FAQs
Before you deal
Who can use this dealing service?
This service is only available to private individuals resident in the UK and Ireland who hold shares in a company for which Capita Registrars provides share registration services, or a nominee program administered by Capita IRG Trustees Limited.
When can I deal?
The Internet service is normally available 24 hours a day, 7 days a week. However, we can only execute on your dealing instructions during the hours of the stock market, currently Monday to Friday 8am to 4.30pm, excluding UK bank holidays. The ‘Sell Now’ and ‘Buy Now’ options will disappear outside of market hours and reappear again at 8am on market opening. This is because these instructions cannot be acted upon while the market is closed. You can place Limit and Stop Loss orders at any time, although they will only execute within market hours. If you prefer to deal by phone, our telephone lines will normally be open between 8am and 4.30pm, excluding weekends and UK Bank Holidays, and/or where the stock market closes early.
If you have communication difficulties such as hearing or speech problems, you can call our customer care team through RNID Typetalk. The operator can relay a conversation between a textphone user and our telephone trading team who use voice telephones. For further information about how to use the RNID Typetalk service visit www.typetalk.org.
Which shares can I deal in?
You can buy or sell shares in a company for which Capita Registrars acts as the registrar, or for a company whose nominee program is administered by Capita IRG Trustees Limited (a "Capita Administered Company”). You must already own shares in a relevant company to use this service. A drop-down list of Capita Administered Companies appears on the login page in the 'Company' box.
If you are resident in the UK, you will also have the option to trade in shares in selected companies for which Capita Registrars does not act as registrar ("non-Capita Administered Company”). To use this dealing facility, you will log in under an existing holding in a Capita Administered Company. Once you have logged into this company and reached your account page you will be presented with another drop down list at the bottom of your account page. Once you have selected the company you wish to trade in you can then go on to buy or sell shares in this company.
Do I have to deal in my Capita Administered Company shares in order to buy or sell non-Capita Administered Company shares?
No. You will need to already have a valid holding in a Capita Administered Company in order to login successfully. This is only to help confirm your identity; you do not need to deal in these shares if you do not wish to.
How quickly can I start dealing?
It takes a few seconds for you to enter your personal details and to check you have a valid holding. You can then trade in that stock. Or if you are resident in the UK you can deal in one of the non-Capita Administered stocks that will be available in the Account Summary page after you have logged in. Once you have logged in and selected the company in which you wish to deal you can normally trade immediately.
Will you need to verify my identity?
In accordance with Anti-Money Laundering regulations, we may need to seek evidence of your identity before we can accept your instructions. You will be told if we require further information to verify your identity and may ask you to send various documents to confirm your name and address. Until these documents are received, we will not be able to trade for you. We will not be liable for any losses incurred as a result.
How many companies can I deal in?
As long as you have a valid holding in a Capita Administered Company to login, you are able to deal in shares for as many companies as you wish. If you would like to deal in another Capita Administered Company you will need to return to the login page and login to the relevant company in the normal way.
What are the charges for dealing?
The commission rates and charges for using the service are shown once you have logged in and selected the type of transaction you wish to make.
What currency do I use to buy and sell shares?
All transactions, for both sales and purchases, will be carried out in pounds sterling or euros depending on whether you are resident in the UK or Ireland.
Can I sell shares for a company where I have a share certificate?
Yes, provided you are in possession of a valid share certificate(s). Once we have taken your instructions and sold your shares, we will send you a CREST transfer form which you will need to complete and return to us as soon as possible with your share certificate(s).
Can I sell shares that are held in a nominee account?
Yes, provided the shares are held in a nominee account administered by Capita IRG Trustees Limited. All we will need is your shareholder reference number, which should appear on your most recent account statement.
How do I pay for share purchases?
You can pay for shares using a Maestro or Visa Delta debit card in the UK; or a Maestro or Laser debit card in Ireland, which is registered in your name at your address. Cleared funds must be available and we rely on your bank to authorise the transaction. If authorisation is not given, we cannot complete the transaction. Please note that Laser debit cards have a transaction limit of €1,500. This means that if the value of your transaction is greater than €1,500, then you will have to complete multiple transactions with the relevant charges applying to each transaction. You do not need to open an account with us to buy shares, but you do need to hold existing shares in at least one of the companies for which Capita Registrars (or its affiliates) acts as registrar, or whose nominee program is administered by Capita IRG Trustees Limited.
