Welcome to The Share Centre
We are delighted to welcome former customers of Witan Investment Services to The Share Centre.
Last updated 8 April 2019
We’ll update this page as developments take place, and as different stages of the transfer are completed. The transfer will be taking place in May.
- 30 April - Last day to request to transfer to an alternative proivider instead of The Share Centre.
- 11 May - CTF accounts to be transferred from Witan Investment Services to The Share Centre.
- 13 May - Your account will be active with The Share Centre.
We'll be sending out letters providing you with your customer reference number and account details after the account has transferred.
Your questions answered
When will the transfer take place?
Your child’s account will be transferred to The Share Centre on 11th May 2019, ready for you to start trading with us on 13th May 2019. We will then send you a welcome letter containing all of the information you will need to operate your account with us.
When can I start to use my CTF account with The Share Centre?
Your child’s account will transfer to the Share Centre on 11th May 2019, with stock and cash transferring on Monday 13th May 2019. Once this has been completed we will write to you to inform you of your new account details. However, you will be unable to trade until you have provided consent to our Terms of Business along with further details in relation to MIFID 2 (Markets in Financial Instruments Directive).
Can I buy other investments with The Share Centre once my account has been transferred?
With our Child Investment Account you are not restricted to one investment. You are able to choose from our vast range of shares, funds, unit trusts and other investment types. We are sure that you will enjoy the flexibility that our Child Investment Account allows.
You can also change to our Stakeholder Child Trust Fund, or a Junior ISA.
How do I provide acceptance to The Share Centre’s Terms of Business?
We will advise you how to provide acceptance in the welcome letter you will receive from us shortly after 11th May 2019.
What will happen if I do not respond within 3 months of being transferred?
If you do not respond to our letter and accept our terms of business within 3 months from the date of transfer, you will be charged the tariff which you agreed to with Witan Investment Services. Please note that this charge will be applied to your account quarterly (instead of every 6 months), with the first charge being applied in October 2019 (which represents the first full quarter that you will be with The Share Centre). However, you will continue to have a limited service from The Share Centre until the terms of business have been accepted.
Can I transfer to a different provider prior to joining The Share Centre?
If you decide that you do not wish to transfer to The Share Centre, please respond to the communications sent to you by Witan Investment Services earlier this year. Instructions to transfer to an alternative provider must be received by Witan Investment Services no later than 30th April 2019, otherwise your account will transfer to The Share Centre on 11th May 2019.
Can I transfer to a different provider after joining The Share Centre?
If you decide that the services The Share Centre provide aren’t for you, you will be able to transfer your account to a different provider. There is no fee for transferring a Child Trust Fund account, however if your child’s investment(s) is sold as part of the transfer we will charge our standard tariff commission charge to carry out the trade
Why has only one account been transferred to The Share Centre?
The Share Centre has only taken over CTF accounts from Witan Investment Services. Therefore, if you held other accounts with Witan Investment Services, these accounts may have been transferred to another provider. Please contact Witan Investment Service directly for further information.
Will I be charged to buy or sell investments in my account?
There is a dealing commission for buying and selling in your account. You can learn about this and our other charges on our tariff sheet.
How do I set up regular investing on my account?
To set up regular investing, you will need to complete one of our regular investing forms, which is available on our forms page. Alternatively, you can complete the regular investing form that will be available in the welcome pack we will send to you shortly after 11th May 2019.
Will my child still benefit from the tax efficient wrapper that I had with Witan Investment Services?
There are no changes to the Child Trust Fund wrapper your child’s investments were held in. Therefore, they will still benefit from the same tax efficient status that was held with Witan Investment Services.
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). To find out more about us please visit our dedicated information page.
How safe are my investments with The Share Centre?
We take safety and security very seriously. 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.
How safe is my cash with The Share Centre?
We are very conscious of our position of trust and the responsibilities we have with your child’s 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 are investments and cash held?
Your child’s 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 child’s cash is held with highly-rated FSCS (Financial Services Compensation Scheme) regulated banks. Customer cash deposits are held in separate accounts from The Share Centre's own accounts.
Your child’s investments are covered up to the value of £85,000 by the FSCS. Similarly, your child’s cash is covered up to the same amount per bank (further details below).
Where is my cash held?
Cash deposits for all customer accounts are spread across Lloyds, Royal Bank of Scotland, Barclays, Melton Mowbray Building Society, Santander, Bank of Scotland, Lloyds Bank Corporate Markets, MUFG Bank and Barclays Ireland 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.
Still Need help?
Please get in touch with our friendly customer service team who will be happy to help.
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, please refer to the letter you received from Witan Investment Services.