How are my investments registered?

Through CREST, where available, in our nominee “St. Ann's Square Nominees Limited”. You are always the beneficial owner of the investments.  They are never part of Pilling & Co’s assets nor, indeed, of the nominee company’s assets.  There may be occasions when identical stocks are pooled together within Crest, or at another custodians, as one block under the title of SASNL. These cannot then be attributable to any individual client and ownership will be evidenced by an electronic bookkeeping entry at Pilling & Co instead of a physical certificate. In these circumstances you are warned, that in the unlikely event of an unreconcilable shortfall after the failure of a custodian, clients may share in that shortfall in proportion to their original share of the assets in the pool.

Can I have a joint nominee account with another person(s)?

Yes, each person who is party to the account must sign the nominee agreement, where the agreement is signed by more than one person, it is assumed that they are the joint owners of all cash, securities or other property held and that on the death of any one of the parties to the agreement such ownership will automatically accrue to the survivor(s) who will continue to be bound by the nominee account terms and conditions as if they had signed alone.

Are my investments secure?

Yes. Pilling & Co accepts absolute responsibility for St. Ann's Square Nominees Limited.  Your investments are not only protected under the Financial Services Compensation Scheme (FSCS), but, with the security of Pilling clients in mind, we also maintain additional professional financial risks insurance to cover the changing level of turnover in our business.  If your investments must be held by a third party, we will use our best endeavours to make sure that only recognised and well-respected financial institutions are used.  There may be further risk with non UK based custodians because of different settlement, legal and regulatory requirements.  In some cases dividend payments may be briefly held in a custodians overseas bank account before payment is made to Pilling & Co.  However, we do not accept responsibility for such third party safe custody obligations.

How do you look after my money?

We deal with your money in accordance with the client money regulations of the FSA which, amongst other things, require us to ensure that your funds are clearly segregated from our own in special trust status accounts at banks which are approved by the FSA and subject to an annual risk assessment by us.

Your money however will be held by the approved bank(s) in a pooled account with other client’s money and will not therefore be separately designated with your name. In the unlikely event of the failure of the approved bank resulting in an un-reconcilable shortfall clients may share in that shortfall in proportion to their original share of the cash in the pool.

We require your written authority to hold cash in a deposit style account facility with an approved UK bank.

Should you hold non-UK investments, cash generated from these such as interest and dividends may be held temporarily in overseas banks or branches of approved banks situated outside the UK. You should be aware that client money held in such banks might not be protected as effectively as if held in banks in the UK. The legal and regulatory regime applying to banks in overseas jurisdictions will be different from that operating in the UK. In the event of failure of a bank overseas your money may be treated in a manner different from that which would apply in the UK.

Can I buy and sell shares held in my nominee account?

Yes.  You can trade as often as you wish, simply ring our team of dealers who will be pleased to assist you on +44 (0)161 832 6581.

Yes. Quarterly, we pay gross interest on your cash on a tiered system at rates fixed by Pilling & Co after a variable administrative deduction.  An example of the rates are detailed here and our current rates are always available on request.

Who chooses the Investments?

You. Our dealers are pleased to provide free investment guidance (always on a general "Execution Only" basis) to enable you to make your final investment decisions.  However, you are always responsible for suitability and future investment performance.  Our Investment Managers will be happy to provide more detailed personal analysis of your investment portfolio once you return our Client Agreement.  Details are available on request.

Can I transfer shares in my own name into a nominee account?

Yes.  We need your share certificate(s) and a signed CREST transfer form for each holding.  However, the name on the certificate must be yours, your spouse’s or joint names. (see below and Charges).

Do you accept instructions from a third party?

Unless otherwise agreed in writing, we will act on any instructions we reasonably believe came from you to enter transactions or deal with your assets, regardless of the circumstances and method of communication. If you wish another person or firm to deal with us as your agent you must notify us in writing, giving details of any restrictions concerning their authority to act on your behalf. We will not be liable for any loss or inconvenience suffered by you if we act on any instruction, consent or information given to us by your agent within the limits specified by you.

How are dividends dealt with?

Dividends are credited to your account and attract interest.   At the end of each tax year we will produce a consolidated tax voucher for you detailing all income including your dividends, tax credits and interest which can be used in preparation for your tax return.

Can I have my income paid out to me?

Yes. With the Pilling Income Distribution System all your income is automatically paid straight to your bank or building society account on a quarterly basis. We send you a statement showing the dividend(s) and the amount paid to your bank account.