Power of attorney managing overseas accounts....

Discussion in 'Trading' started by TGpop, Apr 12, 2011.

  1. TGpop


    Hey, in the future there are prospects for me potentially trading another account. I live in the UK and the account i may have POA over is overseas belonging to someone else. I am wondering does the POA protect me from being liable to any losses incurred.

    If not, which legislation would give me zero liability for any losses? Failing that, any advice to protect my ass?
  2. TGpop


    Also, which societies should i contact for such advice, which i probably should've went to rather than here haha
  3. A good international securities lawyer is the only thing that will protect you. There is nothing you can do to absolve yourself of liability when you lose someone else's money.
  4. TGpop


    http://www.igindex.co.uk/content/files/IGI_limitedPOA.pdf Point 6 on this POA pdf says otherwise
  5. zdreg


    that is prima facie wrong. financial advisers lose clien't's money all the time without have to fear they are going to be sued. perhaps if you put money belonging a 90 year old woman into the krazykarl co. there might be a question of suitability in certain countries. by the way if u lost a mobster's money nothing can protect you. some mobsters believe that any winning trades are split and any individual losing trades belong to the adviser.

    where did your belief about responsibility come from?
  6. TGpop


    Well, does point 6 on that pdf not state i wouldn't be liable. My belief, nothing major, just a small comment, i am not saying anything more.
  7. TGpop


    errrr well?