SVS Securities - shut down?

Monsieur_Bourse

Michael_Reynolds said:

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!

Well summed up Michael, nice to see that we have a night shift ranter whilst all of us Europeans are fast asleep. Love the comparison of Rahul being played by Sid James, not sure if that part should go to the late Charles Hawtrey who always played the part of not knowing what he was doing, but thinking about it Sid James as the spiv is probably a better choice.

I too would be interested in knowing if ITI Capital could now be charged with criminal incompetence, as that charge seems to apply to everything that ITI Capital have done or probably more importantly not done. Like you my stress levels are high and I feel let down by all the financial authorities that are supposed to police situations like this.

olderbutnowiser

Michael_Reynolds said:

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.

That all makes sense to me. What I find hard to accept though is why LC thought that ITIC were in any way a suitable firm for us? They appear to have relied entirely on the FCA licence without doing any sort of due diligence. This is a disgraceful episode in regulatory proceedings and it looks as though it will be a very long time before we get our holdings back., if we ever do.

Monsieur_Bourse

I can report this morning that my wife's cash has landed in her bank account. The fact that I got Muhammet Artykov involved by sending him an e-mail maybe had something to do with it. In the second exchange of e-mails I told him that I considered that the fact my wife had asked for a cash transfer and ITI Capital had withheld her money to be theft, and I would be contacting the relevant authorities, which I was prepared to do on Monday.

Between us we have now made three cash withdrawals from ITIC and on each occasion we have had our money within a week, I certainly would not wait like some on here for weeks on end. Threaten them with everything and be prepared to follow through with your actions. Some on here questioned my attitude when speaking to staff of ITIC, well sorry after over 3 months of total incompetence I snapped this week, when having the opportunity of speaking to a real person, and as stated both were rude to me. I will do whatever it takes to finally be rid of this total bunch of incompetent cowboys.

RasputinB

Monsieur_Bourse said:

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

This link is probably a good starting point https://ico.org.uk/your-data-matters/raising-concerns/

ICO have a backlog so it takes time to get a case officer allocated. Once that happened I experienced a remarkable change of attitude in the stockbroker where I have a number of issues over a number of years. Their GDPR team now has to go through my case files properly knowing that the ICO can fine them if they don't.

In my opinion the way to deal with the likes of ITI Capital is to put a SAR in to get all your personal records. Then they have to provide you with the paperwork which will help you put in a detailed complaint to the FOS on their stockbroking failings. If they don't respond on time to the SAR, and / or it throws up other issues which would fall under the ICO's remit then these can also be raised with the ICO. This is easy once you have a case officer allocated.

You will see from the page to which the link directs that the first example concern is that the organisation is not keeping your information secure. I don't know the ins and outs of web security but if a web browser is highlighting the fact that ITI's website might have a security weakness that is a concern, and concerns of that nature should be raised with the ICO. It is then their job to investigate. You might also have to raise the concern with ITI directly and you might be expected to do that first.

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/

pafpcg

Monsieur_Bourse said:

Clairabella said:

Nbs222 said:

Has anyone managed to withdraw cash from their ITI accounts in the last 2  weeks, I have been waiting for 2 weeks and I know someone whose cash withdrawal hasn't been processed for 4 weeks.

I emailed the withdrawal form on 27/09 requesting cash. I had no response so resent on 12/10.  I am still waiting! In the meantime Diageo’s dividends have been added so now I have more than I requested. Whilst I’m pleased to see the dividend added, my shares have disappeared! Last week I had double the amounts I should have.   What a shambles!! 

I think that the refusal for ITI to fast track cash withdrawals is the worse thing out of this whole sorry debacle. If they had any decency at all at least return the cash to the rightful owners, some people need the dividend income to live on. All other brokers in the 21st century has automated this process, but not ITI everything appears to be done manually. My wife is in the same position awaiting her cash, I think that next week we will have to escalate the situation, and look to taking out a small court claims action against ITI. How on earth the FCA cannot at least step in and order ITI to return our money I do not know.

Change "All" to "Most" and I'd agree with you!  Remember, SVS didn't have a facility* to automatically pay-out dividend income, it had to be requested manually.   Some brokers pay-out dividend income only monthly or quarterly;  all of them (as far as I know, and excepting ITI) pay-out clients' cash balances on request within 2-3 days.

* I submitted a request to SVS for an automatic dividend pay-out facility in 2014 or so, but nothing ever happened.

pafpcg

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. 

Monsieur_Bourse

pafpcg said:

Monsieur_Bourse said:

Clairabella said:

Nbs222 said:

Has anyone managed to withdraw cash from their ITI accounts in the last 2  weeks, I have been waiting for 2 weeks and I know someone whose cash withdrawal hasn't been processed for 4 weeks.

I emailed the withdrawal form on 27/09 requesting cash. I had no response so resent on 12/10.  I am still waiting! In the meantime Diageo’s dividends have been added so now I have more than I requested. Whilst I’m pleased to see the dividend added, my shares have disappeared! Last week I had double the amounts I should have.   What a shambles!! 

I think that the refusal for ITI to fast track cash withdrawals is the worse thing out of this whole sorry debacle. If they had any decency at all at least return the cash to the rightful owners, some people need the dividend income to live on. All other brokers in the 21st century has automated this process, but not ITI everything appears to be done manually. My wife is in the same position awaiting her cash, I think that next week we will have to escalate the situation, and look to taking out a small court claims action against ITI. How on earth the FCA cannot at least step in and order ITI to return our money I do not know.

Change "All" to "Most" and I'd agree with you!  Remember, SVS didn't have a facility* to automatically pay-out dividend income, it had to be requested manually.   Some brokers pay-out dividend income only monthly or quarterly;  all of them (as far as I know, and excepting ITI) pay-out clients' cash balances on request within 2-3 days.

* I submitted a request to SVS for an automatic dividend pay-out facility in 2014 or so, but nothing ever happened.

To be honest pafpcg I was not thinking of dividends when I posted that, just the simple facility of withdrawing cash back to your own bank account. I did not realise that SVS did not allow automatic withdrawal of dividends as I always reinvested mine.

Nbs222

SVS may not have   automatic dividend pay-out facility but you can submit withdrawal request online and you always got your money in 2 or 3 days  whatever was specified on the online request form. 

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!