Do you receive three different envelopes from the same company every time they send an annual report? Do you get separate dividend cheques for £10.50, £42.00, and £5.00?
This happens because you have Duplicate Accounts on the share register.
Why It Happens Registrars are very literal. If you bought shares in 1995 as “Mr. J. Smith” and bought more in 2005 as “Mr. John Smith,” their computer system sees two different people. It creates two separate Shareholder Reference Numbers (SRNs).
The Problem
- Administration: It is annoying to manage multiple logins and cheques.
- Fees: If you ever want to sell the shares, you might have to pay two sets of dealing fees because you are selling two separate “holdings.”
The Solution: Amalgamation You can merge these accounts into one. This process is called “Amalgamation” or “Consolidation.”
How to Do It
- Check the Names: The name and address on both accounts must be identical. If one says “John Smith” and the other “J. Smith,” you must first write to them to update the name to match perfectly.
- Request the Form: Download the “Request for Amalgamation” form from the Registrar’s website (Equiniti and Computershare both have these).
- Sign It: All holders must sign the request.
- Send It: Post it to the Registrar. They will merge the two SRNs into a single Master Account.
Can I Do It Over the Phone? Sometimes. Equiniti often allows amalgamation over the phone (0371 384 2000) if the details match exactly and the value isn’t huge. It is worth asking before you fill out the forms.