How do I stop family member using my name for savings/investements?

dtsazza

JC_Derby wrote: »

Why is it [identity theft]?

Erm, because the relative in question is opening accounts in someone else's name, so that the liability resides with that other person rather than the one operating the accounts.

That's textbook identity theft; the fact that the false identity is that of a family member doesn't change anything.

pearl123

As far as I am aware if you set up fake accounts in someone elses name it is indentity theft. Two people appear to think I'm wrong, so I'm not insisting I'm right. (I might have miss-understood )
Please see below a document re indentity theft.
http://www.yhff.co.uk/ID%20FRAUD%20ADVICE%20BOOKLET.pdf

Certainly what he has done is illegal.

TheMatrix_2

It is ID theft pure and simple Pearl, probably to disguise illegally gotten gains and to avoid paying tax, but nothing stopping him from taking out loans and credit cards and defaulting on them too. Evil person

InaPickle

Some very valid points here. Just make sure that you don't take any money out of the accounts and give them back to him/her in cash as well as they might later try to sue you for the money and declare that they never received it if there it no paper trail to back up your version of events.

Do not give this person any further excuse to interfere in your life and be as transparent as possible in your dealings to show your inocence in case of further complications.

JC_Derby

dtsazza wrote: »

Erm, because the relative in question is opening accounts in someone else's name, so that the liability resides with that other person rather than the one operating the accounts.

That's textbook identity theft; the fact that the false identity is that of a family member doesn't change anything.

Please dont amend my post to make it say something it didnt.

I asked, quite clearly, why the poster thought it was Identity Fraud.

slickric1234

to me the answer depends a lot on what relation the person is to you and whether you are able to talk to them or truly want them out of your life

whilst what this person is doing is possibly illegal it depends on a few things

if you were married and you were the stay at home wife and your husband wanted to make the most of your non earning situation for tax purposes for the good of the family then i dont know if its actually illegal, as the money is jointly yours and investing it in your name rather than his would make sense

if its a close family member such as a brother or parent who youve had a falling out with but at some point in the future expect you want some kind of relationship with just ask them to stop it and tell them to withdraw all the money

cant see why youd let anyone more distant than that invest in your name in the first place

even though whatever this person has done is possibly illegal do you want to risk potentially ruining any future relationship you will have with them and possibly other members of the family who will take their side by reporting a fairly low level crime

if you feel you cant ask them directly send them a letter if they wont do as you want then report them as atleast you have given them a chance to stop it

JC_Derby

anyway back to the op. My personal train of thought would be go to C.A.B and/or a solicitor.
if you have signed things, then surely that actually says you agreed to what he was doing. Now that your situation is different it maybe that to get things clarified you would be in for a lentghy battle.
My personal choice would be to get as much information on how you stand legally. Then go to your relative and say, i want you to stop managing my affairs and using accounts in my name etc etc and will you agree to this. If they say yes all well and good if they say no then your in a bit of a situation but at least you would have the knowledge of where you stood legally.
its all well and good making threats or going to the police, but if the situation can be resolved sort of amicably then that would be much the better.