Custody Arrangements
Our Nominee service provides a convenient, secure and economical method by which clients can hold stocks in electronic form. The main advantages that this approach confers are:
- Avoids the need for clients to hold share certificates with the possibility that they may be lost or inadvertently destroyed
- Allows settlements to be made on time and removes the costs and inconvenience of delayed settlement
- Avoids the name and address of the shareholder appearing directly on company share registers (reducing the possibility of identity fraud or "boiler room" cold calls)
- Income is collected by Speirs & Jeffrey and distributed to a designated client bank account on a monthly, quarterly or less frequent basis if preferred. Alternatively, we can pay fixed amounts at the desired interval with any excess income being accumulated for investment later
- All income collected is fully accounted for by means of regular statements. All cash in our nominee earns interest at 0.625% below Bank of Scotland base rate
- An annual consolidated tax statement is prepared (normally at the end of the fiscal year for UK clients). This takes the place of individual dividend vouchers and makes the completion of the relevant section of the tax return simple
All securities are registered in a separate nominee company and cash is held with major high street banks (HBOS and Royal Bank of Scotland) and this is entirely separate from Speirs & Jeffrey's own accounts. Clients retain beneficial ownership of their securities and cash at all times.
Speirs & Jeffrey's Nominee service is the most appropriate and most economical custody option for the vast majority of clients.
Full details of charges are available here.