Dilemma - compensation from bank

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  • It is tough, I know, when you are the one doing all the work, but the money belongs to the bank account, not to you personally. Similar;y as an executor, you can be the one doing all the work to collect monies in, pursue difficult organisations , sell goods, but the estate still has to be shared according to the will.
  • The money belongs to your parents, however or whoever processed the compensation claim.  With a POA you can only act and use any funds purely for the benefit of your parents, so whether your siblings know about it is irrelevant as neither you nor they can use it for yourselves
  • msb1234
    msb1234 Posts: 521 Forumite
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    When my mother died last year, my stepfather’s bank made a massive error in the information they gave me. This resulted in a financial loss on both my part and that of my mum’s small estate. Fortunately, the bank was prepared to speak to me after I provided proof of my stepfather’s dementia via a copy of his DOLs paperwork. 
    It took about 6 months to resolve the situation. The outcome of my complaint meant that my stepfather’s account was credited with the amount of money he had lost as a result of the bank’s incompetence, I was also compensated likewise plus I received a small amount (£100) to cover the inconvenience I suffered. 
    In your case, I’m assuming the £15k was lost interest or something similar, so that belongs to the account holder where the interest was lost. I would expect the bank to compensate you for the inconvenience you have suffered as a direct result of their incompetence. 
  • Sea_Shell
    Sea_Shell Posts: 9,336 Forumite
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    msb1234 said:

    In your case, I’m assuming the £15k was lost interest or something similar, so that belongs to the account holder where the interest was lost. I would expect the bank to compensate you for the inconvenience you have suffered as a direct result of their incompetence. 


    As above.    Have the bank confirmed if there is any "split" in the compensation between actual financial loss and inconvenience?

    If they did (or could, if asked) then isn't it the case that BOTH parties have been compensated for their respective "losses".
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
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