Redmayne Bentley UK / Advice Please

Munstermissy

My mother has her small portfolio of shares with Redmayne Bentley in Cork. They are closing the office and transferring to Leeds.

ShOuld she transfer to an Irish based broker with Brexit in mind?

coylemj

If her shares are all quoted in London then it may not matter. If some of them are only quoted in Dublin then she could consider moving to an Irish broker.

This article in the Irish Times (yesterday, Jan. 22)) say that the RB management in Cork are looking to hook up with an Irish broker...

The Cork management team will now look to re-establish the business with a local provider. A spokesman for the Cork operation says it expects to confirm its new business partner “very shortly”.

https://www.irishtimes.com/business/financial-services/uk-stockbroker-to-close-its-irish-office-at-the-end-of-january-1.3765777

If she decides to move, she will have to go through a process dictated by money laundering legislation so the Irish broker will need to complete a financial profile of her and she will need to furnish ID - passport, recent bank statement/utility bill etc.

Munstermissy

Many thanks

coylemj

I see that RB's business in Ireland was 'execution only' so it will be a relatively simply matter of them electronically transferring her shares to an Irish broker if she decides to move. As I mentioned earlier, there will be red tape involved in complying with anti money laundering regulations. And the Irish broker she moves her business to will give her a large questionnaire to fill out in order to complete a financial profile of her affairs, this is to comply with regulations set down by the Financial Regulator.

Dardania

Fees with Irish brokers can be exorbitant. Check out DeGiro for example - in my experience cost E10 per position to transfer from an Irish broker (plus whatever Goodbody charged me to leave)