share certs line how?

wmb194

I'm having a hard time finding anything on this that's very recent but it seems that proposals are due from the Digitisation Taskforce any moment now but it doesn't look like the whole process will be complete for years.

I think this is a specific issue to BoI and possibly other certificated holdings in EU based companies.

https://www.linkgroup.eu/insights/what-we-think/driving-forward-digitisation-of-the-uk-shareholding-framework-part-3/

qwert10

yes wmb it's all very hush hush. I thought that Bank of Ireland was Belfast based and part of UK?

I'm sure the letter said all UK shares by Jan 2025.

wmb194

qwert10 said:

yes wmb it's all very hush hush. I thought that Bank of Ireland was Belfast based and part of UK?

I'm sure the letter said all UK shares by Jan 2025.

No, Dublin. You own shares in an Irish company. I don't think it's hush hush, it just hasn't progressed very far in the UK.

What's relevant here is what's going on in Ireland and it appears that dematerialisation will occur on 01/01/25. From Kenmare's website, another Irish company:


https://www.kenmareresources.com/en/investors/shareholder-information/dematerialisation-irish-securities#:~:text=An%20important%20change%20will%20take,in%20certificated%20form%2C%20like%20Kenmare.

After hiding any personal data you could post the letter.

qwert10

will do when home!

Rollinghome

The people I meet who are most irritated by ending of share certificates are members of the UKSA and ShareSoc.  I understand that irritation to some extent, but that ship sailed with the introduction of PEPs and ISAs, where everything is already held in nominee accounts.

The IC article includes a list of platforms that provide a facility for voting and LoRs. It includes every platform I can think of, and I'm surprised if there are any that don't - although you may have to ask to be on their list to be notified, as you do with Lloyds/Halifax/BOS/Iweb.

I put all my/our holdings into GIA accounts long ago - apart from a handful I wanted to receive direct communications from.  On the whole it makes life simpler but understand the resentment at it being compulsory and seen as another step towards making private investors easier to ignore.

3 minute video by Roger Lawson of ShareSoc

Hoenir

qwert10 said:

well online it says there is mounting anger from shareholders who DIY and don't want the cost of using a broker and, in a supposed democracy being enforced to do so.

My platform has no cost for simply holding shares.  To sell you have to use a broker that's more expensive off line. 

pafpcg

For my non-ISA share-holdings, I have a mixture of certificated shares and a nominee account (at Jarvis X-O) for my investment trust holdings.  What I particularly value about certificated shares is that the dividends are sent directly to my bank account and invariably will be credited in the early hours.  I can rely upon the cash from those dividends to transfer elsewhere on the day announced as the day of payment.

However, it's not the same with nominee accounts.  Dividends don't appear in my cash account until later in the day and often not for a day or so.  Then there's a two-working-day delay for a BACS transfer out*.  Given the propensity of investment trusts to pay dividends on Thursdays or Fridays, and JarvisX-O's 14:30 cut-off for payments, I always seem to be waiting until the following week to get my hands on the cash.

Dematerialisation of shares is bad news for me.

* Anyone know of a nominee account that does payments by Faster Payments?