SVS Securities - shut down?

RasputinB

pafpcg said:

RasputinB said:

Monsieur_Bourse said:

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

The issue of ITI asking us to send bank details to them through insecure email is another concern. There will be more.

Unfortunately most people aren't prepared to take the time and trouble to put in complaints but everybody who has "on-boarded" with ITI Capital should wonder if all the personal data they supplied might at this very moment be for sale on the dark web.

https://ico.org.uk/your-data-matters/raising-concerns/

Thanks for the reminder.  One of my primary concerns about the transfer to ITI was the confidentiality of our personal information; it's one of the reasons why I refused to accept ITI's Terms of Business.   I wonder how much personal data of SVS clients is now accessible outside UK & EU borders in ITI offices in Russia and Quatar. 

"refused to accept ITI's Terms of Business" Very sensible!

I notice that on their website ITI say "We strive for 100% accuracy but just like everyone else we’re human, so ITI Capital Ltd assumes no liability for errors, inaccuracies or omissions, and can’t guarantee accuracy in any of our online or offline materials."

eskbanker

RasputinB said:

I notice that on their website ITI say "We strive for 100% accuracy but just like everyone else we’re human, so ITI Capital Ltd assumes no liability for errors, inaccuracies or omissions, and can’t guarantee accuracy in any of our online or offline materials."

I strongly suspect that at least some of that wouldn't withstand any scrutiny under the unfair contract terms provisions of the Consumer Rights Act 2015 if they were to try to rely on it, and the FCA are unlikely to be impressed either!

helencary

Can I ask if anyone is taking the measly offer of compensation from iti or is it best to pursue this through the FOC? One share that I held in my trading account has not been transferred due to my new stockbroker not accepting it so I guess I will have an extra loss to take. 

RasputinB

helencary said:

Can I ask if anyone is taking the measly offer of compensation from iti or is it best to pursue this through the FOC? One share that I held in my trading account has not been transferred due to my new stockbroker not accepting it so I guess I will have an extra loss to take. 

 If you think that you will end up with some type of loss and that you should be due compensation for that loss then settling now might not be wise. A few people on this forum may share their experiences of dealing with the FOS in the coming months and it will then be easier to judge the amount that would be deemed to be fair compensation. It wouldn't surprise me if there are more problems at ITI than we know and if so it is possible that these would mean that compensation would increase. The FOS time limit for accepting a claim is six years.

eskbanker

RasputinB said:
The FOS time limit for accepting a claim is six years.

That's not necessarily the most relevant timescale though, in that complaints can only be escalated to FOS within six months of the final response from the institution concerned, so the longer timescale only comes into play for anyone choosing a lengthy delay before pursuing a complaint against the firm, as opposed to most posters on here who are getting after ITI with some urgency!

eskbanker

helencary said:

One share that I held in my trading account has not been transferred due to my new stockbroker not accepting it so I guess I will have an extra loss to take. 

Why is that an extra loss, i.e. what's stopping you from selling it at ITI (other than admin hassle of course) or transferring it to a broker who does support it?

johnburman

I am not completely our of ITI, but only a few issues are remaining...after 12 weeks of chaos.
I'm don't think it is useful here to keep on arguing about ITI  being terrible/disgrace to the UK FS industry etc. etc.  we all know that.  The question is how much compensation a) should l ask for; b) should I accept and c) if inadequate how much is the FOS going to award and d) when?

d) is easy....sometime in 2021....my guess is summer.  so what about a) and b)?  Proving the loss is the issue.  Yes, we have lost interest on cash but only pennies.  Yes we have been deprived of our shares and cash for a few weeks, but there was always the manual trade by telephone service via the trading desk.

So is £250 per account reasonable or is it £500 or is it £100, or £50?  
   

Sheris

johnburman said:

I am not completely our of ITI, but only a few issues are remaining...after 12 weeks of chaos.
I'm don't think it is useful here to keep on arguing about ITI  being terrible/disgrace to the UK FS industry etc. etc.  we all know that.  The question is how much compensation a) should l ask for; b) should I accept and c) if inadequate how much is the FOS going to award and d) when?

d) is easy....sometime in 2021....my guess is summer.  so what about a) and b)?  Proving the loss is the issue.  Yes, we have lost interest on cash but only pennies.  Yes we have been deprived of our shares and cash for a few weeks, but there was always the manual trade by telephone service via the trading desk.

So is £250 per account reasonable or is it £500 or is it £100, or £50?  
   

More likely 10k each that L&C charged us for this complete total state of disorder. 

RasputinB

I think it is far too early to consider any compensation especially if it includes "Full and Final Settlement" or other clause.

This is just a quick draft to invite comments -

Dear ITI,

Thank you for your cash offer.

I have not yet formulated my complaints and understand that I can do so within six years.

Meanwhile would you please confirm that ITI Capital Ltd assumes no liability for errors, inaccuracies or omissions.

I understand that I have a right to access my personal data and I request that you make arrangements for ITI Capital to deal with a SAR to provide me with this including details of identity documents, where the personal data is stored (including back-up servers) and also what personal data has been made available to associated companies and / or third parties.

Please ensure that the SAR is dealt with promptly and please confirm receipt of this email.

Sheris

eskbanker said:

helencary said:

One share that I held in my trading account has not been transferred due to my new stockbroker not accepting it so I guess I will have an extra loss to take. 

Why is that an extra loss, i.e. what's stopping you from selling it at ITI (other than admin hassle of course) or transferring it to a broker who does support it?

Not even able to see my account, how the hell can you sell a share, !!!!!! sake