Capita Registrars - Replacing Share certificates

slipons

I recently contacted Capita Registrars acting on behalf of National Grid PLC to replace some lost share certificates. I followed their procedure which included myself taking their indemnity cover at a cost of £25 (Required because of the value of the shares). The process went ahead, however i never received the share certificate.

I called Capita, who informed me that they had sent the certificate via first class post. I reiterated that i had never received the certificate and they just informed me that their process states they posted the certificate (they have no proof of postage or delivery) and to get the shares i will need to repeat the process and take out additional indemnity (of course for another £25 fee).

I complained that in my opinion Capita lost the replacement certificate not me and they should pay for the new indemnity cover (not to mention the inconvenience and postage costs to myself!). They are however not backing down and are insisting i must start the process again and pay for the indemnity cover myself.

I have lodged a complaint with them, but was advised their position is unlikely to change. What is worse Registrars are not covered by the financial ombudsman and are unregulated.

I find it astounding they insist on indemnity cover because of the value of the shares then simply send via normal post! This borders on negligence in my opinion!

Does anyone have any advice on what course of action to take after i receive the expected negative response from my complaint?

greenglide

So what does the indemnity cover do then? Does this not cover loss?

I would require them to provide proof of posting and proof of delivery. Since they were not delivered then if you paid them a fee for providing the certificates are they not in breach of the contract as they haven't supplied them.

Royal Mail were acting for them, not you, in this so the fault does lie with Capita but is it not worth claiming on Royal Mail anyway?

slipons

I think the insurance was applied to the original certificate that was lost so will not cover this new one!! I will wait and see what the complaints process comes up, thanks for the tip about royal mail, although i would think its likely that Capita should claim against them rather than me! But i will give it a go if needed.

fozzeh

slipons wrote: »

I recently contacted Capita Registrars acting on behalf of National Grid PLC to replace some lost share certificates. I followed their procedure which included myself taking their indemnity cover at a cost of £25 (Required because of the value of the shares). The process went ahead, however i never received the share certificate.

I called Capita, who informed me that they had sent the certificate via first class post. I reiterated that i had never received the certificate and they just informed me that their process states they posted the certificate (they have no proof of postage or delivery) and to get the shares i will need to repeat the process and take out additional indemnity (of course for another £25 fee).

I complained that in my opinion Capita lost the replacement certificate not me and they should pay for the new indemnity cover (not to mention the inconvenience and postage costs to myself!). They are however not backing down and are insisting i must start the process again and pay for the indemnity cover myself.

I have lodged a complaint with them, but was advised their position is unlikely to change. What is worse Registrars are not covered by the financial ombudsman and are unregulated.

I find it astounding they insist on indemnity cover because of the value of the shares then simply send via normal post! This borders on negligence in my opinion!

Does anyone have any advice on what course of action to take after i receive the expected negative response from my complaint?

Deary me….not regulated? http://www.capitaassetservices.com/legal-and-regulatory-status.cshtml

Deal with this on a high volume basis and, unfortunately, you feel like beating your head against a tree! £42 admin fee, blooming £65 if you want it quicker…indemnity fees from £25 to over £200! Indemnities are required and do protect you in the long run. However, I will advocate never using the registrar’s services; they charge what they want! Your own bank may do it cheaper or a local stock broker (we charge a flat fee of £25 for low value, £35 for high)

The legal stand point is iffy; you are responsible for the share certificate. It will be within the company’s Articles of Associsation. Now, when Capita post a certificate they say that they have ‘discharge their responsibilities’ and care no more. But until you receive it, can the actually discharge them?

Claiming from Royal Mail is a pain also…for a claim as recipient you need the sender’s details (as in when posted, where from, what times, who by, the die number of the machine).

Fully agree on it being negligent…more so when they ask you to send things to them Recorded…and Royal Mail stipulate that certificates should be sent Recorded for a consumer to be protected.

I would continue to complain and probably go down the Unfair Terms of Consumer Contracts Regulations 1999; when does their responsibility end? Your require a service (you want a certificate replacing and giving to you) and they are not providing that. In my (and your) eyes, it should be when you receive it and by posting in a manner which can not be deemed responsible, they have been negligent in their actions by not ensuring the security of your possession. They are ensured with responsibility of a high value item and post it in a manner which does not ensure a secure method of receipt.

At the end of the day, it’s all down to money! And, unfortunately, Capita are the worst of the three big registrars for it. And I will stand by that until further notice!

Oh, and this is discussed at a very high level with very little progress so it does need the little guys to fight the corner also.

Ifts

greenglide wrote: »

So what does the indemnity cover do then? Does this not cover loss?

Unfortunately the indemnity cover does not cover for the loss of the replacement share certificate -

[FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light]What is a letter of indemnity? [/FONT][/FONT]

[FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light]A letter of indemnity is a form that registrars need [/FONT][/FONT][/FONT][FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light]shareholders to fill in before a replacement share certificate can be issued. [/FONT][/FONT][/FONT][/FONT]
[FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light][/FONT]
[FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light]By signing the indemnity, you are confirming that the original [/FONT][FONT=Bliss 2 Light,Bliss 2 Light]share certificate is lost, stolen or destroyed, and that if you find it in the [/FONT][FONT=Bliss 2 Light,Bliss 2 Light]future you will send it to us as soon as possible. [/FONT][/FONT]
[FONT=Bliss 2 Light,Bliss 2 Light]

[FONT=Bliss 2 Light,Bliss 2 Light]You are also confirming that if someone else is relying on the [/FONT][FONT=Bliss 2 Light,Bliss 2 Light]original certificate that you ask us to replace, and suffers a financial loss, [/FONT][FONT=Bliss 2 Light,Bliss 2 Light]you will cover[/FONT][FONT=Bliss 2 Light,Bliss 2 Light] their loss.[/FONT]
[/FONT][/FONT][/FONT][FONT=Bliss 2 Light,Bliss 2 Light][/FONT][FONT=Bliss 2 Light,Bliss 2 Light][/FONT]
[FONT=Bliss 2 Light,Bliss 2 Light]
[/FONT]

[FONT=Bliss 2 Light,Bliss 2 Light][FONT=Bliss 2 Light,Bliss 2 Light]http://www.capitaregistrars.com/media/Letter_of_indemnity.pdf[/FONT][/FONT][FONT=Bliss 2 Light,Bliss 2 Light][/FONT]
[FONT=Bliss 2 Light,Bliss 2 Light][/FONT][FONT=Bliss 2 Light,Bliss 2 Light][/FONT]

RG16

Hello anyone that could possibly help me,
I have recently moved house and misplaced/lost my share certificate. I understand my fault and am happy to pay the £45 to replace the certificate from Capita. But then they said I needed Indemnity Insurance costing £1040 or they will not issue the certificate. I don't even have this amount of money hence I am selling shares to cover a tough time after moving.

Does anyone know if I can get insurance else where - any HELP will be gratefully received.

Ruby

xylophone

http://www.thisismoney.co.uk/money/investing/article-3023285/Couple-face-25k-bill-Capita-posts-Compass-share-certificates-second-class.html

https://forums.moneysavingexpert.com/discussion/2158633

This question has come up on many occasions - see above for example.

I have recently moved house and misplaced/lost my share certificate

Is there any chance that your home insurance policy might cover you?