SVS Securities - shut down?

jenwrendorset

Just received email from FCA acknowledging my complaint of 5 October (I think everyone and their dog got that email I was that cheesed off...) - as my email included details of my husband's and son's accounts they now want written confirmation from them both before continuing - that makes sense and I'm happy to supply that information but I'm going to struggle to meet  their deadline of 3 October !!!! 

RasputinB

Monsieur_Bourse said:

All other brokers in the 21st century has automated this process, but not ITI everything appears to be done manually.

I mentioned in an earlier post why I think ITI have had problems with moving portfolios on to the Phoenix system i.e. to Interactive Brokers and why this resulted in the need to work manually.

The problem I suspect for cash etc. is that the Qort system isn’t totally secure. You can find this out by checking the security information on your browser after logging in.

I am guessing that ITI didn’t worry too much about this as the Qort system was supposed to be only a temporary route to Phoenix, which is 100% secure.

But what happens when clients raise tickets through Qort asking for cash withdrawals? Because of the weakness in security the withdrawal request may be coming from a third party. The safest thing for ITI to do is ignore these withdrawal requests. If the client gets through by phone then they can pass verification and the withdrawal can be processed.  That may explain why some of us who sold shares (and thus were verified by the trader) were able to get the proceeds out without massive hassle.

Most of this is guess work based on my experiences and what I have seen.

If anyone shares my concerns about security issues they can contact the ICO.

They say that “If an organisation isn’t taking its responsibilities seriously, we may also take enforcement action. In the most serious cases, we can serve a monetary penalty of up €20 million, or 4% of [the] total worldwide annual turnover, whichever is higher”.

https://ico.org.uk/

Thrugelmir

Monsieur_Bourse said:

Thrugelmir said:

Monsieur_Bourse said:

 I did say to the unhelpful dealer that I spoke to, 'you should look for a job with a proper broker, before this lot goes bust', he did not respond.

I'm sure that he had a fair number of retorts going through his head. Being professional he quite correctly refrained. 

Professional and ITI Capital in the same sentence, you jest of course.

Being obnoxious towards someone who is simply doing their job is uncalled for. There's a lot to be said to treat others as you expect to be treated yourself. Boomerangs have a nasty habit of coming back and hitting you in the face when you least expect them too. . 

Sheris

Thrugelmir said:

Monsieur_Bourse said:

Thrugelmir said:

Monsieur_Bourse said:

 I did say to the unhelpful dealer that I spoke to, 'you should look for a job with a proper broker, before this lot goes bust', he did not respond.

I'm sure that he had a fair number of retorts going through his head. Being professional he quite correctly refrained. 

Professional and ITI Capital in the same sentence, you jest of course.

Being obnoxious towards someone who is simply doing their job is uncalled for. There's a lot to be said to treat others as you expect to be treated yourself. Boomerangs have a nasty habit of coming back and hitting you in the face when you least expect them too. . 

I hope the Boomerangs come back at ITI and I always say to the person that works for them, please do not take it personally yourself. ITI should be SHUT DOWN no ifs or buts.  

Sheris

Hi Thrugelmir, just to add ex SVS clients are the laughing stock of the the financial world at this present time, thanks to LC.
If ITI get away with this, every financial company will try the same ploy.    

Monsieur_Bourse

Thrugelmir said:

Monsieur_Bourse said:

Thrugelmir said:

Monsieur_Bourse said:

 I did say to the unhelpful dealer that I spoke to, 'you should look for a job with a proper broker, before this lot goes bust', he did not respond.

I'm sure that he had a fair number of retorts going through his head. Being professional he quite correctly refrained. 

Professional and ITI Capital in the same sentence, you jest of course.

Being obnoxious towards someone who is simply doing their job is uncalled for. There's a lot to be said to treat others as you expect to be treated yourself. Boomerangs have a nasty habit of coming back and hitting you in the face when you least expect them too. . 

Out of interest Thrugelmir are you an ex SVS client going through what the majority of us are at the moment, or somebody just dropping in.

Ravima

Whatever the issues with ITI, we should not take it out on their staff, who might be struggling too. 

Monsieur_Bourse

RasputinB said:

Monsieur_Bourse said:

All other brokers in the 21st century has automated this process, but not ITI everything appears to be done manually.

I mentioned in an earlier post why I think ITI have had problems with moving portfolios on to the Phoenix system i.e. to Interactive Brokers and why this resulted in the need to work manually.

The problem I suspect for cash etc. is that the Qort system isn’t totally secure. You can find this out by checking the security information on your browser after logging in.

I am guessing that ITI didn’t worry too much about this as the Qort system was supposed to be only a temporary route to Phoenix, which is 100% secure.

But what happens when clients raise tickets through Qort asking for cash withdrawals? Because of the weakness in security the withdrawal request may be coming from a third party. The safest thing for ITI to do is ignore these withdrawal requests. If the client gets through by phone then they can pass verification and the withdrawal can be processed.  That may explain why some of us who sold shares (and thus were verified by the trader) were able to get the proceeds out without massive hassle.

Most of this is guess work based on my experiences and what I have seen.

If anyone shares my concerns about security issues they can contact the ICO.

They say that “If an organisation isn’t taking its responsibilities seriously, we may also take enforcement action. In the most serious cases, we can serve a monetary penalty of up €20 million, or 4% of [the] total worldwide annual turnover, whichever is higher”.

https://ico.org.uk/

You could be right Rasputin, and I agree that the unsecured Qort site should not be allowed, but how else are we supposed to get our money out? I raised this point in my official complaint I made that having to send sensitive information via e-mail leaves it open to a possible hack. If in fact there was a dedicated phone line set up expressly for cash withdrawals then the security aspect could be dealt with by the person answering the phone. But hey this is ITI Capital so I must stop dreaming.

Interested in the link that you posted, could you point me in the direction on the website where I can make a complaint please, a lot of the site seems to deal with organisations.

EDIT:

I presume I would complain under 'Your personal information concerns' category.

Monsieur_Bourse

Ravima said:

Whatever the issues with ITI, we should not take it out on their staff, who might be struggling too. 

Quite agree Ravima, but if they had not been rude to me, then I would have shown them the same respect.

sweeter_strudel

I got an acknowledgement of my complaint to ITI - listing all the issues - saying "fair enuff guvnor we're banged to rights" or its Russian equivalent ....... and then gave a figure for the financial compensation as a final offer and demanding my everlasting silence.

Will compose my reply by going through their list of items and flag up each and every issue that remains unresolved to this day - three months after all was meant to be sweetness and light with the move to ITI.

How can any offer be final when you still have shares trapped in ITI and gaaaaad only knows where the dividends are!?!