Are there bank controls for vulnerable (alzeimers) customers?
Posted by SirScoaf@reddit | AskUK | View on Reddit | 9 comments
Hi everyone I’m hoping someone in banking or with relevant experience could help. My MIL has alzeimers and is being financially exploited by her partner. He asks to ‘borrow’ large amounts of money frequently as he knows she forgets she’s given him anything. My wife has got power of attorney and is trying to help but she is in complete denial about giving money even when shown bank statements. He has ‘borrowed’ 10s of thousands so far and has significantly drained her savings. He lives well beyond his means even when my MIL pays for everything in the house. Again, she is very defensive of him even though I believe his acts are criminal. Anyway, we are trying to limit things and my wife went to Lloyds today and explained the situation. My wife asked if there is a block that can be put on the account to prevent transfers to a certain account (his) but was told this wasn’t possible?! Surely there are things we can do to protect vulnerable people?! If anyone has been in a similar situation or has knowledge of banks please help! Just to add, the only option was to take full control which is not what my MIL wants or needs as she can manage other things.
StyxVirus@reddit
Not sure this is exactly what you are after. But saw this on Dragons Den and might be worth a look.
https://www.sibstar.co.uk/
becky781@reddit
Does she use online or does she just manage the account over the phone? If it’s over the phone you could ask the bank to note to NOT transfer to this person? If it’s online.. there’s not a lot that can be done
BulkyAccident@reddit
You should speak to your local adult social care service about this immediately. Finances taken under pressure/under duress/etc is classed as abuse.
SirScoaf@reddit (OP)
Thank you. I will look into it. We don’t believe it is done under pressure as my MIL is lovely and very generous. He is exploiting this for his gain even when told to stop by us.
PlentyEggplant4497@reddit
I agree with the advice to contact your local council with adult social care responsibilities - this is an adult safeguarding concern, financial abuse.
banjo_fandango@reddit
I think at this point she has 'proved' incapacity to manage her finances, and you should invoke the POA - but just let her run everything in her life like normal, other than the financial stuff.
At this point, he's abusing her. You need to do this to protect her from abuse, the money aspect is somewhat secondary.
Ilikewhatyousay@reddit
Ultimately it's about whether or not someone has capacity to make decisions about their finances. Having a condition like that can obviously affect those abilities.
Making a decision that you or others disagree with - such as giving/loaning money - isn't illegal or anything, and the bank or anyone else won't be able to stop it. The only way it could be stopped is if they were assessed as not being able to make those decisions for themselves. In that case power of attorney could be considered.
You should think about contacting your local social care team for advice.
SirScoaf@reddit (OP)
Thank you. I know it technically isn’t illegal but he knows she forgets and fully exploits this which feels like financial abuse or similar. Power of attorney is already in motion but it seems it’s all or nothing with finances which is very frustrating. She has saved her whole life and it is being slowly eroded by this man.
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