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Moving Managed Fund from Isle of Man to UK bank account
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jsmac
Posts: 20 Forumite
Hello,
My mother has a small STG Balanced Managed Fund in the Isle of Man that was opened when her parents' house was sold in the early 90s. She lives in Canada and so doesn't have a UK bank account.
She would like to close the fund and transfer the money to me as an inheritance gift so that I can put it towards the deposit on my first property.
The company that manages the fund says that they cannot transfer it to anyone else other than the policy holder and since she does not have a UK bank account we are left in a bit of a quandary.
Does anyone have any advice as to how we can navigate this process? It seems crazy that she is not allowed to simply transfer the fund to me especially since I am the sole beneficiary in her will.
Moreover, are there any mainland UK banks that will allow us to open a joint account without her actually having to be in the branch in person?
Many thanks.
My mother has a small STG Balanced Managed Fund in the Isle of Man that was opened when her parents' house was sold in the early 90s. She lives in Canada and so doesn't have a UK bank account.
She would like to close the fund and transfer the money to me as an inheritance gift so that I can put it towards the deposit on my first property.
The company that manages the fund says that they cannot transfer it to anyone else other than the policy holder and since she does not have a UK bank account we are left in a bit of a quandary.
Does anyone have any advice as to how we can navigate this process? It seems crazy that she is not allowed to simply transfer the fund to me especially since I am the sole beneficiary in her will.
Moreover, are there any mainland UK banks that will allow us to open a joint account without her actually having to be in the branch in person?
Many thanks.
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