Can I change provider - JISA

[Dazedandconfused7]

Hi, seeking advice, my MIL set up a stocks and shares JISA for my son ten years ago on the advice of her IFA, she gave a good deposit but JISA is in my (mums) name. I didn’t realise that the IFA has been reviewing the ongoing investment options annually with MIL rather than myself (legally it’s my account). I have now asked to review options moving forward but meeting resistance. Am I able transfer the JISA’s as not currently happy with their handling and not being consulted for over a decade has left me feeling very sad? JISA doing well but ethically feels wrong. Thanks

It's not legally your account if she set it up. There's usually a person that controls the account on behalf of the child and I don't see how that can be you if it was her that opened the account.

Sorry to be clear, the account was opened in my name and I signed all the papers, but I thought it was just a regular savings account (MIL provided deposit) it was all arranged by her IFA

How did she manage to set it up at all as the criteria to set it up is:Parents or guardians with parental responsibility can open a Junior and manage the account, but the money belongs to the child.The child can take control of the account when they’re 16, but cannot withdraw the money until they turn 18.Is it in your name but with her address or in her name with her address?

They must have her address details as they would usually send an annual summary/statement. Can you contact them to amend contact derails if its your name on it? Once that's done you could transfer to a different provider if you wanted to

Are you meeting resistance from your MIL or the provider? If you want to transfer you contact your preferred provider and they arrange the transfer for you

My name, my address and I am the parent with legal responsibility, I occasionally sign forms for tax reasons etc, I realise I sound financially inept but at the time of his traumatic birth I thought I was just signing for her to open a savings ISA. Now I’m aware I am the legal owner I want to be involved in making the right investments choices for him, but her IFA who manages JISA not being clear with answers.

Contact the provider and update the correspondence address. You can also have the IFA removed. Then transfer it to another provider.

You dont need the ok from the IFA. Just set up a new JISA and they will transfer over from the old one. I'm guessing it's her IFA so not sure why they need to be involved in your business

Meeting resistance from both sadly, MIL considers it her right as she gave initial deposit. I’ve never seen a statement but have asked for online login details as I’m the owner until son turns 18. I just want to have a say in how it’s managed, unfortunately don’t have my own IFA, so not sure if I can transfer the JISA to another investor, hence asking here.

No you don't need an IFA to transfer to a different JISA. How much money are we talking about?
Who has the login details?

Dementedpixie - did not realise that, thank you will look into it! Have spoken to MIL about my taking over, she’s not happy as she’s always looked after it but I need to be more involved it’s in my name.

If it’s doing well and your MIL wants to manage it (and is putting in the money), I don’t see why you wouldn’t leave it alone?

I’ve asked for login details, think investment is £35k now, that’s what she last told me. Yes her IFA and being very evasive when I asked why I hadn’t been involved for the last decade in any decisions, but still signing fee forms 😠

Because it's not up to the MIL to manage an account that's in OPs name. It sounds like MIL made an initial deposit and thinks that gives her control over the account. She isn't sharing info about the account with OP either

We have money we want to add from my father, and so would like to manage too. Want to change as I feel it’s been handled a bit oddly

Can you contact the current provider directly and ask for info to be sent to you?. And change login details too!

Is she still putting money in? There's a limit of £9k that be added per tax year

MIL hasn’t put in any more funds since opening, and I’ve wanted to add to it but been told not possible, obviously not true 🙄 yes I feel like an idiot! Not very financially savvy. But thanks for replies, am going to update address and set up a new JISA and transfer