Share Certificates for shares held by Link Asset Services
Discussion
Sorry for the slightly odd post - I don't know much about financial stuff and would like a bit of advice / assistance.
I have two sets of shares which I purchased when the companies were formed. (Fundsmith emerging Equity (FEET) and Fundsmith Smithson). In each case I paid the money to buy the shares and asked that the shares should be held by Link Asset Services. I am now taking more of an interest in these investments and am curious about how to get the money out, particularly from FEET as it is not performing well.
I have no idea of who or what Link Asset Services are or what they do. So I called them and it sounds like they act as record keepers of shareholders in certain companies; they keep records of who owns shares in what. They could find my ownership record from my name and address and confirmed my shareholdings. They confirmed that they could sell my shares in FEET but said they would charge a handling fee for this (£47, fair enough) but also a 'Cover Fee' of £299. The guy on the 'phone wasn't very clear in explaining the details but it sounds like this is a form of insurance policy which will pay out should someone else claim that they own the shares instead.
This sounds slightly absurd; the shares have been mine since the outset and Link Asset Services have been holding them on my behalf. Paying for an insurance policy to pay out should it transpire that the shares are not owned by me seems like an unnecessary expense. The total price for the sale is therefore nearly £350, which is a sizeable proportion of the value of the shares being held.
Have I understood the situation correctly? What other options do I have? (Holding the shares for ever is an option but if I never take any money from then then it seems like a pointless investment.) Is there any way of retrieving the shares to sell them without needing to pay the 'Cover Fee'?
I put these questions to the guy on the 'phone who was as helpful as he could be but didn't seem too clue'd up about what other options there were. Essentially he kept telling me "We cannot recommend that you should use our services but this is what our services are".
All suggestions, advice or assistance welcomed - thanks!
I have two sets of shares which I purchased when the companies were formed. (Fundsmith emerging Equity (FEET) and Fundsmith Smithson). In each case I paid the money to buy the shares and asked that the shares should be held by Link Asset Services. I am now taking more of an interest in these investments and am curious about how to get the money out, particularly from FEET as it is not performing well.
I have no idea of who or what Link Asset Services are or what they do. So I called them and it sounds like they act as record keepers of shareholders in certain companies; they keep records of who owns shares in what. They could find my ownership record from my name and address and confirmed my shareholdings. They confirmed that they could sell my shares in FEET but said they would charge a handling fee for this (£47, fair enough) but also a 'Cover Fee' of £299. The guy on the 'phone wasn't very clear in explaining the details but it sounds like this is a form of insurance policy which will pay out should someone else claim that they own the shares instead.
This sounds slightly absurd; the shares have been mine since the outset and Link Asset Services have been holding them on my behalf. Paying for an insurance policy to pay out should it transpire that the shares are not owned by me seems like an unnecessary expense. The total price for the sale is therefore nearly £350, which is a sizeable proportion of the value of the shares being held.
Have I understood the situation correctly? What other options do I have? (Holding the shares for ever is an option but if I never take any money from then then it seems like a pointless investment.) Is there any way of retrieving the shares to sell them without needing to pay the 'Cover Fee'?
I put these questions to the guy on the 'phone who was as helpful as he could be but didn't seem too clue'd up about what other options there were. Essentially he kept telling me "We cannot recommend that you should use our services but this is what our services are".
All suggestions, advice or assistance welcomed - thanks!
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