Sharewatch change to ODL Securities
- Thread starter RedDevil
- Start date
Munsterbhoy
Registered User
- Messages
- 13
Gulliver,
Thanks for the additional information. By selecting Option 3 (transfer to the main register of the investment), does this mean that you are terminating your relationship with Sharewatch and therefore need to find a new broker in order to future sell those share ? Also, in transferring to the main register, will you be getting actual share certificates or will you continue to have it electronically recorded in some way or another ?
I am thinking of going this route myself as I am keen to remain on the register and more importantly want to reinvest my dividends through DRIP\SCRIP where possible, but I am also wondering where that will leave me going forward as I do want to invest further and it looks like any future purchases with anyone will also have to be through a nominee account.
Thanks for the additional information. By selecting Option 3 (transfer to the main register of the investment), does this mean that you are terminating your relationship with Sharewatch and therefore need to find a new broker in order to future sell those share ? Also, in transferring to the main register, will you be getting actual share certificates or will you continue to have it electronically recorded in some way or another ?
I am thinking of going this route myself as I am keen to remain on the register and more importantly want to reinvest my dividends through DRIP\SCRIP where possible, but I am also wondering where that will leave me going forward as I do want to invest further and it looks like any future purchases with anyone will also have to be through a nominee account.
Munsterboy,
Yes I have terminated my relationship with Sharewatch and also with the Crest system. I will use another broker. After transferring to the main registers of the companies, paper share certs will be issued to me, which I will have to deliver to my chosen stockbroker if I want to sell. Stockbroker commission will be higher, but I will have absolute ownership of the shares, and all of the rights that go with it.
It seems to me that the concept of Crest-type electronic holding is all but dead for those who do not wish to dilute their rights. We are back again to pre-Victorian technology.
If you look at the UK Shareholders Assoc (www.uksa.org.uk) you will find that they express major concerns about CREST also.
As regards re-investment of dividends, quite a number of companies provide an option for this as a service to their own shareholders.
Yes I have terminated my relationship with Sharewatch and also with the Crest system. I will use another broker. After transferring to the main registers of the companies, paper share certs will be issued to me, which I will have to deliver to my chosen stockbroker if I want to sell. Stockbroker commission will be higher, but I will have absolute ownership of the shares, and all of the rights that go with it.
It seems to me that the concept of Crest-type electronic holding is all but dead for those who do not wish to dilute their rights. We are back again to pre-Victorian technology.
If you look at the UK Shareholders Assoc (www.uksa.org.uk) you will find that they express major concerns about CREST also.
As regards re-investment of dividends, quite a number of companies provide an option for this as a service to their own shareholders.
Update for those people who received no notification - of which I am one!
Just rang Sharewatch and even though when I log onto the online platform and look at my personal details the e-mail address shown is current and correct.
However!!! when I asked the girl on the phone to call out my e-mail address from her screen she had an e-mail address for me which is now 3 years old! Of course this wont surprise all those who have known for a long time that this company's IT and website services rate about 1 out of 10.
As regards the posted copy of the ODL news it's difficult to trust 100% that they even tried to post this to me.
Moving on can I just say that the reason I was with Sharewatch is that my shares were held in CREST in my own name. The last few posts seem to express concerns about CREST. Can anyone elaborate as to the issues? Surely it is better than in a nominee account which is what I am forced to accept now from Sharewatch (since I cant get a new broker with CREST between now and their Thursday deadline).
Just rang Sharewatch and even though when I log onto the online platform and look at my personal details the e-mail address shown is current and correct.
However!!! when I asked the girl on the phone to call out my e-mail address from her screen she had an e-mail address for me which is now 3 years old! Of course this wont surprise all those who have known for a long time that this company's IT and website services rate about 1 out of 10.
As regards the posted copy of the ODL news it's difficult to trust 100% that they even tried to post this to me.
Moving on can I just say that the reason I was with Sharewatch is that my shares were held in CREST in my own name. The last few posts seem to express concerns about CREST. Can anyone elaborate as to the issues? Surely it is better than in a nominee account which is what I am forced to accept now from Sharewatch (since I cant get a new broker with CREST between now and their Thursday deadline).
