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ISA investment as a Deputy.
pefotibro
Posts: 3 Newbie
Am I able to invest another persons money in ISA's. I am a Deputy, (formerly a Receiver), for this person via The Court of Protection.
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Comments
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Am I able to invest another persons money in ISA's. I am a Deputy, (formerly a Receiver), for this person via The Court of Protection.
No. The funds have to remain in the name of the person they belong to. Gifting the money to someone else would look extremely bad and the court of protection, if you need to ask their consent still, won't agree it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for the reply(s). I have since done some trawling about and it looks like you can invest (in an ISA) on behalf of another person, as long as you have control over their financial affairs, via a Power of Attorney or The Court of Protection.
I have been speaking to the nice people at the AA about their Internet Access ISA (issue 3), 3.50%. The online application form was a doddle to complete.
Looks as though it could be a result.
:beer:0 -
I have since done some trawling about and it looks like you can invest (in an ISA) on behalf of another person, as long as you have control over their financial affairs, via a Power of Attorney or The Court of Protection.
No you cant. An ISA is a personal allowance. If you take money from that person and use the ISA in your name then it is effectively a gift from one person to another. You are effectively taking money from the person you are meant to be looking after. You should stick to using their ISA only. Not yours (or someone elses)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Doesn't the OP mean that the ISA will be in the name of the incapax but that he will administer it as Deputy?0
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If that is what it is meant, then it's entirely possible ... with some institutions. I have read that some are really difficult about it, but I have never had a problem.0
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Doesn't the OP mean that the ISA will be in the name of the incapax but that he will administer it as Deputy?
But then it would be invested in the same name. I interpreted the comments to mean using another persons ISA.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The ISA will be in the name of the beneficiary, (not me). I am merely conducting this persons financial affairs as they are unable to do so.0
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The ISA will be in the name of the beneficiary, (not me). I am merely conducting this persons financial affairs as they are unable to do so.
In which case, everybody will accept applications.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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