Letters: Obsession of offering everyone freedom is not helping anyone

Financial Adviser Letters

Financial Adviser Letters


FCA oversight

Regarding your article ‘FCA steps in after SVS clients face delays at new broker’ (Oct 5).

I am one of those unlucky people who got out of the frying pan and straight into the fire.

I was really hopeful when I saw your article, but by the time I had finished reading it, I was not so much.

I am not sure what the FCA means by ‘it is monitoring the situation’. They might as well be sitting in an arm chair and chewing on popcorn.

It has been really difficult to get hold of anyone at ITI Capital and I can see in the article there are similar stories of people who have been unable to get hold of them.

I am wondering how it was possible with all this oversight of the bankruptcy courts, FSCS, FCA and the administrators that we ended up with a company that is clearly much worse than SVS was.

Name and address supplied


No justice

Following your article ‘Ban for traders who owed £11.2m to clients’ (Oct 6).

This is alarmingly similar to my own experience with a foreign exchange business that went into liquidation – while under the unwatchful eye of the FCA. 

Large amounts were lost in a long-term Ponzi scheme, with many losing their life savings, retirement funds or homes.

In these situations people’s lives are ruined and the guilty get off with a slap on the wrist, with no mention of restitution or jail. In our case, the police had no interest, because the owner of the company had died.

It just shows they have no interest in prosecuting financial crimes.

Kerry Flannagan 


Boiling point

Regarding your article ‘FCA steps in after SVS clients face delays at new broker’ (Oct 5).

I read your article about SVS clients not being able to access their portfolio and cash. I, like thousands of others, feel completely helpless to do anything and the frustration is at boiling point.

When I send an email I get no response. I have sent a message on the client account page and, yes, you’ve guessed it, again no reply. 

What is also maddening is they sent me an email statement of my monthly activity. How can there be activity when I can’t access the account?

I feel like I have a box of money that I can’t open because ITI has the key, and they won’t give it to me.

Alan Harrison