What is 'Settlement' all about ?
Settlement is the process brokers employ to resolve and finalise your trades.
It also covers the ongoing administration of shares you hold with us as a number of things can and do happen to shares you own.
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How long does a trade take to settle?
Settlement of transactions is three working days. If you buy, money is automatically deducted from your account to pay for your purchase and if you sell, the shares are automatically sent to the buyer.
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What is CREST?
Share transactions are settled via a standard system all brokers use run by a company called 'CREST'. This is similar to the way you would also buy and sell a house, you exchange contracts (in the case of shares, agree a price and book the trade in the market) and then two weeks later your solicitor sends the money to the seller and you get the keys (in the case of shares, they are electronically sent to your portfolio with us).
You can download the CREST Transfer form below:
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We offer a nominee service due to the costs of CREST personal membership.
With a nominee service you still receive dividends, reports and we can arrange DRIPs, perks and attendance at meetings which are the main reasons to want a CREST personal account.
We also offer all these services at no charge - which means we believe the nominee account offers great services but no extra cost to you.
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How are my shares held with you?
We hold all clients assets in nominee - this means that they are segregated away from Hoodless Brennan in trust to protect your ownership.
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Are my shares safe with you?
Yes, as they are held in trust for you away from Hoodless Brennan even if we become insolvent your shares cannot be used to pay off any of Hoodless Brennan's debts.
Nominee holdings also ensure that your holding is always up to date with any corporate actions as the Registrar amends actions electronically.
When you come to sell therefore you sell an accurate holding.
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How will I receive my contract notes?
Confirmations of trades will be sent via e-mail for online clients and by post for telephone dealing clients.
Your transactions can be accessed from your account.
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Who do I contact about Settlements?
If you have any queries regarding settlement of trades you have with us please email us directly at settlements@hoodlessbrennan.com
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