What is MasterCard® SecureCode™ and Verified by Visa?
MasterCard® SecureCode™ and Verified by Visa are products that are offered by MasterCard and Visa in conjunction with the bank who has issued your card. SecureCode and Verified by Visa allows you to authenticate a Maestro or Visa card online payment by entering a unique, personal code or PIN, which has been issued to you by your Card Issuer.
What is the minimum trade size for dealing?
There is no minimum trade size provided the value of the deal is greater than the commission we will charge.
Am I guaranteed the quoted price when I place an order to sell / buy now?
When you place an order at the quoted price this will usually be accepted, but is not guaranteed until confirmed. The quoted price is available for a short time, after which time the quote expires and a new price will be given.
Where can I get live prices?
You will be shown or quoted a live price directly before you place a trade either online or by phone. Until that point, all prices are 15 minutes delayed.
Can orders be placed and processed outside trading hours?
You can place Limit and Stop Loss orders online at any time of the day but they can only be acted upon during Stock Market opening hours.
What is your best execution policy?
A copy of our best execution policy is available on request.
After you deal
How quickly are orders confirmed?
As soon as we have acted upon your instructions and bought or sold shares on your behalf we will provide confirmation. If you deal by phone we will confirm the trade details during the call and if you are dealing online you will see confirmation of the transaction on screen before you log off. We will post a contract note to you the business day after the trade takes place.
Can I reverse a deal?
Not if your instructions have already been acted upon. Be sure that you have checked all the details carefully before you place a trade. However, if you have placed a Limit or Stop Loss order that has not yet reached the limit or trigger price then this can be cancelled.
When will I receive the proceeds from the sale of my shares?
If you sell shares, a cheque for the proceeds, less any applicable charges, will normally be issued 3 business days after the trade provided we have received all the documentation we have requested from you. Otherwise we will issue the cheque 1 business day after we have received the required documentation. If you are selling shares in a non-Capita Administered Company, this can take up to 10 days from your order being placed.
Sale proceed cheques will be made payable to the registered holder of the shares - where shares are held in joint names, the cheque will be payable to all named holders - and sent to the registered address shown on our records at the time your instructions are processed.
If I only sell some of my shares, when will I receive my balance certificate?
The registrar will send your balance certificate to you as quickly as possible once we have received any documentation we have asked you for.
Account Information
How do I view previous transactions on my account?
Once you have logged in, and after you have accepted the terms and conditions, you will be presented with the account summary page. At the bottom of this page you can view all your previous transactions for this stock. If you want to view past transactions for a non-Capita administered company, you will need to login under the same Capita Administered Company as before and then select the relevant non-Capita Administered Company after login. This will take you to a summary page. At the bottom of this page you will have the option to view previous transactions you have made for this particular company through this service.
Can I authorise someone else to deal on my behalf?
Yes, but if you are using the telephone dealing facility, the registered holder must be present to verbally confirm on the telephone that they wish someone to trade on their behalf. If you are using the online dealing facility, any person acting on your behalf would have to have been appointed under a valid power of attorney.
The shareholder has died. As executor, can I sell the shares?
As long as the relevant registrar for the stock in question has been given your details and has registered you as the executor, then we will be able to take instructions from you.
We will only be able to accept instructions from the first named executor on the account. The stock transfer form that will be sent out after the sale will need to be signed by all named executors.
What do I do if I cannot find my share certificate(s)?
Please call Capita Registrars on 0871 664 0300 if a UK resident or (01) 810 2400 if you are resident in Ireland, before you try to sell your shares. If Capita Registrars (or its affiliates) is not the registrar for the company in which you hold shares, then you will need to contact the relevant registrar.
What do I do if I need to change my address and other contact details?
Please call Capita Registrars on 0871 664 0300 if a UK resident or (01) 810 2400 if you are resident in Ireland, before you try to sell your shares. If Capita Registrars (or its affiliates) is not the registrar for the company in which you hold shares, then you will need to contact the relevant registrar.
Technical Information
Which Browser should I use to view this site?
We support Internet Explorer version 6 and 7 and Firefox.
What is the best screen resolution for displaying this website?
This site has been optimised for screen sizes from 800 x 600 and upward.
