Crest transfers

Anybody any suggestions. I am in the process of transferring from Interactive Investor to London South East (jarvis) LSE tell me they cannott accept two of my long standing Pibs (Skipton building Soc and Leeds Building soc) as they are in certified form and LSE only hold Crest stock.
They have suggested selling these pibs but the spreads are really wide and having 10k of these would cost me about £850. to sell and then buy back. Further suggestions were to hold them myself in certificate form at home but I was hoping to tie everything together under one account. I could of course leave them with Interactive but that would cost me £120 pre year ! Any suggestions anyone, Thanks

Comments

  • I'm sorry, I don't know the answer but:
    Are the Skipton PIBS "SKIP"? If so, I thought that they do settle through Crest.
    Are you saying that II hold your Crest certificates? That seems a bit odd.
    If you hold the certificates but you want to have the PIBS held in your LSE account then maybe try contacting the registrars to see if they can offer a solution.
    Failing that, if it were me, I'd just hold on to the certs and put them somewhere safe (maybe with my will). But that's just me who hates the idea of paying unnecessary costs.

    Sorry, probably not much help.
  • 3 or 4 years ago I had similar issues with these, (and with one of the Coventry PIBs)

    I had two PIBs from Skipton, SBSA and SKIP

    SBSA I still hold as they are Crest friendly but SKIP wasn't - ( I was told so maybe they told me a porkie on that one)

    So I sold SKIP, Leeds and the Coventry one and re-invested elsewhere






  • Is it SKIP you are having issue with?

    I have just checked on x-o and it seems i can buy them. This is weird as they are Jarvis as well.

    You might consider transferring to x-o instead. (or splitting between LSE and x-o)
  • I suspect the issue occurs because you are moving to LSE are white label Jarvis where LSE take a split on the commission. Because anything that doesn't settle through CREST requires manual intervention the revenue sharing model falls apart. Jarvis are a low cost broker and the low cost comes with giving up something, in this case non settled CREST, but other things are the £20 fee if you want to attend an AGM. (note other brokers seem to be going the same way on anything outside of CREST which is frustrating).

    Having said that LSE/Jarvis can transfer these PIBS outside of CREST if they want to. Shares have been dealt with in certificated form for decades so all the systems are in place.

    Whether you can persuade LSE/Jarvis to do this is another matter, but this is what I would try in the first instance.


    If you intend to hold them forever then having certificates isn't a problem, athough if you then want to sell them you won't have a broker that will do it for you, or perhaps if you are lucky they will charge you an outrageous fee.
  • Yes , the problem areas are SKIP 12.875% and Leeds 13.375% (LBS) I am considering holding them myself however I presume that would mean they are taken out of an isa account and then subjected to tax ?
  • why not try x-o? they are even cheaper than LSE
  • Thanks everyone for your comments. The saga continues......... My wife and I both have a selection of funds, Fidelity, framlington Invesco etc within our current Interactive Accounts which it would appear London South East won't accept. On checking my interactive and London s.e.accounts it would appear 10k of Notts 7.875 pibs, and the 5 k Leeds 13.375 pibs have dissappeared !
    I am really wondering about this whole transfer buisness which was implemented to save fees and to keep everything straightforward under one roof !
    Capucino, X-o are quoting 5.95 per trade which is certainly cheaper so I might consider them when the whole buisness is sorted out
  • Colin

    I sent LSE a whole load of questions to them, which they answered promptly, and which I am still chewing over before I decide whether to move.

    I chose 3 random lines from the list of our investments to see if they could accept them and we could subsequently deal

    SBSA - Skipton Building Society 8.5% PIBS

    MBSR - Manchester Building Society 8% PIBs

    42TF - Co-op Installment Repayment Notes

    This is their reply

    Quote

    The three lines of stock provided can be held in the London South East trading accounts, providing the stock is London listed there should not be any problems.


    The How to Use Guide advises: You can buy and sell shares in most companies that are listed in the UK. This includes dealing in equities, bonds, warrants, ETFs, investment trusts, shares listed on the IRS (International Retail Service) and CDIs of US stocks. Please note that you cannot deal in foreign shares that are listed on overseas markets.

    Unquote

    Woz

  • Colin

    The let out of course is the word "most" in the above !

    I think if I do move (anywhere in fact), I'll send a list of everything we hold at present and try and get a definitive answer in writing for each line -but I dare say there would always be a let out for them (like the word "most" in their quoted reply above !!

    Woz
  • Woz, I think thats a good idea. Had I known about these problems i would have sat tight ! LSE jarvis did eventually set up some of the stocks but would not take my all my pibs or funds. As capucinno mentioned I did speak to them regarding their cheaper sister X-o Jarvis but was informed there would be a transfer fee of £18 per line of stock and a further £50 cost. Seemed a bit steep for transferring from one side of the office to another. If you are considering a change I would suggest you look at X_O before LSE
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