Welcome to The Share Centre
We are delighted to welcome former customers of Beaufort Securities to The Share Centre.
Last updated 9 November 2018
We’ll update this page as developments take place, and as different stages of the transfer are completed. The first batch of transfers was started in mid-September. The second batch of transfers was started in November.
- If you have received a letter from us containing your customer reference number, please sign in here.
- Our Investment Guidance team have reviewed some of the more common holdings amongst the investments being transferred across and provided a view on them here.
- If you would like to add authority for your independent financial advisor to discuss your account(s) with us, please complete this form and send it to us.
- If you have not received a letter from us, confirming details of the transfer and you have a question about the progress, please contact Beaufort Securities using the details at the bottom of this section or by post to this address;
Beaufort Asset Clearing Services Limited (in special administration), 63 St MaryAxe, London, EC3A 8AA
- If you have questions regarding The Share Centre which are not covered by the information on this page and the FAQs please contact 01296 41 46 73.
Approaches made to Beaufort Securities clients by third parties claiming to be from PricewaterhouseCoopers or The Share Centre and requesting to be paid a transfer fee.
The Beaufort administration team have identified clients of Beaufort Securities being approached by individuals, claiming to be representatives of PricewaterhouseCoopers (“PwC”) or The Share Centre Limited (“TSC”), requesting that money is transferred to them in order to have their holdings moved to the nominated broker.
These individuals are not acting on behalf of the administrators, The Share Centre or the proposed nominated broker. Therefore, any requests of this nature should be completely disregarded. The Share Centre will not ask customers for money to facilitate this transfer.
If approached, or if further guidance is required, clients are advised to contact PwC via the official channels below;
Your questions answered
Statement from our CEO, Richard Stone
The Share Centre is an execution-only stockbroker. We provide substantial resources and guidance on our website to help investors, but fundamentally our customers make their own investment decisions.
We were established in 1990 and now serve approximately 300,000 customers with over £5bn of assets on our platform. We essentially provide two services: custody (we provide a safe home for your investments) and trading (we facilitate the trading of those assets). This is where we fundamentally differ from Beaufort Securities, as we do not act as a corporate broker or trade as a principal on our own account. Indeed, we strongly believe that the roles of agent (acting solely on the customer’s behalf as we do) and that of principal (trading on your own corporate positions) should never be combined within the same business.
Low cost investing
We offer access to the whole of the market, with a full range of equities, funds, exchange-traded funds, investment trusts, bonds etc. We operate in Sterling and settle through CREST wherever possible. Keeping our business simple enables us to offer our services at low cost. We charge a fixed fee for custody on a per account basis, so that our charges do not increase as a result of your investment diligence or success. We also charge low dealing commission, with online rates of £7.50 on all deals up to £750 in value and 1% above that level. For those trading more frequently, or in higher values, it is possible to fix your dealing commission at £7.50 per trade by paying a fixed fee of £24 per quarter.
The Share Centre is wholly owned by Share plc which is an AIM quoted business. You can find out more at shareplc.com. We offer customers who hold at least 500 Share plc shares a discount on their online dealing commission rates and strongly believe in promoting personal involvement in the capital of businesses investors interact with as customers.
Safe and secure
As a business, we are well capitalized, carrying over three times the amount required by the Financial Conduct Authority. We have a very simple balance sheet, with over half our shareholders' funds held in cash, and no debt. At the heart of our business is the customer relationship and so customer service is central to all that we do. Investment Trends carry out the largest survey of UK personal investors each year with over 10,000 contributing to their research, and we are very proud to have won their award for Overall Client Satisfaction for the last five years running.
Experienced in transfers
Finally, it is worth highlighting that we are experienced in transfers of books of business. Recently, we have acquired books of direct Investment Trust business from Invesco and Janus Henderson and in the past we have also taken on the distressed books of other brokers, including Wills & Co and JPJ Share. We have an experienced team, are proud of the service we offer and look forward to providing former customers of Beaufort Securities with a secure home and trading service for their investments.
When is the transfer taking place?
There will be more than one transfer taking place depending on the type of assets held. The first transfer took place on 24th September 2018. Further details about the first transfer, including a list of assets being transferred, have been sent by the administrator to anyone included in that transfer.
The second transfer is taking place on 12th November 2018. Further details about the second transfer, including a list of assets being transferred, have been sent by the administrator to anyone included in that transfer.
Once your account has been transferred to us, we will send a further letter to you providing all of the relevant details required for you to log into your account.
How will I know what is being transferred to The Share Centre?
You will be sent a letter from PwC at least fifteen business days before your account(s) is transferred. This will include your ‘client statement’ which will show the assets to be transferred. On completion of the transfer we will also send you details of the assets that have been transferred.
