25 May All You Need To Know About The Medallion Guarantee
What is the Medallion Guarantee?
The Medallion Signature Guarantee or its short version name, the Medallion Guarantee is an instrument that was developed in the United States that guarantees the authenticity of a signature authorising the transfer of securities. This device is guaranteed using a special certification stamp. This guarantee is only required when securities such as stocks or bonds are held in certificate form by an individual and the individual wishes to sell or transfer them. This guarantee is not required when a broker sells or transfers these securities.
Because this is a North American instrument, it can be quite difficult to find an authorised organisation or financial provider in the United Kingdom to provide services around this guarantee and quite often they won’t even know what you’re talking about.
Fraud and Theft Prevention
The medallion signature guarantee may create some inconvenience for those residents outside of the United States, but the security provides assurance regarding the safety of the financial assets that are held within the US. Most US financial institutions won’t act on a sale or transfer of bonds and stocks without the guarantee, providing an excellent firewall against fraud and theft. This guarantee holds such water that the guarantor takes the risk of accepting all responsibility in the event of fraud.
Finding a Provider in the UK
There is not really any way around obtaining a medallion signature guarantee as it is a legal requirement when transfers are involved in North American financial assets such as stocks and bonds. Only institutions that belong to the Securities Transfer Agents Medallion Programme can issue medallion guarantees. Currently, there are only a select few traceable registered companies in Britain that are authorised to issue them. IWC is one such organisation.
Cost and Time Frames
The service can be quite expensive considering that it is quite labour intensive. Identity, money laundering and address checks have to be taken out. The time that it takes to issue a guarantee can be just a day or so. In a world of modern technology, there is nothing like the good old-fashioned way of doing things just to be one hundred percent sure that all is perfectly above board.
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