There was a great article on the nominee system by John Hughman in FT Money yesterday (see www.ft.com/cms/s/0/7aaee6fe-4ca9-11e5-b558-8a9722977189.html?siteedition=uk#axzz3kHgbWFFq ). Under the heading of “The unpardonable inequity that blights UK equities”, John spelled out in simple terms why nominee accounts are indefensible. They deprive shareholders of their rights in the name of convenience and cost which are myths promoted by brokers for their commercial advantage.
Here’s one pithy quote from the article: “In fact, I’ll go further – it is an indefensible embarrassment to a country that claims to be one of the fairest and most financially advanced in the world. I too am angry now” (he reports numerous complaints from shareholders).
Thanks John for giving this issue more publicity. Perhaps readers could post some comments on the FT web page given above to support some action on this matter.