Court of Protection Deputy

colinscott

I have over £500,000 to invest as a Court of Protection Deputy for my disabled son. The Court's Special Account rate has dropped over the last year or so from 6% to 0.5%, so I currently have most of it with NS&I paying 2%. To invest in an instant access cash account or one year bond paying a better rate, I have to employ the services of an IFA. This, I am guessing, will make the whole exercise prohibitive or at least very much more costly than it needs to be, especially as rates change so often. Can anyone offer a solution?

Thank you
Col

Linton

colinscott wrote: »

I have over £500,000 to invest as a Court of Protection Deputy for my disabled son. The Court's Special Account rate has dropped over the last year or so from 6% to 0.5%, so I currently have most of it with NS&I paying 2%. To invest in an instant access cash account or one year bond paying a better rate, I have to employ the services of an IFA. This, I am guessing, will make the whole exercise prohibitive or at least very much more costly than it needs to be, especially as rates change so often. Can anyone offer a solution?

Thank you
Col

For that amount of money and I assume the need to provide inflation proofed income for the whole of your son's life you surely need to be thinking about something more sophisticated than simple deposit savings.

This is serious money with serious implications so IMHO an IFA is essential. He/she should be able to come up with a long term solution that does not involve you in continuous money shuffling and also provides higher returns.

colinscott

Thank you Linton. The sum of £500,000 is a minor element of my son's money. The majority of his award is made up of periodic payments linked to the increase in the wages of care workers.

I am not looking for anything sophisticated. I simply want to chase the best rates of interest whilst staying within the FSCS limit of £50,000 per institution. I could do this myself, but the Court requires me to employ an IFA because it is, according to the Court, in my son's best interests to do so. I cannot see how an IFA could do this cost effectively, but I am open minded about it.

Col

Jonbvn

colinscott wrote: »

I am not looking for anything sophisticated. I simply want to chase the best rates of interest whilst staying within the FSCS limit of £50,000 per institution. I could do this myself, but the Court requires me to employ an IFA because it is, according to the Court, in my son's best interests to do so. I cannot see how an IFA could do this cost effectively, but I am open minded about it.

It is a bit difficult to offer suggestions here, since the reasons for investing saving are not clear. Are you looking for capital growth, income or a bit of both? What term at you thinking about?

IMHO, an instant access savings account for this amount is inwise.

With £500k to consider, tax will surely be an issue?

Simply put, an IFA is essential in this case. Consider an IFA with upfront fees. Use unbiased.co.uk to find the IFA that suits your requirements.