Hi,
I had some shares from a company I used to work in which were held in trust with an external company for 3 years as part of an Approved profit sharing scheme. When the 3 years are up the income tax which would have been payable on the shares is written off because the shares have matured. The external company (the trust) send you out a form requesting you to declare which broker you want the shares transferred to. If you do not declare any particular broker the matured shares are transferred to a stockbrokers by default where an account is set up for you. I had left my ex employer many years ago and changed address multiple times. The share transfer documents never reached me. I therefore never signed any transfer documents, nor agreed to any new terms and conditions. My other contact details never changed though. Last year I remembered about the shares. I went back to the external company who held the shares ( the trust) and was told that the shares had matured and were transfered out of the scheme to a broker by default. I contacted that broker who wants me to sign an account opening form and agree their terms and conditions. My understanding is that they have been helping themselves to my shares to pay for their management fees. I never agreed to them managing the shares in the first place nor agreed to any of their terms and conditions. I am refusing to sign up for an account with them and never gave them any consent to do anything with my shares. Shouldn't they have gone back to the external company managing my share (the trust) at the time and said they did not have the adequate and relevant information before taking the account in? How can they manage an account with the share owner consent? Thanks for the help.
I had some shares from a company I used to work in which were held in trust with an external company for 3 years as part of an Approved profit sharing scheme. When the 3 years are up the income tax which would have been payable on the shares is written off because the shares have matured. The external company (the trust) send you out a form requesting you to declare which broker you want the shares transferred to. If you do not declare any particular broker the matured shares are transferred to a stockbrokers by default where an account is set up for you. I had left my ex employer many years ago and changed address multiple times. The share transfer documents never reached me. I therefore never signed any transfer documents, nor agreed to any new terms and conditions. My other contact details never changed though. Last year I remembered about the shares. I went back to the external company who held the shares ( the trust) and was told that the shares had matured and were transfered out of the scheme to a broker by default. I contacted that broker who wants me to sign an account opening form and agree their terms and conditions. My understanding is that they have been helping themselves to my shares to pay for their management fees. I never agreed to them managing the shares in the first place nor agreed to any of their terms and conditions. I am refusing to sign up for an account with them and never gave them any consent to do anything with my shares. Shouldn't they have gone back to the external company managing my share (the trust) at the time and said they did not have the adequate and relevant information before taking the account in? How can they manage an account with the share owner consent? Thanks for the help.