The Equiniti Scam

oneye14

This is along standing dispute with Equiniti Ltd regarding alleged lost Share Certificates. The Financial Ombudsman has declared Equiniti Ltd is not a 'financial institition' so we now have to declare (alleged) fraudulent activity commencing criminal investigations.

This is partly covered by thread on this site:
Equiniti - is this a legitimate letter?

but commenced herethread/30771
boards.thisismoney
last year with Trinity Mirror PLC

You may wonder the difference between Equiniti Ltd and Equiniti Financial Services Limited since they share services.
For a Registrar, Equiniti Ltd have openly admitted they do not maintain records of Share Certificates posted. But do have a vested interest (and raise charges) if the Share Certificates appear to have been lost.
Moreover they expect indemnity from the Shareholder; we have asked both Trinity Mirror PLC and Equiniti Ltd for full details of the Insurance Policy that covers this. Both have to date, declined to do so. We have concluded such an Insurance Policy does not exist.

More to come.

PS. I've had to post as oneye14 as oneye12 cannot logon to this site

oneye14

Generally, Equiniti Limited deals with all the registrar stuff, and Equiniti Financial Services Limited deals with all the sharedealing stuff.

Now look at the EquinitiGroup website (sorry no links) and find out which you are dealing with.

Reaper

Your thread URL seems to be back to front, but having eventually navigated my way there I see it is a one person soap box rather than a discussion.

With regards to the indemnity - after reading the other thread it sounds as if you are being somewhat obstructive. I gather you wrote to them saying:

Mrs

---

will not, absolutely not provide a signature to an (indemnity) insurance policy until she/we are provided with full details of that policy, preferably from the policy provider.

I think you assume you are part of this insurance contract, but you are not. It is between the counterparty (I believe they use RSA) and Equiniti. You are paying the premium but that does not mean it is your policy.

RSA are saying that should the original certificate fall into the wrong hands and somebody manage to use it (sell, use as security etc) then RSA will insure Equiniti for any losses.

It sounds reasonable to me that Equiniti cover themselves in this way before putting a second certificate into circulation.

I can understand you feel aggrieved when you maintain that you never received the share certificates. I do think Equiniti ought to have used registered post or similar to remove any doubt as to whether they were delivered or not. However your claims of "fraud", "scam", "calling in the police" etc are fanciful.

P.S. I see they will allow you to arrange the indemnity countersignature yourself if you wish, though I don't think it is going to save you money:
https://help.shareview.co.uk/4/Help/Default/En/Shareholder/Documents/li_guidance_notes_equiniti.pdf

WinterRose_2

We are also looking to request 2 replacement Share Certificates from Equiniti. The website says we would be charged admin fees of ~£40 per claim (so 80) and they would send out an Indemnity letter etc. Are you now saying that they can't replace lost certificates..??

oneye14

Are you now saying that they can't replace lost certificates..??

No - Not in the least.
The charges are £40 for 'administration' and around £35 for the (alleged) Insurance Indemnity. A little more than £80......

oneye14

You are paying the premium but that does not mean it is your policy.

Of course not but why are they concealing details of the policy....

RSA are saying that should the original certificate fall into the wrong hands and somebody manage to use it (sell, use as security etc) then RSA will insure Equiniti for any losses.
It sounds reasonable to me that Equiniti cover themselves in this way before putting a second certificate into circulation.

This is 19th century nonsense - with modern day records; and even Equiniti's drive towards paperless certificates it would never happen. That is why we believe the insurance premium to be false.

Reaper

oneye14 wrote: »

around £35 for the (alleged) Insurance Indemnity.

Actually it varies depending on the share value. See the "Countersignature Fee" section here:
https://help.shareview.co.uk/4/Help/default/en/Shareholder/Pages/LostCerts.aspx
and the admin fee does not apply to small share values under £100

oneye14

I see it is a one person soap box rather than a discussion

It was on the MoneyMail website...thanks for the bias...

Reaper

oneye14 wrote: »

Of course not but why are they concealing details of the policy....

This is 19th century nonsense - with modern day records; and even Equiniti's drive towards paperless certificates it would never happen. That is why we believe the insurance premium to be false.

I don't agree, but if this is the sticking point then arrange it yourself using the link I provided earlier. Here is the relevant bit:

Obtaining a countersignature
If you would prefer to arrange the countersignature yourself, you will need to ensure that the Letter of Indemnity is
countersigned and officially stamped by an authorised UK bank or an insurance company that is a member of the
Association of British Insurers. It is likely that they will require a charge for this service. Please note that building
societies, e.g. Nationwide, are unable to countersign Letters of Indemnity.
Unfortunately, there is no definitive list of banks and insurance companies that are authorised to countersign a
Letter of Indemnity. Ultimately, it is at the discretion of the individual bank or insurance company, subject to
certain regulatory controls, as to whether they are prepared to accept this liability.
What to do if countersignature cannot be arranged
Should you be unable to arrange for this cover yourself, you may contact: Profin Risks – Royal & Sun Alliance
Insurance plc, St Mark's Court, Chart Way, Horsham, West Sussex RH12 1XL, who may be able to advise you.
Please be aware however, they may have additional requirements.

oneye14

Reaper - you appear to be an accountant or work in accountancy
You don't get it do you.....

- Fraudulent activity has already been mentioned but Equiniti cannot provide evidence of an Insurance Policy requiring a Letter of Indemnity.
- How many illegal uses and abuses of Share Certificates do you know of in the past 50yrs to the financial detriment of the Registrar
- What risk would be placed on an Insurance Policy, mindful of the above point

Of course not but why are they concealing details of the policy....

Which bit of concealing do you not understand

oneye14

Oh I forgot to mention Equiniti has a "Equiniti's Complaints Resolution Department"
I nearly sent them an Anniversary Card earlier this year (the complaint then over 12 months old) but decided any pithy comments would be wasted ......