SVS Securities - shut down?

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!?!

Michael_Reynolds

We are caught between the devil and deep blue sea.

ITI have lied about Phoenix being their own super dupper in house developed system. It actually belongs to Interactive Brokers who are American owned and one of the largest Brokers in the world. Presumably ITI pay some sort of licence fee to use it. In my opinion ITI have a legal obligation to accept ALL securities that were in SVS. As part of their due diligence they should have ensured that their IT systems could do this. Once again this is clearly non performance. Qort is a joke! Take a look at the cash statement. I reconciled mine the other day and sent it to Rahul. The program can't even add the transactions correctly line by line to get a correct balance. They mess around with it daily deducting and adding transactions that often have nothing to do with the individual client. The GBP cash balance total doesn't even agree to the individual transactions. The only thing that is right and remains untouched is the transfers from LC. They are only using Qort as a suspense account! That's no good for all of us who are transferring out. We have nothing! No access to Phoenix and a junk suspense account in Qort. This is criminal incompetence. Perhaps JamesRam would like to tell us whether a company can be charged with Criminal Incompetence the penalty for which is hanging, drawing and quartering.

The extrordinary irony of all this is that I can move 14 of my 15 securities to Interactive Brokers in Australia, keep my valuation currency as GBP and also keep my dividends in the original GBP, EUR & USD currencies. Major banks and the really large brokers can now do this. I was able to setup my Interactive account here in Australia yesterday and have it FULLY approved in half an hour. IT took six weeks to get the same approval at Swissquote in Luxembourg. Our identity security checks can be done in Australia at lightning speed in comparison Europe which is medieval!

Now I come to the irony. The remaining 1 security in my portfolio which Interactive can't accept at the moment is RAVP - Raven Russia Preference. Raven are a Guernsey company who operate an extremely successful Property and Warehousing business in Russia. I can't leave it at ITI because their system is bolted to Interactive so they can't accept it either! I'm now looking for another broker to hold it. I won't sell it because it gives me really good income at 8% (for 7 years they've never missed a payment) but is way down on what  I paid for it. So the "Carry on Broking Team" at ITI headed by Rahul in the Sid James role can't even accept securites based in their own country!! The nightmare continues. When will it end? I've never experienced such levels of stress and anxiety. Worse than half a dozen divorces not that I've had six wives you understand!

Michael_Reynolds

This is how I see it.

Oleg made lots of money purely through investment luck not competence. He bought the subsiduary arm of Uralsib which came with an FCA licence. How useful is that given the FCA almost certainly haven't bothered to check that he's a fit and proper holder of the licence since he acquired it on March 31st 2017. Perhaps they didn't eve check then? He then recruits the "CARRY ON BROKING TEAM", rents a large office AND rents Interactive's trading system. Bingo it's BAU (Business as Usual).

Rahul had the cheek to use that expession in an email to me a couple of days ago. "BAU shortly! Just the odd transfer to Phoenix and a couple of Brokers and it's all done! "

THE TRUTH IS THIS IS THE PERFECT SCAM and the regulators are once again asleep at the wheel. It seems to me the entire infrastructure is breaking down.