• Expert Q&A: Rare dementias - Tues 3 March, 3-4pm

    Our next expert Q&A will be on the topic of rare dementias. It will be hosted by Nikki and Seb from Rare Dementia Support. If you have any questions about rare dementias, they will be here to answer them on Tuesday 3 March between 3-4pm.

    You can either post your question >here< or email them to us at talkingpoint@alzheimers.org.uk and we'll be happy to ask them on your behalf.

POA share dealing help please!

sinkhole

Registered User
Jan 28, 2015
273
My aunt has some shares she invested in but lost interest in them years ago.
It has taken me many weeks to piece together which shares, how many, find some of the certificates, apply for copies of others, register the LPA with the registrars etc. etc.

I need to take control of the shareholdings and diversify her portfolio as she's ended up with a large amount of money in just two companies, which is way too risky when we may soon need to capitalise some of the investment to pay for care.

I was almost there with one online sharedealing service until they demanded to see her passport or driving licence as proof of identity. She doesn't own either and even her birth certificate is going to be a nightmare to find as her house is a complete mess.

I'm pretty sure with a LPA, this proof is not necessary and I spoke to another sharedealing service who confirmed my thoughts but I thought I'd see if anyone else on here has experience of opening a POA share dealing account anywhere and whether they had any tips or recommendations.

I will be funding the account with the existing shares, I need an online service with reasonable fees and I doubt I'll be trading that regularly to begin with.

TIA!
 

sue38

Registered User
Mar 6, 2007
10,854
51
Wigan, Lancs
Have you taken professional financial advice on the reinvestment of her shares? I agree that large holdings in 2 shareholdings is on the risky side, but for your own protection as well as your aunt's I would suggest that you seek professional financial advice.

Many financial institutions will ask to see evidence of both your identity and your aunt's. It's not uncommon for older people to have neither a driving licence nor an up to date passport, so most financial institutions should accept alternative documents. A birth certificate isn't usually acceptable as anyone can obtain a copy of someone else's birth certificate.
 

sinkhole

Registered User
Jan 28, 2015
273
Have you taken professional financial advice on the reinvestment of her shares? I agree that large holdings in 2 shareholdings is on the risky side, but for your own protection as well as your aunt's I would suggest that you seek professional financial advice.

Many financial institutions will ask to see evidence of both your identity and your aunt's. It's not uncommon for older people to have neither a driving licence nor an up to date passport, so most financial institutions should accept alternative documents. A birth certificate isn't usually acceptable as anyone can obtain a copy of someone else's birth certificate.
Yes, I have taken advice but most financial/investment advisers are reluctant to offer their services unless the amount is worth their while and although it's a lot of money to us, these shareholdings don't seem to be enough to get them interested.

We may be forced to cash a large proportion of them in soon anyway, as I think my aunt's heading for a crisis the way things are going and we'll need some money to pay for care and to refurbish her house.

The sharedealing service I'm having trouble with has cited money laundering checks as the reason for asking for the documents. I just don't think they understand the situation and are treating the application like a normal one.

I've closed my account with them now and will be opening new accounts with one of their rivals, who are happy seeing utility bills and bank account statements as proof of ID.
 

Raggedrobin

Registered User
Jan 20, 2014
1,427
My mum's local authority asked for a passport and driving licence as proof of id. At 97, she doesn't have either. I sent them utility bills instead with a covering note, they accepted those.