How do I remove/re-register stock from my account?
Stock withdrawals can only be made in the name of the account holder(s) - if account is in joint names, then the certificates issued will be in joint names (Third Party Transfer Form needed).
When an Investment Club wants to close and re-register, the stock can be re-registered into the name of the Club (although this is at the Registrars discretion), or the stock can be re-registered into the joint names of the 1st and 2nd reps, or into the individual names of the 1st and 2nd reps. The Investment Club have to complete a gift declaration form if the stock is being re-registered into the name of one of the reps.
If clients want the stock issued in the name of someone else then we would re-register the stock firstly into their own name and it would then be their responsibility to contact the registrar and have the details updated, as they require.
In terms of cost there is a £30 charge per CREST stock and £30 for Non CREST for re-registering. This would include clients who are transferring to another broker or clients who are re-registering stock into certificated form. There is no charge when transferring stock internally within Barclays Stockbrokers.
The process of removing/re-registering stock take on average 4-6 weeks