Unexpected incoming bank transfer

spikit_uk

Apologies if this has been submitted to the incorrect area, I had difficulty finding an applicable topic!


An elderly relative with extreme dementia is living in a retirement home. Power of attourney (and complete control of her finances) lies with her nephew and family soliciter, as she has no children of her own. Approximately nine months ago, a significant deposit (several tens of £ks) was transferred into her bank account from a well known financial services firm. Our family soliciter approached the firm to acknowledge and query the nature of the transfer, who in return contacted us (the family) to see if we knew what the payment was in regards to. We again acknowledged to the firm that the money had been paid, but that we were totally unaware of the nature of the payment. The elderly relative is not able to recall any dealings with the firm in her mental state. We cannot imagine any circumstances under which she would have been associated with them; although that is not to say it is entirely out of the question. The firm have not contacted us again in the last six months. The money is currently being held in the account and we are treating it as "in limbo". Is there anything more that we should (or are obliged to) do, and is there a period after which the money could not be requested back?

Many thanks in advance

qazitory

Can the company that paid the money into the account state what it's for?

If you have made them aware, I can't think of much more you can do?

CKhalvashi

The best action to take here would be to ask the firm exactly what the money was for. I know I’ve had amounts appear that I’ve completely forgotten about (although not that much), and a financial services firm from my home country write, asking for details of where a sum equivalent to £2xxxxx was to be paid, as they’d been trying to get hold of us for over 4 years, so it’s completely not out of the question.

Make sure that this is in writing, and follow Martin’s advice of sending recorded, incase the company try to claim it never turned up.

CK

xylophone

Surely the person(s) holding POA are perfectly within their rights to ask the 'well known financial services firm" to clarify!

Ben8282

As the 'family solicitor' has already been in touch with the company which paid the money, the best advice would be to have him follow this up and advise.

spikit_uk

Thanks for all the replies folks, they are much appreciated.

Our solicitors have indeed contacted the firm again and asked whether my relative has had any dealings with them in the past, drawing particular particular attention to the transaction in question. They have replied with a completely nonsensical letter. Although my relative is referred to correctly in the letter header, their reply states that "Mr. Collins" (Whoever that is; certainly not my female relative) no longer holds an account with them. We are planning to make one more attempt to clarify things, asking them if by "Mr Collins", they do in fact mean my relative, before giving up and accepting the money.

We have records of all these communications, via the records that the solicitors keep. Does anyone know if we would have any leg to stand on, were the firm to ask for the money back in ten years time?

Kind regards to all and thanks again