Elderly relative

Hopalong1

roobee13 wrote: »

Hi Hopalong,

Anyone giving financial advice should be arrroved and regulated by the FCA. If you look up the FCA register, you can search by firm names (if he belongs to one) and by individual. This should show if he is regulated, and some of his advice history, i.e. previous firms etc.

I work in this industry so know a little about IFAs and their practices. Some clients do like their adviser to deal with all the paperwork but in my experience and opinion, the client should also have at least a copy of their statement. Like you say, its difficult to prove if they're not looking at his best interests but hopefully nothing is afoot.

Hope the solicitor can help furhter with this, appreciate it is a difficult situation, good luck.

Hello roobee12


Thank you. We really need to look into this, it could be all ok, and Relative A is just very trusting. Just hard at the moment with visiting and all the works to organise and get quotes for, plus work is just starting on his home.


Thanks again all for your help and advice.

Hopalong1

BJV wrote: »

I would get relative A to speak to his FA and give them authorization to get all copies of statements.

If there is anything to hide they will be loath to give you copies and this could be a good sign that there is something wrong. Nothing to hide nothing to fear etc.

P.s really hope your relative is feeling better.

Hello BJV


What a good idea, I will ask Relative A for permission to contact FA (or if he will contact FA for these), as we do need to know where we stand with financials . SS say they only pay a percentage towards the residential home fees, based on means test, which they can't do until they know what he has.


Duh! Should have thought of that, but, with lack of sleep, stressing out as he was so poorly, worried about him coming home and trying to cope with living in a wreck, it has been doing our heads in.... That's without worrying that he is gambling away his life savings.


Thank goodness our relative is doing better. We had concerns that he was confused, kept thinking the hospital was a hotel, couldn't remember what he'd eaten for lunch, etc.


It seems to be that he wasn't drinking as he had an accident, and that's had a lot to do with his confusion, as now he has his own room, eating and drinking well, and is very sharp.


Starting to hope now that he will be fit and well soon, and POA will only be needed in emergency, e.g. if he ever needs another operation, or, does lose capacity in the future.

Errata

We have engaged a solicitor who is sending a third party unbiased representative to Relative A. This is to assess mental capacity, and although we have explained this to our relative, and he is in agreement, he wants to pass this to the FA.

Assessing someone's capacity at one point in time doesn't mean that person had or hadn't capacity the day before that or the day following it. It's merely a snapshot. Additionally, capacity should be assessed by someone qualified to undertake a capacity assessment.

Hopalong1

Errata wrote: »

Assessing someone's capacity at one point in time doesn't mean that person had or hadn't capacity the day before that or the day following it. It's merely a snapshot. Additionally, capacity should be assessed by someone qualified to undertake a capacity assessment.

Hello Errata


Thank you. I wonder if I am getting mixed up, as discussed mental capacity with solicitor, perhaps sending a representative is just to ask if Relative A is ok about proceeding with POA. I am assuming that mental capacity check will then be carried out...


I remember hospital assessed him as confused. Now however, he seems fully alert, totally understanding where he is and what's going on, after discussing his case with the manager of the home, she says that he seems fully capable. I will talk to solicitor again....

Slinky

Given that your relative seems to rely very much on the FA's opinion on all sorts of issues, it would seem unlikely that the large amount of investments in stocks and shares is down to your relative saying he wants his portfolio like this, against the better judgement of the FA. IMO a responsible FA would not have this mix for a person of this age and I feel you are right to be worried about the FA.

Does your relative have a will? Is the FA by any chance a beneficiary?

Mr_Toad

Slinky wrote: »

Given that your relative seems to rely very much on the FA's opinion on all sorts of issues, it would seem unlikely that the large amount of investments in stocks and shares is down to your relative saying he wants his portfolio like this, against the better judgement of the FA. IMO a responsible FA would not have this mix for a person of this age and I feel you are right to be worried about the FA.

Does your relative have a will? Is the FA by any chance a beneficiary?

I agree totally with this.

The parents of one of my closest friends recently had a financial review due to some investment bonds maturing.

They are in their mid 80s and their FA said that at their time of life they should consider putting the money where it can easily be got at if needed. While returns might be slightly less so was the risk but easier access was sensible.

