Transferring Shares problem

robphot71

Afternoon all,

My mum is having issues with National Grid shares. She's applied and paid for the shares to be transferred into her name after Dads passing.

She's paid £84 for this to National Grid, however when the new certificates didn't turn up she called them. They have stated it will cost £30 to reissue. Surely this isn't right as they ether haven't been sent or lost in the mail due to thier failure to send record / registered mail?

Any advice on this and where we stand would be appreciated as I don't won't a pensioner forking out £114 in total for this. Yep

bigadaj

You can complain, presumably you have applied to,the registrar for this rather than national grid themselves, someone like computer share, capita etc

Their response may well be that she should have specified and paid for the registered post, but they may waive the additional fee if you progress teh complaint, worth a try at least.

xylophone

This has come up from time to time before - it appears that Registrars do not send share certificates by registered post - if the certificates are lost and replacements required, then they will charge.

https://forums.moneysavingexpert.com/discussion/4954857
post 7.

I doubt whether a waiver of fee would be considered, though I suppose it might be worth a try. Here is a case (although certs not involved).

http://www.telegraph.co.uk/finance/personalfinance/money-saving-tips/jessicainvestigates/8973031/Widower-told-to-pay-to-receive-National-Grid-dividend.html

Was your mother not given the option of holding the shares on an uncertificated (nominee) basis?

http://investors.nationalgrid.com/shareholder-centre/ordinary-shares/manage-your-holding.aspx

robphot71

Thanks all,

She did apply the the registrar. She wasn't offered to uncertified.

Vortigern

robphot71 wrote: »

Afternoon all,

My mum is having issues with National Grid shares. She's applied and paid for the shares to be transferred into her name after Dads passing.

She's paid £84 for this to National Grid...

This £84 fee is ringing alarm bells. The transfer of certificated shares to a spouse is normally free?

robphot71

Vortigern wrote: »

This £84 fee is ringing alarm bells. The transfer of certificated shares to a spouse is normally free?

Really? Do you know if that's laid down anywhere as I want to hit them with as many references as possible.

Vortigern

robphot71 wrote: »

Really? Do you know if that's laid down anywhere as I want to hit them with as many references as possible.

http://investors.nationalgrid.com/~/media/Files/N/National-Grid-IR/documents/share-ownership-a-bereavement-guide.pdf

Unfortunately the above document says "there may be a fee" (unspecified) for their small estates procedure and various other services.

I know I did not pay any fee for the transfer of BT shares from my late father to my mother, but Capita was not the registrar, and the shares had been held jointly by mum and dad.

grey_gym_sock

from that capita document, it appears that charges should only apply if
1) you're using the small estates procedure; or
2) a share certificate has been lost; or
3) they are re-issuing dividend cheques.

robphot71

Morning all,

Many thanks for your help we have a result and they have waived the charge along with sending them via recorded mail. However they have not taken ownership and have failed to understand contractual law. With a statement of we should chase it with the post office. These people are mad and don't seem to want to take ownership of their failings.

For those interested I quoted contractual law, consumer rights act and data protection. Not sure if any of this was the driving factors to the resolution, but it was there for any further action required.

Once again thanks you your help.