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Interactive Investor - Third Party Mandates and Power of Attorney

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dspp
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Interactive Investor - Third Party Mandates and Power of Attorney

#142274

Postby dspp » May 30th, 2018, 11:35 am

I have just had a rather terse conversation with ii.

They are stating that at the time of taking over TD they terminated the Third Party Mandate (TPM) arrangements, and insisted on Power of Attorney (PoA) arrangements in respect all of clients. They state that they wrote to the account owners (i.e. not the TPM holders) and informed them of this at the time.

I look after a few accounts for various family / pseudo-family ("it's complicated") and had TPM in place. None of us ever received any correspondence on this that we can recall. If what they are saying is correct I have unwittingly been operating these accounts with no TPM cover, and no knowledge of its withdrawal. Unsurprisingly as I am not the account holder of these accounts they refuse to discus it further with me. Since the account holders are rather scattered it is going to take a while to pick up the pieces and get PoA in place. Furthermore a PoA is to be treated with a tad more care than a TPM before signing so that will delay things a bit.

Have any other Fools come across this issue with withdrawal of TPM in favour of PoA by ii ? Did iii contact you ? What have you done ?

regards, dspp

maximan
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Re: Interactive Investor - Third Party Mandates and Power of Attorney

#142405

Postby maximan » May 30th, 2018, 8:02 pm

My wife and I also had TPM's on each others accounts and I only found out about their cancellation when they refused to take instructions from me over the phone.
We easily got over this by my wife going through security then handing the phone to me. On line I continued to operate her account as we both have each others log in details. Sadly I realise this is of no help to you.


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