I'm told the FA presented several options for consideration including some share investments for consideration but advised them shares were usually a long term investment so, in his opinion, unsuitable at their age.

Hopalong1

Slinky wrote: »

Given that your relative seems to rely very much on the FA's opinion on all sorts of issues, it would seem unlikely that the large amount of investments in stocks and shares is down to your relative saying he wants his portfolio like this, against the better judgement of the FA. IMO a responsible FA would not have this mix for a person of this age and I feel you are right to be worried about the FA.

Does your relative have a will? Is the FA by any chance a beneficiary?

Hello Slinky


We did ask Relative A if he had done a will, as, we could use the same solicitor to enact POA to simplify things.


He said that he had done one, couldn't remember which solicitor he had used, although he thought it was a London solicitor (not local); and he had given the will to the FA, who said he would keep it in his safe as it is such an important document.


Relative A has said that he would like us to inherit along with an old friend, but, we have never seen a will. He also mentioned us as executors so that seems fine.


So, not sure if we should also request a copy of the will, if Relative A does sign for POA. I wouldn't like to do that without Relative A's permission.

Hopalong1

Mr_Toad wrote: »

I agree totally with this.

The parents of one of my closest friends recently had a financial review due to some investment bonds maturing.

They are in their mid 80s and their FA said that at their time of life they should consider putting the money where it can easily be got at if needed. While returns might be slightly less so was the risk but easier access was sensible.

I'm told the FA presented several options for consideration including some share investments for consideration but advised them shares were usually a long term investment so, in his opinion, unsuitable at their age.

Hello Mr Toad


Yes, this was what concerned the Social Services, especially given the state of his home. They said he should have accessible savings account for carers, meals on wheels, emergencies, etc.


They are recommending carers visit twice daily when his home is repaired. For example he has no gch, no double glazing (single glazed windows are rotting badly and glass in one has slipped), no functioning toilet, one tap in bath (hot water) only working in bathroom, no working light bulbs in half his rooms, and he had been living in his lounge with one gas fire, sleeping on his settee. The problem was, although he visits us once or twice a week, enjoying hot meals, drinks, trips out, he is very proud and independent and wouldn't let anyone in his home. He admitted in hospital that he was ashamed he had let it all go, couldn't clean, etc. but now realises he needs help.


This is why we are frantically trying to get his place safe, and really don't think he is coping alone. He has other health problems, and admitted he hadn't been taking his medication properly, not cooking properly for himself, and consequently suffering dizziness.


Yet FA claims he is 'fine', and would cope home alone, after only one visit. Really worried that Relative A would deteriorate again at home.


We are going to meet with his allocated Social Worker, with the manager of the residential home, to ensure he has a thorough assessment. However, I am dreading that Relative A is adamant he is fine, and will refuse help.

Errata

Hopalong1 wrote: »

For example he has no gch, no double glazing (single glazed windows are rotting badly and glass in one has slipped), no functioning toilet, one tap in bath (hot water) only working in bathroom, no working light bulbs in half his rooms, and he had been living in his lounge with one gas fire, sleeping on his settee. wouldn't let anyone in his home.


admitted he hadn't been taking his medication properly, not cooking properly for himself, and consequently suffering dizziness.





.

All that alone would indicate to me that your relative does NOT have capacity. It would be sensible to have his capacity assessed by a psychiatrist at the very earliest opportunity.

Hopalong1

Errata wrote: »

All that alone would indicate to me that your relative does NOT have capacity. It would be sensible to have his capacity assessed by a psychiatrist at the very earliest opportunity.

Hello Errata


I think you are right - duh! It should have been obvious to us with how he is living. He is such a lovely person, very independent, and very proud and it's been very hard on him to face the fact he needs any help at all.


Definitely not thinking straight on this, we are just currently trying to get his home warm and safe, fitting in visiting and also we are trying to talk to as many people as possible to get him help.


Social service allocated worker has just called and is going in to discuss things with him today, to discuss his needs, which we know will be 'When can I go home?'


I don't know how on earth he is going to cope, even with mod cons done for him, and carers going in. Our biggest fear is that he will refuse help, shut the door on carers, and then deteriorate again.... Then we will be back to square one.


I will contact SS again and ask for a mental assessment, it's no good the manager of the home saying he is fully capable, it must be done properly. : (