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  • Re: Trust Fund

    From Andy Burns@21:1/5 to Peter James on Sat Dec 21 11:49:50 2024
    Peter James wrote:

    The Bank has written to me informing me that they have sold their Trust Fund interests to another Trust Fund management company.

    Is this legal? Suely they entered into a Legal agreement to manage the fund on
    behalf of my late mother and to protect my interests and those of my son?

    Businesses (and parts thereof) are sold all the time, presumably the
    same obligation towards you has been transferred to the new company?

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  • From Jethro_uk@21:1/5 to Peter James on Sat Dec 21 11:36:49 2024
    On Sat, 21 Dec 2024 05:37:05 +0000, Peter James wrote:

    My deceased mother, prior to her death set up a Trust Fund with a
    prominent high street bank, to manage her estate, some 40 years ago.

    As the only beneficiary up to my death it will then revert to my only
    son. The Bank has written to me informing me that they have sold their
    Trust Fund interests to another Trust Fund management company.

    Is this legal? Suely they entered into a Legal agreement to manage the
    fund on behalf of my late mother and to protect my interests and those
    of my son?

    Can I challenge this decision? Or use the office of the Ombudsman
    tochallenge this?

    I will guarantee that the small print allows this.

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  • From Nick Odell@21:1/5 to All on Sun Dec 22 13:36:31 2024
    On Sat, 21 Dec 2024 11:49:50 +0000, Andy Burns <usenet@andyburns.uk>
    wrote:

    Peter James wrote:

    The Bank has written to me informing me that they have sold their Trust Fund >> interests to another Trust Fund management company.

    Is this legal? Suely they entered into a Legal agreement to manage the fund on
    behalf of my late mother and to protect my interests and those of my son?

    Businesses (and parts thereof) are sold all the time, presumably the
    same obligation towards you has been transferred to the new company?

    Wot Andy sed.
    In fact, regardless of the sign on the door or the logo on the
    letterhead I can't think of any major high street bank that is in the
    same hands as it was - when did you say the trust was founded? - forty
    years ago.

    All I would add is that it might be worth your while checking whether
    the periodic charges and fees, return on investments etc on the trust
    fund from the new managers are as reasonable as they were in the
    previous hands and if you are unhappy about anything to seek
    professional advice.

    Nick

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