ProSearch

Markwon

Hi - anyone know much about Prosearch? They contacted me regarding Abbey National shares to say I would lose entitlement and I need to contact them to have cash sent to me, so I replied to give them my new address details - the outcome is that out of the £527.28 due to me, they have taken £100.13 + vat as an administration fee and sent me the balance of £407.12!

Anyone know if this is legal as it seems excessive to say the least!
Thanks

Linton

Markwon wrote: »

Hi - anyone know much about Prosearch? They contacted me regarding Abbey National shares to say I would lose entitlement and I need to contact them to have cash sent to me, so I replied to give them my new address details - the outcome is that out of the £527.28 due to me, they have taken £100.13 + vat as an administration fee and sent me the balance of £407.12!

Anyone know if this is legal as it seems excessive to say the least!
Thanks

£100 for a bit of administration seems to me to be reasonable - they are in business and employing people, running buildings etc costs money. The administration required is independent of the value of the holding, whether their charge is I dont know. They seem to be legitimate, helping companies keep their shareholder records clean.

However, they didnt do anything that you couldnt have done yourself had you kept control of your own records.

jimjames

Yes it is legal - it was your choice to use them rather than going direct. In the same way that PPI claim companies make their money by taking a percentage of claims you have paid for their services. Without them contacting you there presumably would have been no £400 for you so you are still better off.