Lloyds Young Saver - Child's Details No Longer Shown

RubyBish

My son has a Young Saver account with Lloyds for which I am the trustee.

I was pleased to see that this was recently accessible via my own online banking.

However I have just recieved the latest paper statement and Annual Tax Summary and it is only showing in my name, with no reference to my child's.

I spoke to Lloyds who claim that this is a change in their policy for the young saver accounts.
However my concern is that these account are no longer correctly registered under my childs name and that the tax liability will fall on me.
When lloyds submit to HMRC the tax details they will be submitting my name.

Anyone else had the same?

Zorillo

No, but I have identical twins with identical accounts with identical balances, so it'll be a pain to keep track of as they get older if their names aren't on the paperwork. I'd already noticed they're not named on online banking, I'd assumed it was an oversight. I can't see a single conceivable reason why Lloyd's would adopt this policy?

CavendishWobble

This would likely be due to the new GDPR regulations. As part of the regulation you cannot communicate to customers under a certain age (16 i think) an therefore they would be communicating to the adult on the account.

Also remember these should be your funds in trust to the child when they turn 16 and therefore would fall on yourself.