SVS Securities - shut down?

eskbanker

RasputinB said:

eskbanker said:

Complaints must be escalated to FOS within six months of exhausting (appropriate term!) the ITI process, so it seems something of a long shot that anyone will still be going through that by now.

A customer usually needs to complain to us within 6 years of the event complained about.
Time limits for businesses (financial-ombudsman.org.uk)

Yes, but I was referring to the six month limit from the institution's final response, as described further down that page:

How long a customer has to complain to us after receiving the final response

After a customer has received your final response, they have 6 months to refer their complaint to us. 

If they complain later than this, we usually won’t be able to help unless:

• the delay is due to exceptional circumstances – for example, they were seriously ill during the time when they should have referred the complaint
• you didn’t send a valid final response
• you consent to waive the 6-month time limit

johnburman

no disciplinary action had been taken against ITI management. 

Why ever not?  And what about the Head of Compliance: how can he be still in a job or be allowed to work in the FS industry?  how can he be certified in the Senior Managers Compliance Regime? 

AND

The 6 months and 6 years points are of course quite right.  I love the "exhausting" pun!*  But even after the delay, I bet there are ITI clients who have not made a formal complaint for compensation and do not have the formal 8 week letter from ITI.  They should still raise a formal complaint and ask for a formal determination by letter; not get the letter - ITI seem to ignore complaints - and then complain to the FOS

  
* I remember a most odd phone call with a call centre in South Africa early on.  It took about an hour (UK phone number).  It was clear that the young lady there a) had some details but b) had no idea what was going on.  She then transferred me back to someone in the UK and I gave my details and complaint again.  How was this ever allowed to happen?

johnburman

Yes, but I was referring to the six month limit from the institution's final response, as described further down that page:

I do not want to labour this but there may/will not be a "final response" from ITI.  That is the trouble they id not give them.

RasputinB

The FOS is still dealing with ITI Capital complaints. Final decision DRN-4189777 was posted on their site very recently. It is dated 15th June 2023.
An interesting point in this one is that the Ombudsman has said that "To put the matter right ITI should;  sell the remaining shares in both his accounts and pay him any difference in price from 21 January 21 to the date those shares are sold."

RasputinB

Final decision DRN-3777181 dated 2nd August 2023 has been posted on the FOS site.
It includes an instruction that ITI provide the customer with a full audit trail as follows -

"ITI should provide Mr G with an audit trail of his account from the time it was

transferred in from the previous business to the date it is fully transferred to  

Company B. This should include all shareholdings and a cash trail so that Mr G can

identify all corporate actions, credits and debits, dividends received, charges taken

by ITI plus the payment for Rolls Royce rights issue etc."

gonzo7

Just received a call from an "FCA claims management company" regarding compensation for the SVS debacle.  As soon as I asked for the name of said company the lady hung up!  
The company's tel no came up as 0116 350 2892 - possibly fake.
So where did they get my tel no from?
I imagine that this is a scam. I imagine that had I not been nosy about their identity that they would have tried to extract personal and financial info from me.
Has anybody else received such a call?

eskbanker

gonzo7 said:

Just received a call from an "FCA claims management company" regarding compensation for the SVS debacle.  As soon as I asked for the name of said company the lady hung up!  
The company's tel no came up as 0116 350 2892 - possibly fake.
So where did they get my tel no from?
I imagine that this is a scam. I imagine that had I not been nosy about their identity that they would have tried to extract personal and financial info from me.
Has anybody else received such a call?

Earlier on in all this, there were reports of cold calls, so the suspicion was/is that customer phone numbers were divulged at some point:

https://forums.moneysavingexpert.com/discussion/comment/77686816/#Comment_77686816

Madmel

I know this is an old thread but I just wanted some information. I have just been contacted on my landline by a claims management company called Gains Clark. They knew all about my dealings with SVS. Apparently they are offering a "no win, no fee" claim to the FSCS in respect of the dodgy dealings advice and losses I incurred from SVS. In return they take 25% of any compensation.

I will read the details later but does any wise MSE-er have any advice for me? As I had mentally written off my losses, the idea of getting some money back is appealing, even if I only get 75% of it. Thoughts are welcome. TIA 

masonic

Madmel said:

I know this is an old thread but I just wanted some information. I have just been contacted on my landline by a claims management company called Gains Clark. They knew all about my dealings with SVS. Apparently they are offering a "no win, no fee" claim to the FSCS in respect of the dodgy dealings advice and losses I incurred from SVS. In return they take 25% of any compensation.

I will read the details later but does any wise MSE-er have any advice for me? As I had mentally written off my losses, the idea of getting some money back is appealing, even if I only get 75% of it. Thoughts are welcome. TIA 

If you have had unsuitable financial advice from SVS, then you don't need a middle-man to pursue a complaint with the FInancial Ombudsman Service, but are you within the time limits to complain? If you aren't out of time, then once you have a decision, it can be taken to the FSCS if you haven't already exhausted your £85k compensation in respect of the failure of SVS. You should be very wary of any third party cold calling you. As mentioned above, there have been scam attempts, and even those not looking to steal from you will be taking money in exchange for a very simple process that you can do yourself for free.

Madmel

Thank you very much @masonic. I'm definitely within the time frame and have never received a penny of compensation, but as SVS have gone out of business, I cannot complain to them. I will try to speak to the FOS people tomorrow. The only issue I have with going it alone is that I am not sure I can lay my hands on all paperwork now - the people who cold-called me claim to have all that to hand.