Retrieving funds from Direct sharedeal

thewiseowl12

I'm hoping someone here can dispense some advice on the following problem, I'd be grateful for any assistance!

I have bought shares in the past with Computershare. To purchase shares I had to lodge money with a named account (it turns out) controlled by direct sharedeal with whom computershare had a relationship. I then would use the funds to purchase shares through a telephone broker at Computershare.

2 months ago I went to purchase shares and it turns out Computershare had changed their way of dealing. I think they had terminated their relationship with direct sharedeal? Furthermore they had no record of me ever purchasing shares though I have mounds of letters from Computershare proving that they had purchased shares on my behalf in the past.

After a number of frustrating calls to Computershare, I figured out that direct sharedeal controlled the account and emailed them about returning my funds. They replied saying I would have my funds in about 3 weeks. Since then (2 months ago) they have not been in touch to look for details to return funds and my emails are now being bounced back as undelivered.

I am quite frustrated and angry as I have had a serious opportunity cost regarding the shares I was going to buy and furthermore due to the lack of progress as regards the return of my funds.

Anyone have any experience of this/advice?

Thanks,

Owl

Blueheron

I would think there are many more having problems with Direct Sharedeal Ltd.
They have funds and shares belonging to me which I have been unable to access for 8 months. I have given up talking to or emailing Direct Sharedeal personnel as I have got nowhere with them. I have complained to the UK FSA who regulate the firm and I am waiting for their final response. I suggest you make a formal complaint also. The more complaints the better. Use the following link http://www.fsa.gov.uk or google FSA

TheJman

if your past purchases were with Sharewatch then try contacting

ODL Securities Ltd.
Tel: +1890 818 111
www.odlmarkets.com

they took over from direct sharedeal if i recall correctly (certainly the direct sharedeal's sharewatch business anyway)

Blueheron

I had instructed Direct Sharedeal Ltd to transfer my shares etc. to ODL Securities but they were never transferred and ODL were unable to help. Looks like Direct Sharedeal Ltd are now in administration per London Stock Exchange website and FSA website.

vodaman

Contact Sharedeal at the following;

0044 141 270 3244

or

0044 7977 044 246

or

david.simpson@directsharedeal.com


We are in same boat - our Investment Club have funds in their account which we are trying to get refunded. ODL have nothing more to do with Sharedeal.

hblock21

Hi,

I understand your frustration. I was in the exact same position as yourself a couple of months ago. Lodged money into account, rang up week later to buy shares to be informed that Sharewatch no longer buy/sell shares. I later found out that my money was in an account owned by Direct Sharedeal.

It took about 2 months to get my money back. Thankfully I got a cheque in the post.....I was worried at times.

Email the following people:

daniel@directsharedeal.com

dave.stephen@directsharedeal.com

MotleyGhoul

Hi

I hold money with Direct Sharedeal in a client cash account and have been attempting to retrieve it for the last 3 months.

Direct Sharedeal stopped share dealing in July 2010 and were placed in administration in April 2011. Direct Shardeal have now referred me to the administrator (Finn Associates) and Finn are treating me as a creditor.
Contact details for Finn are available here: http://finnassociates.com

Finn has informed me that a significant number of clients are affected (i.e. pursuing money owed since July 2010) and that it will take at least 2 months to complete tracing of funds.

The FSCS have informed me that any claim under the FSCS will take several months to investigate and that it is likely to be resolved earlier by the administrator.

hblock21

MotleyGhoul wrote: »

Hi

I hold money with Direct Sharedeal in a client cash account and have been attempting to retrieve it for the last 3 months.

Direct Sharedeal stopped share dealing in July 2010 and were placed in administration in April 2011. Direct Shardeal have now referred me to the administrator (Finn Associates) and Finn are treating me as a creditor.
Contact details for Finn are available here: http://finnassociates.com

Finn has informed me that a significant number of clients are affected (i.e. pursuing money owed since July 2010) and that it will take at least 2 months to complete tracing of funds.

The FSCS have informed me that any claim under the FSCS will take several months to investigate and that it is likely to be resolved earlier by the administrator.

Wow, I was fair lucky to get my money back as fast as I did !

thewiseowl12

Wow,

Didn't think anyone had replied to my message but I received some kick in the b*lls when I googled direct sharedeal and this thread came up.

I have contacted each of the directsharedeal email addresses listed and emailed the FCSC. For once the direct sharedeal guys replied and asked me to contact the administrator whom I have.

Did computershare or sharewatch not have to inform their clients that they had changed their dealing service??

I am severely p*ssed off though. Has anyone made any further progress re: return of funds?
My claim is regarding 5k I had in an account controlled by them.

Anyone know what the chances of getting the full sum back are?