The questions below are most often asked regarding our services. Select a question to show the answer.
If you choose our nominee, 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 irreconcilable 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.
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.
If you have chosen Execution Only, then you do. However, our dealers are pleased to provide free investment guidance (always on a general “Execution Only” basis) to help you to make your investment decisions. However, you are always responsible for suitability and future investment performance.
We also specialise in bespoke Discretionary Managed and Investment Managed services as well as model portfolios. Our Investment Managers will be happy to provide more detailed personal analysis of your investment portfolio once you return our Client Agreement. Further details are available on request.
You must give your clear instructions direct to the Administration Department by the requested date, or we can accept no responsibility whatsoever for any resulting losses or liabilities.
We shall not be liable to you in respect of any loss arising nor in respect of any choice made by us in selecting the investments to be sold. We will apply the proceeds of sale (net of costs) in or towards discharge of your liabilities to us and will account to you for the balance. In the event that such proceeds are insufficient to cover the whole of your liabilities to us, you remain liable for the balance.
We shall be entitled, without further reference to you, to buy any investment in the market to close any short position created by you and then, subject to any statutory notice period, sell or dispose of any other investments held by us or which we are entitled to receive on your behalf to satisfy in whole or in part the sums due on settlement of any such purchase and its associated costs. We shall not be responsible for advising you about the investment merits of any transactions effected by us pursuant to this section which in all cases will be treated as execution only deals.
However, if you choose an investment which cannot be traded or held via Crest and a third party has to be used, the cost incurred will be passed on to you. Although most overseas transactions can be accommodated within our commission rates, please enquire at time of dealing as additional charges may be applicable.