Prosearch, Equinity and realising share money after death in 2006.

lesleyfromkent

Summary:  What’s the most cost effective way of liberating possible money from shares Prosearch says my late Mum held, of which Equinity can only locate one set (the smallest) though Prosearch has sent me letters relating to 3 separate holdings, one of which is nearly £2,000.

Are Prosearch simply looking for admin fees up front and they will then simply “not be able to find” any actual shares to produce money?

What do I do next? 

Background:

My mum died in 2006 with only a few hundred pounds in her bank account, so no probate.

I did the necessary and paid for it, sharing the worst expenses with my only sibling (bro). My life went chaotic after that, divorce and very bad health problems and caught covid in 2020. Forward to 2022 and I get 3 separate letters from Prosearch telling me Mom had 3 sets of shares (National Grid (cash ent £509.73, appx value £869.75, reply by 8 Jul 22), International Power (cash entitlement £1899.43, reply by Sept 22) and Centrica (cash entitlement £184, approx value of shares £96.38) reply by 4 Dec 22).

I dealt with all her paperwork, there were no share certificates at all, or anything to even suggest she had share holdings. My brother confirms he knew of nothing.

I had a major operation in August, so nothing got done, though I have memories of having these letters a number of times before.

Anyway, I’m a little better currently so I got in touch with National Grid and ended up with the Bereavement Service which seems to be Equinity. A telephone call from them elicited that it was possible to avoid Prosearch’s fees (which are presumably there, but I cannot find them in their letter, but they wouldn’t do it for free?) with a death certificate (I have) and filling in the forms. I looked at the Small Estate forms, they’re dense but I’m 64 and spent my working life dealing with paperwork, forms don’t frighten me. What was odd was the amount of effort it took to get the lady on the telephone to “admit” that doing 2 sets of shares together would (might? She was very reluctant here) result in the cost payable to Equinity being £120, rather than simply double their current £80 admin fee for one company– she was really reluctant to say this. And, of course, I have 3 sets, one of which appears to be so low that the admin would wipe it out.

The Equinity lady did tell me that my Mom had had Telecom shares and sold them – not sure how this was relevant except it showed Equinity had given her a working computer.

Last item of information, Equinity said she could see the Centrica shares on her computer, but could not see the other 2 sets – one of which, of course, is the largest amount. Given that Prosearch found this, how can she not see them? And, she says, International Power is now totally “gone” (presumably she means liquidated) and she hinted this meant the shareholding is now also gone.

So, my question is – assuming I can fill in forms, which I can, what’s the most cost effective way of liberating the money, if it exists? (It will, of course, include my brother getting half). Last item of information, Equinity said she could see the Centrica shares on her computer, but could not see the other 2 sets – one of which, of course, is the larger amount. Given that Prosearch found this, how can she not see them? And, she says, International Power is now totally “gone” (presumably she means liquidated) and she hinted this meant the shareholding is now also gone.

As I said, are Prosearch simply trying to get money from me - I find it interesting that all of these admin fees appear to be up front, not paid from the holdings, and with Prosearch they are separate – so 3 sets of fees rather than one? Any suggestions as to what I should do? I think Equinity has some sort of contract to deal with “lost shares” and are therefore legitimate?

Thanks in advance for considering this.

Nearlyold

For your info - Equiniti act as Registrars of the shares of about 500 + companies. They maintain the records of who owns what in terms of those companies shares. However there's always the possibility of records not being 100% where shareholders don't keep them up to date with addresses, name changes, or buy shares using a slightly different name or D.O.B.etc. NB. Paper "Share Certificates" are no longer issued for many Companies..

Prosearch (who are part of the same group as Equiniti) do this https://prosearchassets.com/help/general-faq/#:~:text=Who are ProSearch?,shareholders reunite their lost assets.

I thought Prosearch charged a lowish % fee of the value of the assets they reunite with the rightful "owner".