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  • FIRST POST
    • pip895
    • By pip895 29th Nov 17, 9:07 AM
    • 445Posts
    • 254Thanks
    pip895
    Lloyds should be ashamed!
    • #1
    • 29th Nov 17, 9:07 AM
    Lloyds should be ashamed! 29th Nov 17 at 9:07 AM
    An elderly (83years) friend of the family asked me to sit in on a meeting with a potential financial advisor who had been recommended by a friend of hers. The advisor turned out to be from St James's Place, but all credit to him it soon became clear that he wouldn't get any business, as locking money away for years was the last thing this lady needed. He was very good and spent quite a long time sorting through her various investments (made for her by her late husband) and suggesting the ones that could potentially be cashed in and those that might have tax implications if she did.

    Her requirement was to raise funds for her daughter who was in financial trouble and after the FA left I started sorting through a file entitled "Lloyds Confusion". I found a series of accounts in there with small amounts in all earning negligible interest. One account however looked to be the solution to her issue. She had 30k sitting in an account earning 0.55%.

    We contacted Lloyds but it turns out this is a fixed term deposit which she took on after a previous one matured and there is no way we can get at this cash (the huge majority of her cash reserves) for another year not even if we forgo the interest. I am furious at the Lloyds sales person who thought it was a good idea to tie up this vulnerable old ladies cash reserves in such a way - all for 0.55%

    What are your thoughts is it worth trying to shame Lloyds into releasing the cash or should I just help her with selling out of some of her holdings in her S&S Isa?
Page 2
    • Keep pedalling
    • By Keep pedalling 30th Nov 17, 11:06 AM
    • 4,097 Posts
    • 4,458 Thanks
    Keep pedalling
    I will go ahead and extract the money from her ISA - at least it seems a not too bad point to sell equities and de risking her portfolio may not be a bad thing.
    Originally posted by pip895
    Has this friend appointed you their attorney?
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