Nominees go out of pocket
Article Abstract:
The collapse of Branston and Gothard, a United Kingdom stockbroker specialising in private clients, has led to concerns about the safety of assets held in nominee accounts. Some investors may not receive full reimbursement, according to the broker's liquidator, Price Waterhouse Nominee accounts involve legal ownership of stock being surrendered to the nominee company. Investors can claim compensation up to a maximum of 48,000 pounds sterling from the Investors Compensation Scheme if they lose money when brokers fail. Some brokers have insurance to cover amounts above this sum.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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Looking to loss claims
Article Abstract:
Insurance for customers of UK stockbrokers may not include protection for customers in case of insolvency. The Association of Private Clients, Investment Managers and Stockbrokers (Apcims) is seeking to set up an insurance fund for the industry. Enough brokers have to take part if it is to be successful. There is uncertainty over the position of investors with nominee accounts, with a subsidiary set up by brokers for the assets of clients.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Stockbrokers: small firms risk Crest overload
Article Abstract:
Small UK stockbrokers may be insufficiently prepared for Crest, the new UK electronic share settlement system to be launched in Jul 1996. Smaller stockbrokers may have to merge due to the cost of the new system. Crest offers free software for smaller borkers but this has limitations and is only suitable for firms carrying out a few deals each day. Some twelve brokers have been reported for not being able to cope with Crest during trials.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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