R
RedMadra
Guest
Has anyone had the holdings in their account transferred from Direct Sharedeal to ODL?
According to correspondence I received from Sharewatch it was supposed to happen on the 13th August, but lo and behold it didn't.
According to correspondence I received from Sharewatch it was supposed to happen on the 13th August, but lo and behold it didn't.
I received neither an email or letter in the post regarding these changes. The first I noticed was when I logged onto their website earlier as I wanted to transfer money to them to trade with - "Sharewatch Ltd is regulated by the Financial Regulator", I'll be calling the Financial Regulator tomorrow to get their input.
From what I read, CREST accounts are no longer maintained and if you had one with SW it was closed and your shares are now in an ODL nominee account - I believe I'm correct in saying you name will no longer show on the companies registrar as it would have before.
A few points I'll be bringing up with SW are:
Why didn't I receive notification of this change - it's hardly a small one.
ODL is based in the UK, how much will it cost to have money transferred to an Irish EUR account.
If I fully migrate to ODL do I pay ODL fees or SW fees
Am I covered by the UK(100% upto 50k) or Irish(90% upto 20k) compensation scheme
Do SW really feel 9 Q&As addresses all the questions investors have regarding such a fundamental change
From what I read, CREST accounts are no longer maintained and if you had one with SW it was closed and your shares are now in an ODL nominee account - I believe I'm correct in saying you name will no longer show on the companies registrar as it would have before.
A few points I'll be bringing up with SW are:
Why didn't I receive notification of this change - it's hardly a small one.
ODL is based in the UK, how much will it cost to have money transferred to an Irish EUR account.
If I fully migrate to ODL do I pay ODL fees or SW fees
Am I covered by the UK(100% upto 50k) or Irish(90% upto 20k) compensation scheme
Do SW really feel 9 Q&As addresses all the questions investors have regarding such a fundamental change
Munsterbhoy
Registered User
- Messages
- 13
Yes, I transferred in the middle of last week after strongly considering taking actual certificates for all of my stocks and terminating my relationship with Sharewatch. The main reasons I didn't go that route are:-
1. I didn't have enough time to investigate a replacement stockbroker offering what I want; and
2. I got somewhat more comfortable with the security of my shares being held in a Nominee Account (I still don't like it for the reasons outlined below).
Despite being informed at the time I authorised transfer that my new ODL account would be set up within 48 hours, only this morning did I receive a notification that my account was set up with ODL, login etc. but also that my securities would be transferred on "Friday 13th" i.e. last week. I presume it is some sort of automatic message that has not been updated because my shareholdings and cash balances are still not showing on my new ODL account and I cannot trade. Sharewatch are putting the blame on Direct Sharedeal Limited for this delay but it is very annoying that this process is nowhere near as seamless as advertised. For anyone who didn't notice, online trading has not been possible through DSL since at least August 9th and possibly before that, despite the notice on the Sharewatch website that trades would remain possible through DSL until accounts were transferred to ODL !
To answer a few other comments, your holdings wil not longer be held in CREST, they will be in an ODL nominee account. Sharewatch have tried to assure me that this system is as secure as CREST because the the nominee account is actually a separate company from ODL themselves and cannot be accessed by ODL's creditors in the event of any solvency issue. I am not happy with this situation but there are not many brokers offering sponsored CREST membership out there at the moment. A second issue with the Nominee structure is that you will no longer be on the share register and will not be able to sign up for DRIP\SCRIP schemes for dividends, nor will you be able to vote at AGM's. ODL have advised that they will facilitate any shareholder wishing to exercise voting rights but all future dividends will have to be paid by cash into your account.
1. I didn't have enough time to investigate a replacement stockbroker offering what I want; and
2. I got somewhat more comfortable with the security of my shares being held in a Nominee Account (I still don't like it for the reasons outlined below).
Despite being informed at the time I authorised transfer that my new ODL account would be set up within 48 hours, only this morning did I receive a notification that my account was set up with ODL, login etc. but also that my securities would be transferred on "Friday 13th" i.e. last week. I presume it is some sort of automatic message that has not been updated because my shareholdings and cash balances are still not showing on my new ODL account and I cannot trade. Sharewatch are putting the blame on Direct Sharedeal Limited for this delay but it is very annoying that this process is nowhere near as seamless as advertised. For anyone who didn't notice, online trading has not been possible through DSL since at least August 9th and possibly before that, despite the notice on the Sharewatch website that trades would remain possible through DSL until accounts were transferred to ODL !
