Terms & Conditions

[Sharen]

Hi

Can anyone help? We have a customer that has a ‘classic’ bank account in his sole name. The customer states that although the account is in his name it is for a lottery syndicate that has 52 members. How should we treat the capital?

Thanks

[Stalbansbenefits]

I would say he is holding the capital on trust for the syndicate members and he should not be treated as the equitable ‘owner’ of the capital, as such I wouldn’t take it into account (unless he was also one of the syndicate members, then I would take 1/52 of the total into account!).

This is assuming you are happy that he is telling the truth. I imagine in these situations the syndicate have probably drawn something up in writing to confirm the arrangement.

[Anonymous]

The syndicate would have to have an agreement signed in writing, otherwise as he is the only person able to access the funds then it would cause problems if they won anything 😕 . Normally in syndicate situations everyone would have to sign a statement to confirm they are a member etc. and if they’ve set up an account I’d reckon they would’ve done this.

[Mikeb2]

I agree ask for a copy of the syndicate agreement.

🙂

[Author]

Posts