If matters turned to custard with Direct Broking, do we own the shares, or do they hold them on our behalf and we have the potential to become unsecured creditors?
they register them in your name. you should get notification from the share registry.
They don't care.....they took the broker fee n don't give a toss whether u make loss or profit....they simply just said...opsss...we are experiencing a heavy trading....or... experience like today....
If matters turned to custard with Direct Broking, do we own the shares, or do they hold them on our behalf and we have the potential to become unsecured creditors?
When Access Brokerage went under in 2004 it appeared that the shares actioned were OK. It was the money sitting in the accounts that was unsecured.
In the end the bank covered the accounts because most people receiving the hard copies of the accounts on bank headed stationery, self included, thought they were actual bank accs. The bank were not legally liable to cover the accounts. However, timely NZ Herald articles made for a good PR decision by the bank.
I can't say whether the position is exactly the same 16 years on.
When Access Brokerage went under in 2004 it appeared that the shares actioned were OK. It was the money sitting in the accounts that was unsecured.
In the end the bank covered the accounts because most people receiving the hard copies of the accounts on bank headed stationery, self included, thought they were actual bank accs. The bank were not legally liable to cover the accounts. However, timely NZ Herald articles made for a good PR decision by the bank.
I can't say whether the position is exactly the same 16 years on.
It says this on the bottom of my statements:
"All funds are held in a pooled client trust facility with ANZ Bank New Zealand Limited or any successor or other New Zealand registered bank."
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Originally Posted by littletramp
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