Verifying your identity
In line with financial services regulations, we will need to verify your identity when your account is transferred to us. We’ll try to do this electronically, however we might need to request paper identification documents from you. Some account functions, such as withdrawals, may be unavailable until we have verified your identity. We will contact you once your account has been transferred to confirm whether we require any further documentation.
Why are you asking me for my nationality and national client identifier?
Under the MiFID II legislation, organisations are required to confirm their customer's nationality and national client identifier (NC) by 3 January 2018. This is to enable firms to accurately report deals completed to their local regulator, which for us is the Financial Conduct Authority.
Why is my account(s) being transferred to The Share Centre?
Following Beaufort Securities being placed into administration, the administrators have created a Distribution Plan to return client assets to clients, and we have been selected by the administrators as the principal nominated broker. Appointing a nominated broker will allow the administrators to return the client assets to clients as quickly as possible, and our selection has been agreed by the FCA and the Creditors’ Committee.
Who is The Share Centre?
We are one of the UK’s largest independent retail stockbrokers and were founded in 1990 with the aim of enabling more people to enjoy straightforward investing. We are a member of the London Stock Exchange and are authorised and regulated by the Financial Conduct Authority (under reference 146768). Further details can be found at www.share.com/about-us.
Will I be charged to transfer to The Share Centre?
No. There will be no charge to transfer your assets to us, as this forms part of the Distribution Plan put in place by the administrators.
What happened to Beaufort Securities?
The FCA ordered Beaufort Securities to cease all regulated activities and froze their assets and any client assets held to protect the integrity of the UK financial system. For further details, visit www.pwc.co.uk/beaufort.
I’m thinking of transferring to another provider. What do I need to do?
Once your account has been transferred to us, we will provide you with your new account details so that you can access your account. Once the account has moved across to us, if you decide to transfer to another provider you will need to contact your new provider and complete their relevant transfer paperwork; they will then contact us directly to arrange the transfer of your account. Please note that we can only accept transfer requests once the accounts have been transferred to us. You will have three months to transfer out free of charge. We must have received the instruction from the other provider within three months of us receiving the account but the transfer doesn't have to have completed in this time. If your transfer falls outside of this time our transfer charge will apply.
What is my Beaufort Securities Client ID and The Share Centre customer reference number?
Your (Beaufort Securities) Client ID is an alphanumeric ID, starting with a letter, and could contain letters A-Z and numbers 0-9. This can be found on the client statement sent by PwC in August.
Your (The Share Centre) Customer Reference Number is a numerical ID, likely to be eight numbers long. This can be found on the welcome letter we sent you in September.
Can I access previous transaction history for my account(s)?
No, you will need to contact PwC or Beaufort Securities if you'd like copies of your transaction history.
Will you be providing a Composite Tax Certificate (CTC) for the 17/18 tax year?
We will not be issuing these ourselves however, PwC have advised that they are planning to send out the CTCs in November.
Will my dividend payments be transferred to The Share Centre from PwC?
Yes, PwC will be forwarding on any dividends received after transfer which is expected to occur on a monthly basis. We are expecting to receive information to confirm which company the dividend relates to so we can reflect this on your statements, however this will not be treated as a dividend receipt at our end for tax purposes, and it will not be reinvested. Any dividends received by The Share Centre directly will be treated as a dividend, and will be included on the Composite Tax Certificate sent at the end of the tax year, and reinvested if you have opted to reinvest dividends. Please note, dividends transferred to us will include dividends for investments not yet transferred.
Will investments/cash resulting from corporate actions be transferred to The Share Centre from PwC?
Yes, PwC will be forwarding on any investments or cash received after transfer which is expected to occur on a monthly basis. We are expecting to receive information to confirm what company and corporate action the cash/investment relates to so we can reflect this on your statements/valuations. Please note, whilst the investments will only relate to investments that have transferred, any corporate action cash may include cash for investments not yet transferred.
Why is the value of my investments on my welcome letter incorrect?
We haven’t added values of any of the investments transferred across on the welcome letter, only quantities. The figure at the bottom of each list of investments represents the cash value received (if any) rather than the total value of all investments. As investment prices change throughout the day, the value of your investments will have changed since you last received a value from Beaufort Securities. If you view your account online, you will be able to view an up to date value of your account, however please be advised there are a number of investments where we have been unable to obtain a price feed currently which will show as a zero value – this does not necessarily mean that the value of your investments has dropped.
I received advice from/had a discretionary account with Beaufort Securities. Do you offer a similar service?
While we don’t offer discretionary or advisory services we do provide Investment Guidance over the phone at no additional cost. Our specialist investment analysts can give you their thoughts on all the main market sectors and talk through our preferred investment lists including shares, funds, ETFs and investment trusts. These lists can also be found on our website, share.com, by clicking on “Investment tips & search”. Please note that while the analysts can provide input to your thinking they cannot make specific recommendations and the final decision will be up to you.
