Q. What is a Speirs & Jeffrey nominee account?
A. This is where we use an electronic account to register and administer holdings on our client’s behalf. Almost all 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 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 a nominee agreement together with transfer forms for each of your holdings. These should be signed and returned to us. It is a simple and straightforward process and there is no charge for moving your investments into our nominee service.
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 need to set you up as a client, if you are not already - see Services (Q. How do I become a client).We will manage the process with the existing custodian. This applies to normal shareholdings and ISAs.
Q. When are nominee custody statements issued?
A. Annual nominee statements covering the full tax year are issued as at 5 April and include a consolidated tax certificate to assist you with your tax return. In addition, interim nominee statements are issued in October and cover the period from 6 April to 30 September. Regular valuations are sent separately.
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 or firearms certificate. 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.
There is no advertising budget – we grow via progress by existing clients and their recommendations to others.