SVS Securities - shut down?

olderbutnowiser

I got exactly the same phone call yesterday at 2.45 pm with the recorded message. Number is now blocked.

johnburman

All XO clients will be able to access the Web. Even so the outsourced helpline is still necessary. And a comfort.

ComplaintsInsider

I suspect they have been involved in some kind of fraud involving pension liberation schemes. I have several clients that were told to invest their pensions in worthless SVS unlisted stock in return for loans. This involved several companies that keep cropping up using 'execution only' instructions to cover themselves. A chap named Simon fox at SVS appears to be involved.

coyrls

Probably a good idea to remove that name or you risk this whole thread being removed.

englishmas

Hi Coming back to the phone calls. I understand it was a scam, my concern is that how this person manage get my telephone no and has information about my account with SVS. I thought the data protection act stoped this.

eskbanker

englishmas wrote: »

Hi Coming back to the phone calls. I understand it was a scam, my concern is that how this person manage get my telephone no and has information about my account with SVS. I thought the data protection act stoped this.

Only in the same way that the motorway speed limit stops everyone from driving at more than 70mph, i.e. it's one thing to outlaw something, it's an entirely different matter to enforce that....

masonic

englishmas wrote: »

Hi Coming back to the phone calls. I understand it was a scam, my concern is that how this person manage get my telephone no and has information about my account with SVS. I thought the data protection act stoped this.

Three possibilities:
1) Undisclosed data breach that happened prior to the company being put in administration
2) Rogue employee, unhappy with being made redundant, decided to supplement their redundancy pay
3) Data was sold as just another dodgy action of the company (seems mild compared with the other things it is alleged to have done at the expense of its customers)

pafpcg

masonic wrote: »

Three possibilities:
1) Undisclosed data breach that happened prior to the company being put in administration
2) Rogue employee, unhappy with being made redundant, decided to supplement their redundancy pay
3) Data was sold as just another dodgy action of the company (seems mild compared with the other things it is alleged to have done at the expense of its customers)

Why have you excluded the possibility that the data breach occurred after the company went into administration?
Further, the client data would be a valuable asset. After liquidation, the administrators would be expected to maximise recovery by selling any assets which have value.
Time for the ICO to get involved?

masonic

pafpcg wrote: »

Why have you excluded the possibility that the data breach occurred after the company went into administration?

The online trading site went offline before the company was put in administration, so any exfiltration of information after that would have been a leak not a breach.

My list was not exhaustive. I think the likelihood of the administrators selling the personal information of clients is pretty unlikely, certainly a lot less likely than those who no longer have a professional reputation to maintain.

For completeness, we should also include the FCA in the sphere of people who could conceivably had sold it.

Further, the client data would be a valuable asset. After liquidation, the administrators would be expected to maximise recovery by selling any assets which have value.

It's highly valuable to criminals. It is not considered an asset in an administration. I think you know this. However, johnburman has been desperately looking for an avenue to get the administrators kicked off this case and the process reset. The unlawful sale of customer data to criminals by the administrators would be a slam dunk.

Time for the ICO to get involved?

:rotfl:
What, so they could write to the business asking them to be more careful in future? Anyone serious about making allegations against LC would be best off starting with a complaint to LC and then escalating to the court.

Ravima

two points.

Still no communication from LC to me, living in Ireland.

Bond was sold by SVS on a 'hard sell' basis by phone. Although documentation said no advice would be given, there certainly was pushing by SVS to buy the bond. The fact that it was sold as a £2.5m and now there is £5m outstanding is a cause of concern and the dreaded word 'had' comes to mind!