What security does this site have?
The security level on this site is SSL 128 bit.
Limit and Stop Loss Orders
What is a Limit order?
A Limit order is an instruction to sell shares at no lower than a particular price - known as the 'limit price'. It's valid for a pre-determined period, up to a maximum of 90 business days. Your shares will only be sold if the limit price is reached within that period. Please note that if the current selling price is already above your limit price the deal will go through immediately. Please also note that a Limit order is NOT a Stop Loss order.
We are required by the FSA regulation to publish your order to market participants. This is to increase market transparency. No personal details will be published and you have the right when you give your instructions to ask us not to publish details of the trade.
What is a Stop Loss order?
A Stop Loss order is an instruction, also valid for a pre-determined period, to sell a security if the price falls to a certain level.
When can I place a Limit or Stop Loss order?
You can place an order at any time online and between 8.00am and 4.30pm on the telephone. However any order you place will be executed only when the Stock market is open and the price limits you've set have been met.
When might I set a Limit order?
Limit orders can be used to place 'sell orders' in anticipation of a rise in the share price or at a level where you're happy to take a profit. Limit orders can be useful if you do not have time to constantly watch the price of a share but want to ensure you can take advantage of a price rise.
When might I set a Stop Loss order?
Stop Loss orders are placed where you anticipate that a share price may fall and you want to limit your losses.
Does it cost extra to place a Limit or Stop Loss order?
No.
How do I place a Limit order?
If you're dealing online, select the order type 'At Limit' and enter your chosen limit price and expiry date. You will then get the estimated deal value based on the limit price and the amount of shares you intend to sell and, if you are happy with this, select 'Place Limit Order'. You will then be asked if you would like to make this information available to market participants.
How do I place a Stop Loss order?
The procedure for setting a Stop Loss order is like that for placing a Limit order. The main difference is that you need to enter two prices to set the trigger and bottom values of the price band. You will then get the estimated deal value at trigger based on the Stop Loss trigger price and the amount of shares you intend to sell and, if you are happy with this, select 'Place Stop Loss Order'.
In what situations might my Limit order fail?
We do not guarantee that Limit orders will be executed even if the limit price is met. The order could fail as a result of:
- Market conditions at the time (such as a "fast market” where the market is so volatile that prices quoted by market makers are only indicative rather than guaranteed)
- Other clients having placed similar limit orders, and having an earlier time priority than your order (and so being executed in priority to your order)
- Other factors outside of our control. For example, the maximum size that can be traded online has changed since you placed the order.
In what situations might my Stop Loss order fail to execute?
Stop Loss orders will execute only if the price falls to the predetermined level. Price movements are not always precise, so when placing an order, you will be invited to set a band of between 1% and 10% below the Stop Loss trigger price. If the share falls to a level within the band, the order will execute. However, the order will not execute if the price drops through the band, which means that execution was not possible because no price within the band set was matched. We do not guarantee that Stop Loss orders will execute.
What happens if my Limit or Stop Loss order fails?
This depends on the reason for the failure. We will only notify you if the failure is for a technical reason, for example where the maximum online market size has changed to less than the quantity of your order. You will need to remember to check open Limit orders and Stop Loss orders frequently.
Please note that a Stop Loss order will fail to trigger a sale if no price within the band set is matched, even if the share price falls below the level specified. For example, a Stop Loss band set at a level of 42-41p (euros in Ireland) will not trigger a sale if the price falls from 43p to 40p. If a particularly narrow band is set, there is an increased chance of this happening. Please note that where a Stop Loss order fails to trigger a sale for this reason it will remain valid until it executes or expires.
How does the maximum market size affect Limit and Stop Loss orders?
Limit and Stop Loss orders cannot be placed for over the current online maximum size. This is the amount set by the Retail Service Providers (RSPs) and dictates what they are prepared to trade online. .
What happens when the Stop Loss price is met?
The Stop Loss order will execute when the market price matches your Stop Loss price. However, because sometimes we get an improved price from the market, the trade may execute at a better price than the Stop Loss trigger price. To control this, a tolerance level is incorporated in case the order attempts to execute at a price significantly above the Stop Loss range. The tolerance is pre defined as a percentage figure above the Stop Loss trigger price. This percentage can vary between 2% and 10%. The percentage is higher for low priced stocks than for those with high prices. .
