BarrenFluffit wrote:It's looking like the trust is going to need a bank account to pay third parties and a sharedealing account to make investments.
The complication is that control of each account should require more than one trustee.
We have had to use certificated share dealing with both trustee's signing but this was painfully expensive.
How do existing trustee's handle this and who do they use?
We opened a bank account with Barclays, where each Trustee has, we chose individually, access to online banking, telephone banking and the Barclays App. In our case all 3 Trustees had to complete whatever forms there were and identify themselves when not already known to Barclays.
That discretionary trust does no presently have a sharedealing account but for another trust we are now using Hargreaves Landsdown as Barclays were not able to hold foreign investments in the new Smart Investor account. I can dig up further detail if required but this involved sending:
1. Vantage Fund & Share Account - Trust Account Application Form. I think this had to be requested by phone or at least that's what I did.
2. Certified copy of a the original trust deed. Note this has to be certified on each and every page
3. A cheque for £1 to open the account.
4. Vantage Fund & Share Account - Corporate Transfer Form (to transfer the holding from Barclays Stockbrokers). Again obtained by phone.
In our case this was followed up with the need to complete a "Trust Self-Certification form" and a "Declaration of tax residency and citizenship form".
When the Vantage Fund & Share Account is open you can then register the account online, using the date of the trust in place of the date of birth.
We get regular updates showing the lack of progress at Barclays' end but this shouldn't impact upon you (so I'm not intending for others to join in on yet another Barclays rant).
Their website is here
http://www.hl.co.uk/ and their charges here
http://www.hl.co.uk/investment-services ... rest-rates.
Annual management charges - Shares, investment trusts, ETFs, gilts & bonds No charge but they do charge for funds as per that page.