Enduring Power of Attorney and Cash ISA

Sinbad

I have just been granted EPA for my father as unfortunately he is now in a nursing home.

He has a Halifax cash ISA which is earning next to nothing in interest and therefore needs moving to a different provider. The amount in the account is about 4,000 so I plan to register the EPA with Halifax, close the account and then open a new cash ISA with a provider I’m yet to choose.

I am one of three Attorneys; the other two are my brothers. We are appointed to act “jointly”. Assuming my brothers are in agreement, I plan to add my name to this ISA account. I would assume my name goes on the account, something like 'My name' POA for 'Father’s name'?

Any advice on picking a provider who can competently handle a EPO and opening a cash ISA? Tesco’s currently looks to be offering the best cash ISA rate but at this stage don’t know as to whether they can handle a EPO application.

Thanks

agrinnall

I can't answer your question directly, but if you have the time to be awkward then I would say just go with the best rate and insist that they accept your POA - if they don't have a process for doing so then maybe it will cause them to create one.

xylophone

http://www.savvywoman.co.uk/c8-pages/c8s3.php?art_id=770

pmlindyloo

I suspect that you don't have an Enduring Power of Attorney but a Lasting Power of Attorney if this was obtained recently.

Please check as they are different.

A useful guide:

http://www.adviceguide.org.uk/england/relationships_e/relationships_looking_after_people_e/managing_affairs_for_someone_else.htm#enduring_power_of_attorney

Sinbad

xylophone wrote: »

http://www.savvywoman.co.uk/c8-pages/c8s3.php?art_id=770

Thanks xylophone - just what I was looking for!

Sinbad

@pmlindyloo - it is an EPA. The document was signed by all in 2007 and registered this year.

dzug1

Sinbad wrote: »

I am one of three Attorneys; the other two are my brothers. We are appointed to act “jointly”. Assuming my brothers are in agreement, I plan to add my name to this ISA account. I would assume my name goes on the account, something like 'My name' POA for 'Father’s name'?

No your name will not go on the account - it's an INDIVIDUAL savings account and it's your father's name that must go on it.

You can be registered as having the power to run it - but that's not quite the same thing. It's not your account.

Don't expect the opening process to be straightforward. ISA rules on first reading do not allow an Attorney to open one. There's a get out clause buried in the small print that overcomes this though. I seem to recall signing an extra statement in a letter to accompany the application form that the donor was incapable.

I would not think that all banks - especially branch staff - are aware of this. And certainly some have a policy that they will not open new accounts for an Attorney

I'd hang fire on closing the existing account - it may prove easier to transfer it than open a new one from scratch