Is there any protection from unrealistic early morning prices?
To protect against unrealistic early morning prices, we prevent Stop Loss orders from executing in the first 10 minutes of market trading. .
Markets can be volatile, particularly at the beginning of the trading day or for non-liquid stocks. We will prevent Stop Loss orders from executing if the best bid (the price you will get when you sell shares) and offer (the price you would pay if you wanted to buy shares) spread exceeds a certain percentage. This percentage varies depending on the unit price of the stock. The percentage is higher for low priced stocks than for those with high prices. We will endeavour to continue to monitor the order until it meets all trade execution criteria or until it expires.
We also endeavour to provide protection from extreme 'spike' prices by ensuring that a price persists for a minimum length of time or forms part of a trend before attempting to execute a Stop Loss order based on that price.
What special risks apply to Stop Loss orders?
Stop Loss orders are designed to trigger when the price of a security falls to a specified level. Please be aware that certain factors might cause the bid-offer spread (the difference between the buy and sell price) of a security to increase, even momentarily, to an unrealistically wide level, which would trigger your Stop Loss order. These unrealistic prices may nevertheless be the "best price” for that security at that time.
Can I delete or modify a Limit or Stop Loss order?
You can delete an order by entering the 'Account Details' screen and selecting the order you want to delete. You will then get a confirmation that this order has been deleted.
Please be aware that you cannot modify a Limit or Stop Loss order once it has been set. Instead, you will need to delete the open order as outlined above and place a new order at a new price.
What happens if a corporate action takes place?
Where a corporate action will affect the price of a stock we'll endeavour to delete your Stop Loss or Limit order as soon as we receive notification from CREST. You can then place a new order taking account of any adjustment in the share price.
Please note orders may be deleted following the payment of some dividends but this does not normally include interim and final dividend payments. Please remember to check open Limit and Stop Loss orders frequently.
What happens to Limit and Stop Loss orders if the system is offline?
If the system is not working, Limit and Stop Loss orders may be placed but they will not always be executed. For orders that already exist in the system, the order will be executed at the earliest opportunity if the criteria for the order are still within the limit when the system comes back online. If they are not within the limit, they will not be executed until they do match.
Market Information
Can I get live prices?
No. The share prices we give in the information part of the website are delayed by 15 minutes. Live prices are only available when you decide to deal in a particular share.
Stock Market terms
What is a share?
A share confers ownership of a portion of the company, entitling the owner to a share in the profits.
What is a settlement period?
A “settlement period” is the completion of a transaction. This is the time between the transaction and settlement when monies and stock are due either to or from the market. Standard stock market settlement is currently three working days or T+3. Our service operates on a T+3 basis unless you are dealing in non-Capita Administered Company shares in which case settlement will take up to ten working days, or T+10.
What is CREST?
CREST is the electronic settlement system used by Stock Market participants for UK and Irish shares. See www.crestco.co.uk for more information.
What is an RSP?
RSP stands for Retail Service Provider. They are 'market making' institutions, which means they quote prices at which they will buy and sell a given quantity of shares in an individual company.
What is the Bid Price?
The price per share you will get when you sell your shares.
What is the Offer Price?
The price per share you would pay if you want to buy shares.
What is a corporate action?
A corporate action refers to any alteration to a company's share capital or a distribution of benefits. A corporate action might come about as a result of a takeover or merger, capital reorganisation, dividend or rights issue.
What is a dividend?
A dividend is the cash sum paid periodically to shareholders as a distribution of a company's profits.
What is PTM Levy?
The PTM Levy is a flat rate charge of £1.00 collected on all UK trades over £10,000 to finance the Panel on Takeovers and Mergers (POTAM).
What is ITP Levy?
The Irish Takeover Panel Levy (ITP Levy) is a flat-rate levy of €1.25 collected on all trades over €12,500.
What is a contract note?
A contract note is a document confirming details of your transaction; this is sent to you each time you have bought or sold shares that confirms the details of your transaction including any commission charges. You should keep them for capital gains tax purposes.
What is the P/E ratio?
The Price/Earnings ratio (P/E) is derived by dividing the current share price by its earnings per share (itself calculated by dividing the historic earnings figure by the number of shares in issue). The P/E figure shows how many years of earnings it would take to equal the current share price.