The Equiniti Scam

MatH_2

Hi,
I've just received a letter out of the blue from Equiniti Financial Services Ltd stating they are "seeking to re-establish contact with the above (me) in relation to an entitlement in a company where we act, or have acted, as custodian".

They require proof of identity and a utility bill. Initially I thought this was a scam and they were after ID theft but.. I have read the posts above and it seems the only issue would be if the certificate got 'lost' and I had to obtain a replacement at a cost. What if I offered to pay them to send any certificate registered? Are they gear up for that. Or, indeed, are they just after me to give them money for a replacement cert which has been 'lost'.

Cheers,
Mat

clivejo

I have also received a letter today out of the blue from Equiniti addressed to my late father. I have no records of him ever dealing with this company and the letter is extremely vague. My first impression is that this is a 'phishing' scam as they seem to be very keen to get proof of identify and address. Even included a postage paid, self addressed envelope! They wrote to him, why should he 'prove' who he is!

Regarding sending them my details, I'm not prepared to give them to a company I have no knowledge about!

Can anyone shed any light as to what this is about?

I Google'd Equiniti and found a FAQ on the Friends Life website (used to be Friends Provident) They state :

Equiniti and/or ProSearch have sent letters to former Friends Provident Shareholders without the company's consent. If you are looking for more information on your options, or a point of contact, please read these FAQs. Former shareholders with a valid entitlement can call Equiniti on 0871 384 2056 and are not obliged to pay the 10% administration fee to ProSearch. Please see 'Do I have to pay a fee?' below for further information on the cheapest option for you.

I know my father was a shareholder with Friends Provident, maybe this is why they are writing? Is it legal to write letters to another companies shareholders without permission?

vix2000

I also recieved this letter on 2 feb 2013 addressed to myself. I have only ever had shares in friends provident and Halifax. Don't know what to do, is it a scam? What amounts are involved? Anyone help please?

clivejo

Tried calling the number on the letter a few times today. Got a LONG recorded message and waited in a queue to speak to someone. Got disconnected and from that point on it just hung up after the recorded message. Doesn't fill a person with a lot of confidence if they cant even be bothered to speak to you.

I then called the FSA and they said that Equiniti Financial Services are authorised and regulated by them. They also informed me that they registered to work with shares. I then rang Friends Life and ask them if they knew anything about it. Apparently, Equiniti FS managed shares on their behalf but they no longer work with them. The adviser did seem to suggest it would be in my best interest to reply to the letter, but would not go into any details.

y002cjw

It is not a scam. If you have received a letter from Equiniti (or ProSearch) it is because you once owned shares in Friends Provident. Many people - myself included - weren't aware of the Friends Provident buyout by Resolution Ltd.

AFAIK anyone who did nothing like me got some resolution shares plus a cash payout. I dont know whether cheques were sent out to anyone who didnt respond to the documentation that would have been sent out at the time but the upshot is you can either contact ProSearch or Equiniti to see what amounts you have outstanding.

These outstanding amounts will be the cash payout i mentioned plus any outstanding dividend cheques.

Basically, phone each company, find out what you are owed, what it will cost to reclaim each dividend cheque and the lump sum - it isnt cheap - and go with the one that will charge you the least.

AFAIK one of them charges a set amount per cheque (3 divis and a lump sum would mean 4 charges!!!) and the other charges a percentage. So it is basically simple sums.

It is something i have to do myself on my next day off.

Prosearch can be contacted on 0871 384 2056 (or possibly check saynoto0870 dot com for a landline number).

This is from the FriendsLife website...
Dividends

For queries about dividends paid on Friends Provident plc and Friends Provident Group plc shares please contact Equiniti Limited.
Telephone:+44 (0)871 384 2056
(Monday to Friday 8.30am to 5.30pm)
Calls to this number are charged at 8p per minute from a BT landline. Other telephony providers' costs may vary.Overseas:+44 (0)121 415 7109
(Monday to Friday 8.30am to 5.30pm UK time)also just found this on the friendslife website by searching on Prosearch...

Frequently asked questions relating to Equiniti or ProSearch letters

Equiniti and/or ProSearch have sent letters to former Friends Provident Shareholders without the company's consent. If you are looking for more information on your options, or a point of contact, please read these FAQs. Former shareholders with a valid entitlement can call Equiniti on 0871 384 2056 and are not obliged to pay the 10% administration fee to ProSearch. Please see 'Do I have to pay a fee?' below for further information on the cheapest option for you.
Who are Equiniti/ProSearch?

