SVS Securities - shut down?

RasputinB

My guess is that ITI Capital and ITI Trade have the same trading platforms and the same IT managers and hence the concurrent failures with security certificates. A difference, of course, is that ITI Capital is regulated by the FCA and is currently restricted from on-boarding new clients. No doubt we will hear more on ITI Trade in due course. (I think I might have commented on them previously).

masonic

RasputinB said:

My guess is that ITI Capital and ITI Trade have the same trading platforms and the same IT managers and hence the concurrent failures with security certificates. A difference, of course, is that ITI Capital is regulated by the FCA and is currently restricted from on-boarding new clients. No doubt we will hear more on ITI Trade in due course. (I think I might have commented on them previously)

The security certificates of the two sites are issued to two different and unrelated entities, while the certificate authorities issuing those certificates are different. The ITI Trade certificate belongs to securesite.net and has not expired.

ITI Trade has the appearance of a scam/phishing/cloned website, with several broken links and only superficial functionality. It mentions ITI Group and lists people with iticapital.com email addresses, but it is a risky site to visit given the issues.

RasputinB

masonic said:

ITI Trade has the appearance of a scam/phishing/cloned website, with several broken links and only superficial functionality. It mentions ITI Group and lists people with iticapital.com email addresses, but it is a risky site to visit given the issues.

I've been on the ITI Trade website before and it is only recently that its functionality has broken. It is, I think, likely that this has been brought about by non-renewal of the site security certificate.
The site says that ITI Trade LTD has Investment License, 2263548 so easy enough to see if a genuine firm. https://www.gfsc.gg/commission/regulated-entities/2263548 The address given is the same as the address I mentioned in an earlier post See SVS Securities - shut down? - Page 604

johnburman

Well done all for reporting on ITITRADE 's problems

But who has reported this to the FCA?  They regulate ITI and need to know about their cyber security measures, or rather the lack of them.   

RasputinB

Just to be clear - ITI Trade isn't regulated by the FCA and, as far as I know, isn't restricted from taking on new clients.
ITI Capital in London is regulated by the FCA and is restricted from taking on new clients.
Security issues at ITI Trade can be reported via the whistleblower link provided by their Guernsey regulator.
For ITI Capital the first step should probably be to take up with the company. ITI Capital will still be responsible for the security of your data held by them even if you think that you are no longer a client.

johnburman

What you say RasputinB is right. But that doesn't obviate the need to tell the FCA about ITI Trade. They need to know if only to see what iti are doing about it

eskbanker

johnburman said:

What you say RasputinB is right. But that doesn't obviate the need to tell the FCA about ITI Trade. They need to know if only to see what iti are doing about it

Seems to me that @RasputinB was very much saying that ITI Trade's Guernsey regulation does obviate the need to involve the FCA!

Issues with the wider group's UK-regulated entities are a different story though....

My2penneth

At long last I have recieved £300 compensation into my bank account.

The FOS reckon that my wife's claim will also go through for the same amount.

It was than £300 worth of grief, should never have happened.

johnburman

Yes £300 an account seems to be the going rate, up from £250 early last year.

Hardly worth the aggro making the claim, but all ex-clients must do so so they know that the clients will not take it lying down. And of course, tell the FCA. 

RasputinB

eskbanker said:

1. But at what point would it be considered that the handling of a complaint had been delayed enough to warrant that?
2. It was Barclays themselves who unilaterally chose to offer the £100 rather than this being imposed by FOS,
3. do you have DRNs for the other cases you refer to?

1. The ITI platform had a messaging system where one could raise a complaint and a "ticket" was issued each time. In my case that was all that happened so I think I'd be justified in expecting compensation for the delay in dealing with my complaints especially as some are still unanswered.
2. Good point but the Ombudsman then ruled that the £100 should be paid so Barclays no longer had a choice in that matter. If I remember rightly the FOS should take into consideration what is best practice. If Barclays, and others, have chosen to offer compensation for delays in handling complaints it would hardly be fair for the FOS to not consider a request for compensation in other cases. I'd suggest that a delay of a month or more would be plenty to warrant consideration.
Incidentally, the reference number given to one of my complaints, which was answered, had a three digit number. Even allowing for some convoluted way of numbering this would suggest that ITI were handling sufficient complaints to meet the  reporting threshold.
3. It will take a while for me to get around to digging out other DRNs but I hope to do so. A couple that I had previously found are -

DRN9980171 where the delay of a transfer from April 2015 to October 2015 is described as "the very long delay" and despite mitigating circumstances that part of the complaint was upheld. The Ombudsman awarded £600 for the "trouble and upset" caused despite no actual financial loss.
DRN2924547 refers to a request for transfer to an alternative provider in December 2012 but the process was not completed until some months later in July 2013. The Ombudsman appears to have accepted that responsibility for the delays sat partly with the provider to which the ISA was being transferred but awarded £350 for the trouble and upset caused by the delays in transfer.

These suggest to me that the FOS decided to reduce their guidance figure down to the £250 that I think has been quoted on this forum.