Share Certificate not received after trade and no i'm liable for costs?

deltabox

I have recently purchased some shares from Equiniti on the 10th October and shortly after received a letter requesting me to confirm my identity on the 12th October. I returned the documents to prove this and they were returned on the 26th October. In between this i contacted them to state i had not received the share certificate and was told it can take up to 10 days.

Today I contacted them again and was told I am responsible for the costs of the replacement and have to request an indemnity document even though i have never received the certificate?

Why is it in normal circumstances the seller is responsible for items lost but when a registrar then the purchaser is responsible? The costs look expensive when it has been through no fault of my own?

[Deleted User]

Hi,

no idea about the lost share certificate, most folks just keep a nominee account nowadays.

Why did you want a paper certificate?

wmb194

deltabox said:

I have recently purchased some shares from Equiniti on the 10th October and shortly after received a letter requesting me to confirm my identity on the 12th October. I returned the documents to prove this and they were returned on the 26th October. In between this i contacted them to state i had not received the share certificate and was told it can take up to 10 days.

Today I contacted them again and was told I am responsible for the costs of the replacement and have to request an indemnity document even though i have never received the certificate?

Why is it in normal circumstances the seller is responsible for items lost but when a registrar then the purchaser is responsible? The costs look expensive when it has been through no fault of my own?

In the past there have been complaints about Equiniti's tendency to send certificates which it will charge a lot to replace by normal, unregistered post. Unfortunately...

"25. We will send any documents, at your risk, by post to your registered address. Neither we nor the company will be responsible for any document before it reaches us or after we have sent it to you."

https://equiniti.prescience.cloud/resources/equiniti/EQ-Library/postal-sharedealing-form-UK.pdf

To avoid this sort of issue in the future my suggestion would be to move to using a nominee brokerage account with a reliable company e.g., iWeb (LBG/Halifax), X-O (Jarvis Securities).

deltabox

Thanks for your post and advice. I’ll wait another week and see if it turns up before requesting a new one.