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ISA Dilemma
Comments
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Well, assuming this is not just a wind-up.
You are saying you have opened bank accounts in your wife's name of which she has no knowledge?
What you are describing is quite possibly fraud and might well be considered coercive control of another person.
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Indeed. It is one thing to do it with their knowledge and consent, even if it is strictly against T&Cs and banks accept this sort of thing goes on. But doing it without the person's knowledge...
I consider myself to be a male feminist. Is that allowed?0 -
If something was to happen with one of the accounts (maybe a scam or something) and the bank investigated and found out the account holder had no knowledge of the account, then they would presumably report that to the police ( and maybe social services).
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I am sure this must happen a lot in families, where one half of a married couple have no interest in dealing with finances but money is deposited in their name for tax purposes. They probably will have knowledge but no interest in the details.
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Not true. Finance & Property LPAs have 2 options:
- As soon as the LPA is registered
- Only when I don't have mental capacity
My wife and I chose option 1 for ours.
I come up with most of the finance ideas and plans for my wife's accounts but we discuss / agree them and the implementation is normally done by us sitting next to each other at the laptop. We don't use the LPAs but they're available if we need them.
2 -
Assuming of course that it is not that the wife has been consulted on and OKayed every account, but due to disinterest and focusing on other matters, would have forgotten what/where they are. The post does read as zero knowledge though. I have provided this sort of help, but only ever with the person being in the room at the time, informed of any necessary information (including selecting for themselves the length of any fixed term) via their own device. They could tell you where the accounts are (minimal institutions per their request, but might still cite the institutions of some now closed accounts that were consolidated) but would have to log in to know the specific accounts held. They frequently express amazement that I can remember all mine, as they know I deal with more institutions than they have accounts.
One person I help holds shares and I would not want LPA over that.
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Well that got dark rather quickly. Seriously guys you are reading way more into this than is the case.
Of course my OH knows I do this, nothing is hidden or underhand in that regard. As I said they have no interest in doing so, so I maximise returns with opening regular savers and switching bonuses etc. for both of us. Thus if asked, they may struggle to list all accounts that they hold. My comment about them not knowing where they hold accounts was more tongue in cheek rather than anything sinister.
10 -
(going off on a tangent slightly...)
That depends on how the LPA was set up. It can be done such that it can be used as soon as it's registered with OPG, in which case you don't have to wait until the donor is no longer mentally capable.
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Well to make it even darker, when you go under the proverbial bus, does your wife have the means/knowledge to find out where these accounts, that you have helpfully opened in her name, are located?
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Don't take it to heart. Plenty of people have done the same for family. 😇
4
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