isa in two names has has been suggested by solicitor

xylophone

This is a complete non-starter regardless, as the ISA regulations require providers to action transfer out requests signed by the Individual holding the SA. Providers must also, under the regulations, permit the individual access to their money at any time. There isn't any way to prevent the individual from accessing their adult ISA other than a court order served on the provider. Whereas for a Junior ISA, the child has no control over the account at all - the only signatory would be the parent or guardian, and of course £20k cannot be deposited at once into a Junior ISA.

I understand the rules surrounding ISAs and I also understand how PoA operates.

As  I commented above, I was simply offering a suggestion as to why the solicitor may have suggested that there could be two names on an ISA account.

masonic

xylophone said:

This is a complete non-starter regardless, as the ISA regulations require providers to action transfer out requests signed by the Individual holding the SA. Providers must also, under the regulations, permit the individual access to their money at any time. There isn't any way to prevent the individual from accessing their adult ISA other than a court order served on the provider. Whereas for a Junior ISA, the child has no control over the account at all - the only signatory would be the parent or guardian, and of course £20k cannot be deposited at once into a Junior ISA.

I understand the rules surrounding ISAs and I also understand how PoA operates.

As  I commented above, I was simply offering a suggestion as to why the solicitor may have suggested that there could be two names on an ISA account.

Yes, I wasn't trying to "school" you, just highlighting that the solicitor wasn't just poorly informed on financial products, their suggestion was bad from a legal perspective too. One wonders where their area of competence may lie. Or perhaps they just completely misunderstood the OPs intentions.

masonic

IanManc said:

masonic said:

xylophone said:

This is a complete non-starter regardless, as the ISA regulations require providers to action transfer out requests signed by the Individual holding the SA. Providers must also, under the regulations, permit the individual access to their money at any time. There isn't any way to prevent the individual from accessing their adult ISA other than a court order served on the provider. Whereas for a Junior ISA, the child has no control over the account at all - the only signatory would be the parent or guardian, and of course £20k cannot be deposited at once into a Junior ISA.

I understand the rules surrounding ISAs and I also understand how PoA operates.

As  I commented above, I was simply offering a suggestion as to why the solicitor may have suggested that there could be two names on an ISA account.

Yes, I wasn't trying to "school" you, just highlighting that the solicitor wasn't just poorly informed on financial products, their suggestion was bad from a legal perspective too. One wonders where their area of competence may lie. Or perhaps they just completely misunderstood the OPs intentions.

Or perhaps the OP misunderstood the solicitor's intentions / suggestions and the doubting of the competence of the solicitor, such as in the comment "Solicitor is talking nonsense" is completely misplaced.

Perhaps.

I suppose it is possible that the solicitor said something completely different than "ISA in two names" (though I struggle to think of a plausible something completely different it could be). Such a product would be susceptible to misuse in cases of financial abuse if not carefully regulated.

jimjames

masonic said:

IanManc said:

masonic said:

xylophone said:

This is a complete non-starter regardless, as the ISA regulations require providers to action transfer out requests signed by the Individual holding the SA. Providers must also, under the regulations, permit the individual access to their money at any time. There isn't any way to prevent the individual from accessing their adult ISA other than a court order served on the provider. Whereas for a Junior ISA, the child has no control over the account at all - the only signatory would be the parent or guardian, and of course £20k cannot be deposited at once into a Junior ISA.

I understand the rules surrounding ISAs and I also understand how PoA operates.

As  I commented above, I was simply offering a suggestion as to why the solicitor may have suggested that there could be two names on an ISA account.

Yes, I wasn't trying to "school" you, just highlighting that the solicitor wasn't just poorly informed on financial products, their suggestion was bad from a legal perspective too. One wonders where their area of competence may lie. Or perhaps they just completely misunderstood the OPs intentions.

Or perhaps the OP misunderstood the solicitor's intentions / suggestions and the doubting of the competence of the solicitor, such as in the comment "Solicitor is talking nonsense" is completely misplaced.

Perhaps.

I suppose it is possible that the solicitor said something completely different than "ISA in two names" (though I struggle to think of a plausible something completely different it could be). Such a product would be susceptible to misuse in cases of financial abuse if not carefully regulated.

How about if they said "Take out ISAs in both your names?". Could be misconstrued but mean each take out 1 ISA

masonic

jimjames said:

masonic said:

IanManc said:

masonic said:

xylophone said:

This is a complete non-starter regardless, as the ISA regulations require providers to action transfer out requests signed by the Individual holding the SA. Providers must also, under the regulations, permit the individual access to their money at any time. There isn't any way to prevent the individual from accessing their adult ISA other than a court order served on the provider. Whereas for a Junior ISA, the child has no control over the account at all - the only signatory would be the parent or guardian, and of course £20k cannot be deposited at once into a Junior ISA.

I understand the rules surrounding ISAs and I also understand how PoA operates.

As  I commented above, I was simply offering a suggestion as to why the solicitor may have suggested that there could be two names on an ISA account.

Yes, I wasn't trying to "school" you, just highlighting that the solicitor wasn't just poorly informed on financial products, their suggestion was bad from a legal perspective too. One wonders where their area of competence may lie. Or perhaps they just completely misunderstood the OPs intentions.

Or perhaps the OP misunderstood the solicitor's intentions / suggestions and the doubting of the competence of the solicitor, such as in the comment "Solicitor is talking nonsense" is completely misplaced.

Perhaps.

I suppose it is possible that the solicitor said something completely different than "ISA in two names" (though I struggle to think of a plausible something completely different it could be). Such a product would be susceptible to misuse in cases of financial abuse if not carefully regulated.

How about if they said "Take out ISAs in both your names?". Could be misconstrued but mean each take out 1 ISA

ISA regulations require the holder to only save their own money in their ISA account. That means the son would be required to gift without reservation the amount of money the parent wishes them not to spend. I would be surprised if such an arrangement would be advised without some sort of court oversight as it has more than a whiff of coercive control to it. The right way to do this assuming the son doesn't have capacity and so needs to have his freedoms curtailed is through a deputyship. But the OP seems unlikely to come back to update us on the background circumstances.