Nominee
Q. I have been asked to send/bring in money laundering documentation, what do I need to bring?
A. You need one of the following documents: current passport, photocard driving licence, firearms certificate or EU photocard identity card. If you cannot provide one of these documents you will need to provide alternative proof of both identity and address. Please telephone us so that we can help you to identify acceptable documents. Please note that photocopies of documents are not acceptable unless they are certified (see answer to next question).
Q. What does a certified copy mean (in relation to money laundering)?
A. A certified copy means a photocopy which is signed by a third party who is not a direct relative.The third party must be a professional person (e.g. lawyer, accountant, post master/sub-master, banker, teacher, minister, doctor, etc. etc.). The third party must have seen the original and must write above their signature that the copy is a true replica of the original and (if applicable) that the photograph bears a true likeness. They must state their capacity, contact details and the date of signature.
Q. Why do I need to provide documentation?
A. Alas, this is a regulatory requirement with which we must comply. However well we know you, there is no escape from this and everyone is subject to the same requirement.
Q. What is a Speirs & Jeffrey nominee account?
A. This is where we use a nominee account to register and administer holdings on our client’s behalf. The majority of our clients now use this service.
Q. What are the benefits of having a nominee account?
Within this service we:
- ensure quick, efficient settlement without need of paperwork (ie old certificates, CREST transfer forms etc).
- collect, account for and distribute income, paying to any external bank accounts.
- maintain interest bearing cash accounts for receiving dividends and any other cash within portfolios.
- prepare a consolidated year end pack including valuations, transactions in the period, cash movements and importantly a consolidated tax return.
Another benefit of using our nominee service is anonymity, as underlying client names and addresses are removed from company share registers. This reduces the possibility of identity fraud and 'boiler room' cold calls.
Q. How do I move my certificated shares into your nominee?
A. All you need to do is send us your share certificates by special delivery. We will then send you an agreement letter together with transfer forms for each of your holdings. These should be signed and returned to us. It is a simple and straightforward process.
Q. Can I have my nominee income paid into my bank on a regular basis?
A. Yes, we can arrange payment of income quarterly, half yearly or yearly.
Q. How do I transfer my portfolio and ISAs to you from my current broker?
A. Just contact us with a copy of a recent valuation/statement from your existing broker and we will arrange the necessary letters of authority to be signed to arrange the transfer. We will manage the process with the existing custodian. This applies to normal shareholdings and ISAs.
Q. When are nominee custody statements issued?
A. Custody statements are issued at the end of May and November. The statements do not show valuations, they are a statement of the investments held in our custody on behalf of the client. Regular valuations are sent separately.
