Investors get share certs warning

INVESTORS with billions of euro in shares held in trust by stockbrokers should get their hands on their share certificates to avoid their assets being seized in a default situation, the Irish Financial Services Regulatory Authority's prudential director advised last night.

The warning by IFRSA prudential director Patrick Neary comes in the wake of the disclosure by the Irish Examiner of the implications of a High Court judgment which undermines the secure status of billions of euro worth of shares held in trustee accounts and electronically.

However, Mr Neary cautioned that investors would face difficulties and extra costs in selling or buying shares if they opted to hold the share in physical share certificate form.