LPA and Investment Account (Provider) 28 November 2017 at 12:58PM edited 28 November 2017 at 3:19PM in Over 50s MoneySaving 7 replies 2K views

cloud_dog

Hi

I have asked this question over on one of the the Savings & Investments threads but didn't get much feedback so, thought I'd ask here.

My mother has a number of stocks held in paper certificates. Recently myself and my brother were set up with Lasting Power of Attorney. Despite the fact that we have financial LPA my mother is still of 'sound mind' but does, occasionally, get confused over some things (don't we all). All of the below is with my mothers understanding and authorisation.

I'd like to consolidate her paper stocks with an online provider. There is an amount of 'tidying up' of her investments, i.e. some of the holdings could be amalgamated in to one or more fund/IT, others left alone.

So, I'm struggling to find an online provider who accommodates LPAs and was hoping people here might have some experience / suggestions.

For info....

1. IG provide for LPA but an LPA user cannot make withdrawals from the account. (not that there are plans to make capital withdrawals but it could prove tricky in the longer run if necessary)
2. Will not consider TD Direct due to II takeover
3. Will not consider II until they have proven they can actually run online stockbroking.

Is there an alternative route? For example the 'owner' (my mother) notifies the online provider in writing that she has given access to X and X is fully authorised to undertake any and all activities associated with the account(s), and that the 'owner' accepts all responsibility of doing so.

Or, are there any other options?

agrinnall

Have you looked at whether the share dealing platform offered by the Halifax is suitable? It's where I do my own dabbling in the market, and because they are a bank they may be more familiar with LPAs than an out-and-out stockbroker will be.

frogeyesimon

I used Hargeaves Lansdown to do this. Had no bother using LPA with them.

cloud_dog

Hi both

Thanks for the feedback, will certainly consider those.

As a true MSEer, I was hoping to find one without a platform charge, as there isn't going to be much buying selling (after any initial 'sorting out' is completed). I know Halifax is only £12 per year and HL capped at £45 (for stocks) but...

Tom99

cloud_dog wrote: »

Hi both

Thanks for the feedback, will certainly consider those.

As a true MSEer, I was hoping to find one without a platform charge, as there isn't going to be much buying selling (after any initial 'sorting out' is completed). I know Halifax is only £12 per year and HL capped at £45 (for stocks) but...

Halifax is only £12.50 pa for an ISA, the normal sharedealing account is free.

cloud_dog

I didn't explicitly state this but I thought as I would be 'tidying up' the investments I would take the opportunity to put them in to an ISA.

Apologies for not clearly explaining myself.

Tom99

cloud_dog wrote: »

I didn't explicitly state this but I thought as I would be 'tidying up' the investments I would take the opportunity to put them in to an ISA.

Apologies for not clearly explaining myself.

I think you would have to sell the investments then rebuy them in an ISA, as far as I know you can't transfer investments which are outside an ISA into one.

cloud_dog

Tom99 wrote: »

I think you would have to sell the investments then rebuy them in an ISA, as far as I know you can't transfer investments which are outside an ISA into one.

Yes correct.

Some of the stocks will be sold, so as to rationalise the overall holding, and in the act of rationalising, I would sell in the GIA, transfer cash in to the ISA and re-buy appropriately.

With regard to the other investments it would be a case of CGT management and move these other investments in to the ISA over time.