how long do banks need to keep records

2021Horsforth

Hi Mother went to live with daughter in 2012.  The mum paid a weekly amount to the daughter.  The house was sold .  Daughter had access to mums bank account.  What I would like to know how long do the bank need to keep records as the daughter has said that the mum gave her the proceeds of the house, which was approx £130k.  We have asked Lloyds bank and they just say that the protocol was followed but we would like evidence of this.   Also  quite a number of  amounts was taken out of mums bank account whilst she lived with the daughter . We went to the OPG some time ago (2019)  for an investigation but they would not give us the results of the inquiry due to Data Protection. - this seems unfair as I have also power of attorney and have a right to know what has happened to the money .  I am not sure what the point is for the OPG to exist if this is the case . .  Firstly I would like to know if the bank should have records of this transfer of money in 2012 as my mum was 89 at that time and the following year "power of Attorney was given to the son and daughter.  At that time there was no mention that mother had gifted this amount to the daughter.  Now that mum has passed the daughter is now saying it was a gift.  The daughter was going through a divorce at this time and needed to pay e husband of.  Also daughter transferred some of her own money to the account of mother possibly hiding it from x husband.  Can someone please advise on the next steps that we need to take.  There are a number of questions here so any help would be appreciated.  The solicitors say that it is my word against my sisters in all of this

Marcon

2021Horsforth said:

The solicitors say that it is my word against my sisters in all of this

Nobody here is going to be better placed than the solicitors who have all the relevant information.

Banks need to keep records for 6 years, but many keep them for 7 to allow for year-end accounting procedures/closures.  By the time you went to the OPG, it could well be that the records of the transaction relating to the house (assuming that was in 2012 - not clear from your post) had already been deleted.

Keep_pedalling

If you mother still had mental capacity when the money from the house sale was transferred to your sister then I really think it is going to be impossible for you to prove any misappropriation. The OPG do not have the resources  to carry out in depth investigations, and again a lot is going to come down to your mother’s mental capacity at the time of ‘gifts’ were made. 

If money is taken from the account of someone with advanced dementia then the wrongdoing is easy to prove, otherwise without strong evidence it is going to be one persons word against another.

Did you also have access to your mother’s accounts so you could monitor what was going on at the time? If you are an administrator of her estate then you should be able to get 6 years of records, but all that would prove is how much went where it does not show if your mother had agreed to gift those amounts or not.

2021Horsforth

but why can we not receive the information from the OPG - they are hiding behind the Data Protection  we also have POA and my sister should have kept a record of spending - surely ? 

2021Horsforth

By the time we went to the OPG - it was within the time scale.   so really we need clarification on the monies !!!

Billy_B_North

Banks tend to delete or destroy records as soon as they are able, unless there is a commercial reason to keep them, and this means “properly” destroy them, as in shred and then burn paper records and fully purge any digital ones.
If the data has gone, then there will be no way to retrieve it.
I’m giving formal training at work four times per year about complying with our data retention policy; it’s taken very seriously.

Marcon

2021Horsforth said:

but why can we not receive the information from the OPG - they are hiding behind the Data Protection  we also have POA and my sister should have kept a record of spending - surely ? 

As you say, you had POA, so why weren't you checking at regular intervals? I think you're on a hiding to nothing trying to go back so far. 

As to the OPG, have you read this section of their website: https://publicguardian.blog.gov.uk/2019/06/18/how-we-do-investigations-at-opg/

I appreciate these answers won't be what you want to hear, but I am not sure what avenues are open to you to pursue matters.

Keep_pedalling

2021Horsforth said:

but why can we not receive the information from the OPG - they are hiding behind the Data Protection  we also have POA and my sister should have kept a record of spending - surely ? 

Correction, you had POA which was no longer in effect from the date of her death. If the OPG had found evidence of wrongdoing then your sibling would have had her authority removed and would be facing criminal charges, so as none of that happened I think it safe to assume they found no evidence to back your claim.

2021Horsforth

That is not transparent dealing with someones affairs. . It looks like we will need to get a solicitor to request the report.  which is fine although really !! should not be necessary !  The person could have lied in the information provided

Marcon

2021Horsforth said:

That is not transparent dealing with someones affairs. . It looks like we will need to get a solicitor to request the report.  which is fine although really !! should not be necessary !  The person could have lied in the information provided

The solicitor won't fare any better.  One person's idea of transparency is another person's breach of data protection.

As asked previously, as you had POA too, why weren't you keeping an eye on things?

Newly_retired

I am not sure what you are hoping to achieve as, by the sound of it, that money is no longer there and is now untraceable.