I found it disturbing to learn that the future of the Share Centre rested, basically, in the hands of one man who decided to move on. Shareholders of the Share Centre are faced with difficult choices as a result of the impending takeover by ii while account holders will find themselves under a new jurisdiction. What are the thoughts of fellow investors?
The whole concept of nominee accounts is an abomination. It adds another layer of risk, as we don't directly own the shares. Even if we carefully pick a solvent broker, they can be taken over by a leveraged firm.
Singapore manages to have affordable DIRECT ownership of shares via an electronic central repository. You link the dealing accounts to this, so in theory it's possible to buy with one broker and sell with another. That's the way the UK should go. Legislation is needed.
