay so I can't see how this idea would fly?
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I was
send the Notice just to 'warn' them. take a view whether to enforce if necessary. and it's a disgrace we are even talking about this and that a regulated body is not comply with a FOS finding0 -
Further ombudsman decisions -
DRN-3784959 - £500 D&I, ITI offered £125
DRN-3787325 - £350 D&I, ITI offered £75
"..complaint handling is not something I can consider because of the rules this service operates within. These rules, known as DISP rules are laid down by the Financial Conduct Authority (‘FCA’). They aren’t optional – we must abide by them. The relevant rule here is DISP 2.3.1. which states that we can only look at ‘regulated activities’. DISP 2.3.1. lists examples of regulated activities but complaint handling isn’t listed as a regulated activity. So, Mr and Mrs H’s comment about the handling of their complaint isn’t something I can address as complaint handling is not something that I can consider."
DRN-3609353 - £450 D&I, ITI initially offered £150
I think that makes 34 published Ombudsman Decisions in 2022.0 -
As ever interesting.
your views on the complaint handling exclusion?
seems odd to me. What about the TCF (treating clients fairly) obligation0
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