Any simple applications for ISAs under PoA

nwery

I am looking after my father's money as he has advanced dementia. I have Power of Attorney, but when applying to various financial institutions, whereas it is simple for a personal application, when it's with PoA everything becomes cumbersome, usually postal, and in some cases impossible to comply with. E.g. why do I need to provide two proofs of identity for my father when I am the person who is controlling his affairs?



On the non-ISA side, Octopus is a shining example of how it can be done: simple and quick.


Are there any cash ISA providers who offer as good and modern a service as Octopus?


Many thanks for any help


Neil

badger09

nwery wrote: »

I am looking after my father's money as he has advanced dementia. I have Power of Attorney, but when applying to various financial institutions, whereas it is simple for a personal application, when it's with PoA everything becomes cumbersome, usually postal, and in some cases impossible to comply with. E.g. why do I need to provide two proofs of identity for my father when I am the person who is controlling his affairs?



On the non-ISA side, Octopus is a shining example of how it can be done: simple and quick.


Are there any cash ISA providers who offer as good and modern a service as Octopus?


Many thanks for any help


Neil

Sorry, I can't answer your question.

Can I ask, though, if a cash ISA is essential?

Is your father a basic rate taxpayer?

Does the interest generated by his savings exceed £1000 pa? Even if it does, the interest rate, after tax, on several savings accounts exceeds that on most cash ISAs.

nwery

Yes, he is a basic tax payer and yes he will be getting more than £1,000pa in interest - even if we opt to put it in his bank's ISA at a significantly lower interest rate.

Vortigern

nwery wrote: »

I am looking after my father's money as he has advanced dementia. I have Power of Attorney...

Are there any cash ISA providers who offer as good and modern a service as Octopus?

I feel your pain. Once an elderly person moves into a care home it becomes increasingly difficult to prove name and address. No driving licence, no passport, no credit file. The only banks you can use are those where your father has an existing account.

I recently tried to open an account, in branch, at Yorkshire Building Society. The person dealing could not have been less helpful. He rejected various proofs of name and address because the documents I offered were not on their list, or were addressed to me as Attorney for Mr Elder, rather than direct to Mr Elder.

Thanks for the recommendation for Octopus. I don't need an ISA so I'll give them a try. Otherwise I'll have to go postal with NS&I.

Please report back if you have any success. Good Luck.

xylophone

Relative has PoA for his relative (now registered with OPG as the lady has developed dementia).

He tells me that she has ISAs with the Leeds BS and with the Halifax.

http://www.leedsbuildingsociety.co.uk/savings/power-of-attorney/


Have you tried Paragon - the lady in question has a svings account with them.

https://www.paragonbank.co.uk/resources/paragonbank/documents/savings/poaguide

nwery

Many thanks for the support. I think the simplest route is to put it into his bank's ISA, at half the interest rate. I tried Paragon Bank earlier this year and they have the same approach as Virgin, Post Office etc. To be fair, Virgin Customer Service were very good, but their ID Department rule the roost.



I've written to my MP asking him why financial institutions don't treat PoA as authority. Still waiting for a reply, and not expecting much, but at least I have tried!


Given how so many people, including Martin, are saying everyone should get their PoAs registered, it might be worth someone like him looking at the practicalities of PoAs to expose how c**p most institutions are.


Rant over