National Savings

[Natashalou]

First happy new year everyone, following from my last postings, my mother "recovered" from her broken hip,and subsequent infection, or at least it is more accurate to say she did not die as she is now even more confused and immobile than before which I wouldnt have imagined was possible.
So now she is "home"...and now we are nearly 2 years into care fees, I am getting concerned about funding.
I decided to invest some of her money in National Savings partly to split it and protect it and partly interest rates are no so bad it seemed a good bet.
Firstly I was suprised to see its only possible to invest 30k but thats ok if thats the rules.
I could not find find anything on their website about POA, so I downloaded the application, filled it in and sent it off with copy of POA, cheque showing me as POA and explanatory letter.
Received response and cheque back telling me they cant accept the application !
Surely this cant be right?? I cant possibly be the first person to apply in these circumstances!
Has anyone else had this experience?

 

[BeckyJan]

Hello:
No I have no experience of this except with my brother - there it was purely to register the POA with them, not to invest or withdraw.

There is a 'contact us' part of the website 'National Savings' - why not email them with the question, 'why'.

Maybe someone else will have some answer for you.
Best wishes Jan

 

[jenniferpa]

We're talking Premium Bonds yes? According to http://www.nsandi.com/pdf/pb_regs.pdf

1972 No. 765 NATIONAL DEBT
The Premium Savings Bonds Regulations 1972

Persons entitled to purchase and hold bonds
Section 3 subsections b and c
"(b) on behalf of and in the name of a mentally disordered person, by his receiver; and

(c)subject to the approval of the Director of Savings, on behalf of and in the name of an eligible person, by any other person acting in pursuance of a power of attorney created by that eligible person;"

I don't believe that this has been superceded.

Also here: http://www.nsandi.com/products/ib/tandc.jsp

Section 13.

13. Deputies. If you are a deputy with the power to make investments on behalf of a person who lacks capacity (or if you are a person duly authorised in that behalf), you may invest in a Bond on behalf of and in the name of that person.

You may be encountering problems with an oick who doesn't realize that Power of Attorney = "person duly authorised in that behalf"

 

[sue38]

I've always found National Savings efficient and user friendly IF you are investing as an individual, but if you're trying to invest monies on behalf of a trust they can be very awkward.

I have asked a couple of people today, and one has invested with NS under a POA but had to jump through hoops! If you want to invest with NS you'll have to persevere. Good luck.

 

[jenniferpa]

Oh I remember now, national savings were the people who had real difficulty with the concept of proof of identity for someone who didn't have a current passport or a driving license. I was trying to open an ISA (something that they actually mention a POA in relation to) for Mummy, and even though she had premium bonds, they couldn't get their heads around the "not much in the way of a picture ID". I gave up in the end.

 

[Clive]

I opened, by post, an ISA for mum with National Savings using Registered Power of Attorney.

I don’t remember it being much different to opening a EPA account with any other institution (which means it took a lot longer than it should).

I do remember that I had conversations with two separate people. One who had started to open the account and wanted more information, and then one who registered the EPA.

The help line was quite good but you had to persevere.

Clive

 

[jenniferpa]

At the time I was doing it (or not doing it) she was still capable of understanding the forms and signing so it wasn't down to the EPA - they just couldn't get their heads around the fact that she didn't have picture ID. I would have thought that wasn't uncommon for a lot of older people, with or without dementia.

 

[Natashalou]

thanks

for replies..yes, I did mean premium bonds as her money is safe and she might win a prize. What annoys me is I could have just written her name on the form who would have known?!
Of course I wouldnt but Ive had a two month battle to open an account with another well known savings place and finally given up as they simply cant understand that I have every right to do so, even telling me I had to get her to ring them up!
Meanwhile, her money remains in one place and Im concerned if anything happens she might lose most of it

 

[jenniferpa]

There used to be a leaflet on the guardianship site detailing all this but I can't find it now. I know the British Banking Association has a leaflet about dealing with clients with mental disabilities, but since the darn thing costs £5 I'm not surprised no one has read it!

 

[JPG1]

Natashalou,

Did National Savings and Investments people not explain to you why they could not accept your application?

Does your mother have any existing Premium Bonds, which would already count towards the £30K maximum. If by some chance, she already has £30K (or any £ at all) invested in Premium Bonds then the person who dealt with your application should have given you his/her reasoning.

If I were you, I would ask that vital question, and also ask them to explain why they are able to accept PoA as a valid authority to trace ‘lost/mislaid/forgotten about’ Premium Bonds, if they are not able to accept PoA as a valid authority to ‘open an account’. Pointing out that all other financial institutions that you have come into contact with have been able to do so, and that is the whole point of PoA. {Bend the rainbow a little! It can do no harm.}

I’ve found them very user-friendly, in the past, even before PoA came into being, when making a ‘vague’ enquiry about whether or not the person in question ‘might be a holder’ of Premium Bonds. The person I spoke to on the phone was extremely helpful – not able to divulge detail, of course – but ‘advised’. Followed it up with a letter – and no problem.

I would telephone them, if I were you, and ask what they require of you to be able to help.

And a good 2009 to you too.

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