To answer a few other comments, your holdings wil not longer be held in CREST, they will be in an ODL nominee account. Sharewatch have tried to assure me that this system is as secure as CREST because the the nominee account is actually a separate company from ODL themselves and cannot be accessed by ODL's creditors in the event of any solvency issue. I am not happy with this situation but there are not many brokers offering sponsored CREST membership out there at the moment. A second issue with the Nominee structure is that you will no longer be on the share register and will not be able to sign up for DRIP\SCRIP schemes for dividends, nor will you be able to vote at AGM's. ODL have advised that they will facilitate any shareholder wishing to exercise voting rights but all future dividends will have to be paid by cash into your account.
Very worried about all this change, there appears to be no transparancy in any of this . I rang sharewatch on the 17th august to see what is happening they told me it was to late as option 1 will now be default. I explained to them that there web site says that this is now extended until further notice and asked for a date , they said we now have till the 26th of august. Also the sharewatch web site says ODL is there new partner but from what I see when you go to ODL you a with ODL and sharewatch is gone.Rang ODL to see how long they in business they said 10 years but were trading under another name. This is all very worring I feel someone need to explain to us. Does anyone know if there has been a press release in the paper or news. Please help.
I'm just after finding out about all these changes and I had got no emails or letters from Sharewatch either. Atrocious performance by them.
In a quandary now as to what to do myself. There seems a fair amount of negative comment about ODL from 2009 but I haven't seen anything more recent and so not sure if things have improved since then. The negative comments also seemed to stem more from the spreadbetting and/or day trading side.
In a quandary now as to what to do myself. There seems a fair amount of negative comment about ODL from 2009 but I haven't seen anything more recent and so not sure if things have improved since then. The negative comments also seemed to stem more from the spreadbetting and/or day trading side.
I got my share certificates today, having closed my account with Sharewatch. I can now once again feel that I have restored my position as a true and genuine shareholder with my name and details inscribed in the registers of my companies and all of the rights of a true shareholder.
My objection to the Sharewatch changeover is that they proposed transferring my shares to a nominee account. In principle, I am opposed to the concept of nominee shareholders.
Nominee accounts may be considered simpler from an administrative point of view, but they are an abomination. They deny the shareholder of many of his rights. The directors of a company with nominee shareholders have no idea of the wishes of the shareholders they represent. Nominee companies vest the voting rights in a small group of powerful trustees who may be very remote from both shareholders and companies, but may make major decisions with major outcomes for both.
Is there any organisation out there (in Ireland) which represents the ordinary small shareholder who takes an interest in the shares held?
My objection to the Sharewatch changeover is that they proposed transferring my shares to a nominee account. In principle, I am opposed to the concept of nominee shareholders.
Nominee accounts may be considered simpler from an administrative point of view, but they are an abomination. They deny the shareholder of many of his rights. The directors of a company with nominee shareholders have no idea of the wishes of the shareholders they represent. Nominee companies vest the voting rights in a small group of powerful trustees who may be very remote from both shareholders and companies, but may make major decisions with major outcomes for both.
Is there any organisation out there (in Ireland) which represents the ordinary small shareholder who takes an interest in the shares held?
I transferred all my holdings over to the ODL nominee account. It all went very well. No hiccups yet anyway. I really dont like the concept though and any future shares i buy i may do through another method and hold the share cert.
I really like also been able to operate drips/scrips and odl dont offer this service which is a right pain in the rear end.
I still cannot fathom how they never posted out a paper version of the two emails to their customers. It beggars belief.
The positives though are that the services available from odl seem to be far superior to those offered from direct share deal. At least it looks like we can buy international stocks now without too much hastle.
I really like also been able to operate drips/scrips and odl dont offer this service which is a right pain in the rear end.
I still cannot fathom how they never posted out a paper version of the two emails to their customers. It beggars belief.
The positives though are that the services available from odl seem to be far superior to those offered from direct share deal. At least it looks like we can buy international stocks now without too much hastle.