Equiniti administered the share register for Friends Life Group (FLG) prior to FLG being taken over by Resolution Ltd in November 2009. ProSearch (a company owned by Equiniti) have been appointed by Equiniti to act on their behalf. Letters issued by both Equiniti and ProSearch have been sent without the consent of Friends Life.
Why have I received this letter?/What does it mean?

You may have money due to be paid to you. This may be from old dividend payments when FLG was a company listed on the stock exchange, or funds that were paid to shareholders on takeover in 2009. You can contact Equiniti directly to request a cheque to be sent to you by calling 0871 384 2056 (they will charge a basic fee for re-issuing cheques). You do not need to reply directly to ProSearch as they will charge a percentage-based commission. Please see 'Do I have to pay a fee?' below for further information on the cheapest option for you.
Am I eligible for a payment?

Former shareholders with a valid claim are entitled to their funds and should contact Equiniti or ProSearch directly to obtain their money. FLG cannot confirm whether you are entitled.
Do I have to pay a fee?

ProSearch charge a 10% plus VAT administration fee which will be deducted from any funds owing to you if you claim through them. However if you approach Equiniti Limited, our former registrar, directly, they will charge you a fee for issuing a cheque to you, as set out in the table below. The cheque fee will be dependent on how many types of payment you are owed; for example, if you have unclaimed dividends as well as funds from the takeover of Friends Provident by Resolution Limited in 2009, you may be charged an equivalent of two cheque re-issuance fees. Dependent upon the amount of money owing to you, you may prefer to contact ProSearch and/or Equiniti Limited to explore which claim route will be the cheapest option for you.
Value of Replacement Payment Fee (Per Reissued Payment): £ (incl VAT)FeeUnder £10.00FREE£10.00 to £19.99£1.00£20.00 to £29.99£2.00£30.00 to £49.99£12.50£50.00 to £99.99£20.00£100.00 to £499.99£35.00£500 and above£70.00














Please note that these fees are correct as at 27 September 2012, however we advise that you check Equiniti's fees on their website directly.
How do I contact Equiniti and ProSearch?

You can contact Equiniti by telephoning 0871 384 2056. You will need to select option 1 and then option 1 again to speak to an operator (please note that this isn?t immediately obvious from the recorded message which starts by talking about dividend payments). You can contact ProSearch by telephoning 0800 389 6486.

hope this is not too long winded but as a newbie I cant post links in my posts!!!;)

y002cjw

The gap near the bottom should have been a table but it didnt copy properly - Im sure you can all find it - sorry.

Vortigern

y002cjw wrote: »

hope this is not too long winded but as a newbie I cant post links in my posts!!!;)

That was a very informative post. Thanks

Here's the link to Friends Life

clivejo

Has anyone received a reply back from Equiniti?

I received a cheque made out to the personal representative, but no explanation of what the 'entitlements' are and why they are writing almost 3 years after my dad passed away. They ask for the cheque to be cashed as soon as possible, yet wont explain what its for!

AbnerMarsh

I worked for Equiniti for 2 years working on a number areas including lost shares certificates as well as tracing shareholders - this is not a scam. The reason that the letters Equiniti send are so vague is because they cannot be certain that the address they have is the correct one. They're trying to reunite shareholders with lost shares/outstanding payments therefore they have to be careful with the information given out before you can prove your entitlement incase it reaches someone other than the holder.

In terms of Friends Provident, the company was taken over by Resolution, who at the time of the takeover offered all shareholders the option to sell there sharholding (I think the price given at the time was around 79p a share) or alternatively to receive shares in the new company. IF the shareholder did not respond to the offer the shares were automatically sold and a cheque issued. Equiniti (as regsitrar to FP shares) have a record of which cheques remain uncashed and therefore perform traces on those shareholders who typically either 1)never new anything about the Resolution takeover or 2) never knew anything about their FP shareholding. By notifiying you or a relative of this ultimately they are doing you a favour as they are reunitiing you with monoey that you otherwise would have never known about. Yes there is a fee and I would always advise that you request Equiniti to reissue any money directly rather going down the Prosearch route (who,although part of Equiniti have extortionate charges) however, it is ultimately in your interests to respond.

If anyone has any questions regarding any of Equiniti's policies or wants advise in relation to lost shares certificates feel free to ask - They can be very difficult but I can offer some helpful advice in relation to the best ways to deal with them.

clivejo

I have asked Equiniti for an explanation and still waiting for a reply. I will not cash the cheque as my late fathers estate has been wound up now and the amount is not worth it to be honest. But I do want to know why they have this money and only coming forward about it now. All records indicate they shouldn't have anything. What can I do to get the information I require from them?