We also provide a range of investment tips on our website, as well as providing regular views by email. When your account transfers to us you will be able to update your marketing preferences to receive tips via email.
Can I add an Independent Financial Advisor (IFA) to my account(s)?
Yes, you will need to complete our IFA authorisation form and send it to us. Please note we cannot accept deal instructions from IFAs.
What are your ongoing charges?
Our ISA account has a monthly administration fee of £4.80. Details of all charges on our ISA are here.
Our Share Account has a monthly administration fee of £1.80. Details of all charges on our Share Account are here.
Our SIPP account has a monthly administration fee of £14.40. Details of all charges on our SIPP are here.
In addition, if you opt to receive valuations and contract notes by post, we charge a monthly postal fee per account of £2.40.
Will I be able to view my account online with The Share Centre?
Yes. Once your account has been transferred to us, you will be able to login to your account using your Beaufort Securities customer number and the TSC customer number we will send to you. From here you will be able to buy or sell investments and make payments or withdrawals.
Payments into SIPPs will need to be sent via your SIPP trustees. JISAs and SIPPs are subject to restrictions for withdrawals and withdrawing from an ISA can result in the loss of tax benefits.
I only hold Just Loans investments. Will I still be charged?
If you are only holding a Just Loans bond within your account, the monthly administration fee will be passed on to the issuer in line with your previous arrangements. Other charges, such as commission or early redemption fees will still apply. Full details of the tariff relating to accounts holding on Just Loans Group bonds can be found here.
I have a SIPP account, what can I do?
Whilst the SIPP investments and cash have transferred to us, the SIPP trustee will remain the same as per your original agreement. For any contributions, withdrawals or queries about the running of your SIPP, please contact the SIPP trustee directly using any contact details they have provided you previously. We will handle any changes to your investments, so please go online or contact us to buy or sell any investments.
How safe are my investments with The Share Centre?
The Share Centre Limited is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange. As such, we must fulfil all the relevant regulatory requirements of an investment firm and you receive the maximum regulatory protection under FCA rules. We do not take any principal trading positions, settlement exposure is kept to a minimum, and spread betting is not offered.
Where are investments and cash held?
Your investments will be registered in the name of Share Nominees Limited, a bare trustee nominee company. Some unit trusts and open-ended investment companies are registered in a nominee company owned by Cofunds Limited.
We regularly review our banking relationships and the distribution of deposits. Your cash is held with highly-rated FSCS regulated banks. Customer cash deposits are held in separate accounts from The Share Centre's own accounts.
Your investments are covered up to the value of £50,000 by the FSCS (Financial Services Compensation Scheme). Similarly, your cash is covered up to £85,000 per bank (further details below)
How safe is my cash with The Share Centre?
We are conscious of our position of trust and the responsibilities we have with your money and investments. With this in mind, we regularly review our banking relationships and the distribution of deposits. We only use highly-rated institutions as assessed by respected credit rating agencies or institutions where we can have security in return for the deposit. In addition, we currently hold substantially more than the amount of regulated capital required under the Financial Conduct Authority’s rules.
Where is your cash held?
Cash deposits for all customer accounts are spread across Lloyds, Royal Bank of Scotland, Barclays, Melton Mowbray Building Society, Emirates NBD, Santander, Bank of Scotland, Lloyds Bank Corporate Markets and MUFG Bank and the mix of the deposits varies on a daily basis between these institutions. Deposits with Melton Mowbray Building Society are secured with 150% mortgage deed collateral and are held in separate trust status accounts. All customer cash deposits are held in separate accounts from The Share Centre's own accounts.
Are cash deposits covered?
All cash deposits are covered by the Financial Services Compensation Scheme (FSCS). The FSCS allows for a maximum of £85,000 across all cash the customer holds with each bank to be claimed in the event that any of these banks fails. Whilst our customers’ money is held in pooled client money bank accounts, the FSCS limits apply to each individual customer. This does mean that any other deposits (directly or indirectly) held by a customer with a failed institution should be taken into account when calculating their compensation relative to the £85,000 limit.
Investing with us
Helping you invest
We offer a number of services to assist you in making investment decisions, including:
- Our analysts’ list of 'recommended shares to buy' and views on every FTSE 100 company
- Platinum 120 range of preferred funds
- Telephone investment guidance service on UK stocks and shares (excl. investment trusts)
- Tutorials and investment guides
Whether you choose to do it online or by phone, managing your account is easy:
- Extensive research and dealing tools, including limits and stop losses
- Online payments and withdrawals (we’ll confirm the details in your welcome letter)
- Regular investing service (which usually works out cheaper in terms of dealing commission)
- Automatic dividend reinvestment and pay out
- Lower commission charges for dealing online
Don't want to join us?
If you wish to transfer to a broker of your choice or liquidate your client assets, please contact the client service desk at Beaufort who will be able to discuss the options with you.