Moving Managed Fund from Isle of Man to UK bank account

jsmac

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.

xylophone

Is your mother able to open a sterling account in Canada?

Or an off shore sterling account?

The company could then remit the proceeds to this account and she could transfer it on to your UK bank account?

jsmac

Thank you for your reply.

Yes, she can open a Sterling account in Canada. This was one option that we have considered and what I think we may well have to do. Before we proceeded I thought it worth asking if about any other possible options.

Opening a Sterling account offshore isn't something we thought about but perhaps it is worth investigating.

I'd be interested in hearing suggestions from people who have experience with an offshore account.

Thanks, again.