Trustees and Attorneys - Manage Cash Savings with Ease During Lockdown

February 2021
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LEBC’s Cash Management Service enables individuals and businesses to manage their cash savings using the online platform of Akoni Hub. This includes attorneys and trustees who are managing money on behalf of others. 

LEBC’s Cash Management Service enables the user to specify how much they wish to save and for how long. It then offers them:

  • an array of accounts to choose from,
  • an ongoing review of rates on offer, 
  • a one-time application process,
  • transfer of funds from other accounts,
  • tracking of the £85,000 Financial Services Compensation Fund protection limit,
  • monitoring of the credit ratings of the banks on the panel,
  • cyber protection to keep account holder’s data safe,
  • a consolidated statement of income received from all banks

One Time Application 

Attorneys often find that the paperwork required by each bank or building society is time consuming as each has its own process. This is made more difficult during lockdown due to restricted opening hours and slower telephone response times. 

The bonus for attorneys and trustees is that LEBC’s Cash Management service only needs proof of their identity and legal status once.  It then verifies this on their behalf to all the banks used.

The platform also provides an audit trail for attorneys and trustees, so it is easy to explain where money has been deposited. Reporting income for tax purposes is simple, with one consolidated interest statement making completion of any tax returns straightforward.  

You can find more information about our Cash Management Service here or contact your usual LEBC adviser, call us on 0800 055 6585 or email enquires@lebc-group.com.

The Financial Conduct Authority does not regulate deposit accounts.

Kay Ingram                                        
Public Policy Director                        
February 2021

Please remember, no news or research item is a recommendation or advice to buy. LEBC Group Ltd is not responsible for accuracy and may not share the author’s views. The contents of this blog are for information purposes only and do not constitute individual advice. All information is based on our current understanding of taxation legislation and regulations. The Financial Conduct Authority does not regulate estate planning, tax advice, wills or trusts.

LEBC’s bionic services enable clients to access services remotely using technology but with access to human and expert input. They are an ideal way to overcome the restrictions on meeting during lockdown while still attending to important matters.  Services offered include wills and powers of attorney, mortgages, life and health insurance and a cash savings platform as well as our PFP portal which offers secure exchange of correspondence and documents.

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