Stock Broker unable to sell shares

Thickie

Any advice as to what to do next would be much appreciated.

We bought shares using a UK broker in shares that were listed on the Canadian market several years ago.

2 years ago we asked them to sell, after 2 years of being fobbed off they are basically saying they can't sell them.

This is not an insignificant sum.

We have contacted the ombudsman but he hasn't been able to help.

Looking on line it would appear that trying to sue them is not an option due to the fact their pockets are much deeper than ours.

Where should we go next, they haven't even given us a reason as to why they can't sell.

Thank you.

Thrugelmir

Sell them through another broker.

Round_The_Bend

Are you able to name the broker and the share? Just wondering, as any reputable broker should be able to deal in shares that are listed on the Canadian market.

Thickie

We tried another broker and it diid look promising but today they have come back and said they can't help.

The share is Champion Iron Mines.

Thank you

Round_The_Bend

Seems odd, as it's listed on the main Toronto stock exchange and it seems to have reasonable liquidity. Have you tried the likes of Hargreaves Lansdown and Youinvest, to see if they can sell it on your behalf? I imagine that it would be a phone, rather than online sale, so slightly more expensive to sell. Highly unethical for a broker to allow you to purchase shares via it and then decline to sell them, I would have thought.

BlackBird75

Are the shares held in the broker's nominee account?
What's the name of the broker?

Thickie

Our sentiments exactly..

You have actually named the company concerned and by coincidence we managed to speak to someone there since my initial post , they have literally just emailed to say we need a broker with DTC but that they cannot make any suggestions or point us in the right direction.

All a bit strange and infuriating as they did the original transaction - do you have any suggestions?

Thank you

Thickie

Yes they are in a brokers nominee account

Thank you

Round_The_Bend

If you have already been to the ombudsman, then presumably this means that you have already exhausted the firm's formal complaints process, unless the reason for the ombudsman rejecting your claim is because you have not. You could also write directly to the CEO.

Another broker, of which I have no personal experience, but which has been recommended in the past for international dealing is Interactive Brokers:

https://www.interactivebrokers.co.uk/en/home.php

Perhaps, give them a call.

Failing all of the above, you could contact one of the newspaper advocates such as Tony Hetherington at the MoS. I suspect that if you shout enough, they will eventually cave in and sort something out. Disgraceful behaviour on their part, however, imho.

Alexland

Thickie wrote: »

You have actually named the company concerned and by coincidence we managed to speak to someone there since my initial post , they have literally just emailed to say we need a broker with DTC but that they cannot make any suggestions or point us in the right direction.

Please can you let us know which one is being so unhelpful?

They both have a good reputation on these forums.

If they are in a nominee account are they part of a broader ISA etc wrapper collection of investments?

Alex

Nick_C

OTOH, the share price looks to have tripled in the last two years, and £ has gone down against the CAD, so if you can sell you will have benefit enormously from their tardiness