Investors urged to use British brokers

EQUITY investors who want to trade shares regularly should use British stockbrokers until the status of shares held in trust by Irish stockbrokers is changed to safeguard investors’ interests, the Consumer Association warned last night.

Consumer Association finance spokesman Eddie Hobbs’ advice comes following the impact of a High Court judgment which undermines the secure status of billions of euro worth of shares held in trustee accounts and electronically.

In a default situation, the assets of stockbrokers’ clients can be used to pay the costs of winding up the firm following a precedent-setting judgment by Mr Justice Roderick Murphy.