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Share accounts for a minor

  • 18-07-2020 2:43pm
    #1
    Shedite27
    Registered Users, Registered Users 2 Posts: 9,427 ✭✭✭


    Anyone know a stockbrokers that will allow me setup a trading account for my son? Degiro has a limit of 18 years old


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,418 Mod ✭✭✭✭Jim2007


    Shedite27 wrote: »
    Anyone know a stockbrokers that will allow me setup a trading account for my son? Degiro has a limit of 18 years old

    I thought there is a legal requirement for brokers to ensure that clients understand the consequence of share dealing/investing, letting a minor have a trading account would leave the open to abuse.


  • #3
    Shedite27
    Registered Users, Registered Users 2 Posts: 9,427 ✭✭✭Shedite27


    Jim2007 wrote: »
    I thought there is a legal requirement for brokers to ensure that clients understand the consequence of share dealing/investing, letting a minor have a trading account would leave the open to abuse.

    That would only apply where advice is being given. Wouldn’t be a worry for execution-only service


  • #4
    littlemac1980
    Registered Users, Registered Users 2 Posts: 1,073 ✭✭✭littlemac1980


    Shedite27 wrote: »
    That would only apply where advice is being given. Wouldn’t be a worry for execution-only service

    Not certain of the specifics, but as a general rule Minors lack capacity to enter into legally enforceable contracts.

    There are very limited exceptions, such as the broad term contracts for “necessities”, eg food, clothes (nowadays) prob mobile phones too.

    I would think that the execution of an order to purchase shares is a contract but I’m not aware of the specific contractual mechanics to comment further.


  • #5
    a clanger
    Registered Users, Registered Users 2 Posts: 356 ✭✭a clanger


    I have minor accounts with Degiro for the kids. They are set up in their name /PPS numbers. I also had to submit my details as guardian etc . Took a while to set up but they are /were available


  • #6
    Shedite27
    Registered Users, Registered Users 2 Posts: 9,427 ✭✭✭Shedite27


    a clanger wrote: »
    I have minor accounts with Degiro for the kids. They are set up in their name /PPS numbers. I also had to submit my details as guardian etc . Took a while to set up but they are /were available

    Hi, yeah I sent them a mail and they just said they weren't doing them at the moment. I've been added to a waitlist for whenever they do it again.


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