Help please Mum's cash isa- Lloyds have taken it out without permission

Farway

footiemad wrote: »

He today said that he misunderstood and had moved the isa for this year. I don't understand how he could have misunderstood?? Is there not some procedure in place to stop things happening like this when the customer is not there?? He did apologise and admit it was all his fault.

Because he is human and we all make mistakes?
You have the apology and admittance of error, why not just let it end there?

footiemad

The authorisation form didn't have a date on. He has put the money back into my mum's account now. Farway..where did I say in my last post that I was going to take it any further?? My last post was to update the people that had given advice to me rather than leaving it open-ended. I only came onto this forum to ask for some advice, which I have taken. I was only asking the questions to see if anyone knew as I don't want this to happen to anyone else.

footiemad

The advisor had also used the same authorisation form to repeat another transaction (one from last tax year which it was signed for) and one for this year (which wasn't). This is my main worry.

peterbaker

footiemad, I doubt this is the end of the problem. It is unlikely that a member of branch staff has the technical knowledge let alone the authority to reset your parent's ISA allowances.

There is a danger that all he has achieved in toto so to speak is to move money into two new cash ISAs and then to withdraw it today. Without authorised back-office repairs and resetting of allowances the net result will mean that the ISA allowances for this year cannot be reused.

You say he has now "moved the isa for this year". What exactly do you understand by that? Does it mean he has somehow reset the allowances?

Despite the unfortunate and seemingly misguided comments from others, this is a clear case where the branch are unlikely to be able to properly fix their mistake themselves. Hopefully the member of staff himself has logged a complaint and his "fixes" today will receive higher level oversight and review. If your parents receive no letter about it next week then you will know that he didn't.

In your original post you indicated this mistake had been made with both your Mum's and your Dad's ISAs? And you quite rightly asked "Can she get the money out and put it in another better paying interest isa or is that her isa allowance used up now?".

Well it sounds like the money is out, but it also sounds like as it stands, the 2010/11 ISA allowance IS used up until the Lloyds back-office have fixed things, and so it might easily lead to problems later if the money now goes into another ISA.

Unless the member of staff somehow has already provided you with written confirmation that his mistake has been carefully undone then this is why it should always have been logged as a complaint.

amcluesent

LLoyds staffer deffo working some scam. Must have seen a pot of money and an elderly lady and thought this was his chance. Was it just an end-of-year 'sales' bonus fiddle or was he trying to something more?

DrDolittle_2

amcluesent wrote: »

LLoyds staffer deffo working some scam. Must have seen a pot of money and an elderly lady and thought this was his chance. Was it just an end-of-year 'sales' bonus fiddle or was he trying to something more?

Except I wouldn't call recently retired elderly.

dunstonh

If the ISA was voided under cancellation rights, then it would not use the ISA allowance.

peterbaker

DH,

At pain of exhaustion from banging my head against the forum wall ...

How would the original poster know whether "it was voided under cancellation rights"? I doubt even the Lloyds branch staffer would know that, or know the procedure. The staffer might be able to look it up if he was diligent, but all the evidence so far suggests he is not so endowed/disposed.

The only way for the OP's Mum & Dad to be sure it is done properly is if the OP gets the Complaint Reference Number(s) and her parents receive written confirmation it is all fixed right.

footiemad

Thank you peterbaker your comments have been very useful. We will now write a letter of complaint to ensure the Isa's have not been used up and to get the complaint reference number. I'm glad other people think this is bad that this has happened. I was starting to think we were over-reacting after the way some people have posted replies on here. I'm very concerned he can get into our accounts. The Lloyds advisor seemed very over-friendly. He also knew my name without any reference of my name from my mum which I found quite odd. Has he been snooping on my accounts too?? (I live with my mum and dad).

Ken68

This happened to me, Footie ,a few years ago. Money went missing for a couple of weeks. Leeds BS HQ said it was the fault of a temporary branch cashier. The branch said it was 'foreign' clerks at the head office.
Got compensation for the hassle (£120 I think).
Something for you to consider, bearing in mind an over friendly attitude and insider knowledge.