Selftrade Management Fee and Nationalised Shares (Rock & B&B)

bargains83

I have already posted in the Selftrade Management fee thread but didn't recieve a response. I am sure many other people are in a a similar situation to me, as we know Selftrade plan to introduce a £35 + VAT account management fee. The only shares I ever held with selftrade were Northern Rock shares. These were confiscated by the government and my Selftrade account shows a nil balance and no record of the shares unless I go back in the history and my original purchases are shown.

I am not willing to pay £35 + VAT a year to keep the account open just 'incase' there is some compensation so I want to close it.

What is the procedure for closing the account in this type of situation?, If I close it do I forgo any rights to possible compensation on the shares since I don't appear to be able to transfer something that doesn't exist or ask for a certificate for something that doesn't show up on the account!.

Help is greatly appreciated!.

10_66

Sorry, I don't know the answer, but I'd try ringing them on 020 7517 4691. I was very surprised on Friday when I rang them and they answered immediately. Probably a fluke, as it's taken them half an hour before, but they don't seem to be responding to secure messages.

bargains83

I have requested the selftrade account be closed (via the form) and ticked the box for 'share certificate'. Though doubt I will get one seeing as the government own the shares. We shall see what happends, I held about £1400 of Northern Rock shares when they were valued at 280p. I am not willing to pay Selftrade £40 odd per year though to sit on them while the government decides if/what compensation it plans to pay out.

I have put £10 in the account for the certificate, and deleted the direct debit in my online banking to selftrade.

sabretoothtigger

I dont think you need a certificate, these shares arent traded and ownership cannot be transferred afaik.
As the last registered owner I think you would be due your share of anything that might be.
I guess with a nominee account you would need selftrade to confirm this was true in future but Im not sure they can issue with a certificate as such

pizzagirl

You've probably lost another £10. I'm sorry but there's no chance of there being any compensation for N Rock shareholders.

Biggles

All you need do is send the form, there's no fee due for closing the account (before 1 Jul) and you will get any compensation, however unlikely that may be. I assume they will send your £10 back as part of the account-closing procedure.

I'm in a similar situation with Brad&Bing.

bargains83

Yeah that's what i've done, sent the form wednesday, cancelled the direct debit yesterday and haven't put the £10 in the account. I was going to do it today just incase as like you say they will refund it when the account is closed but im just not going to bother.

bargains83

pizzagirl wrote: »

You've probably lost another £10. I'm sorry but there's no chance of there being any compensation for N Rock shareholders.

You don't know this for certain, if there was to be NO compensation why are they even bothering valuing it?. There will probably be something. Granted it might just be 5p a share, but theres something.