Frances Connolly, a visually impaired elderly woman, found herself in a dire situation with only 6p left in her bank account after over £100,000 vanished from her life savings within three months. The 95-year-old’s family was devastated as her savings were depleted from her Halifax account while she resided with her daughter, Sheila, who she had moved in with following her separation from her husband.
Initially living with her other daughter, Pat Kavanagh, Frances withdrew her entire life savings of £100,770 from the Yorkshire Building Society, transferring the amount to a new Halifax account established by Sheila. Subsequently, Sheila rapidly drained the funds after Frances signed a document granting her access to the account.
Bank records obtained by the Liverpool ECHO revealed a swift depletion of Frances’s account to just £31 through 32 withdrawals between April and July, including an £80,000 transfer to her husband’s account shortly after the new account was set up. Additional withdrawals of £10,000 and various sums between £100 and £300 were then made at ATMs in Liverpool’s city center, Maghull, and Allerton.
Pat expressed shock at the sudden turn of events, describing it as a disruptive force within their family that caught them off guard, leaving her and her husband without retirement prospects. Despite reporting the theft to Merseyside Police, the investigation prospects faded after Frances’s passing in October 2024.
The Financial Ombudsman Service ruled in favor of Halifax, stating that the bank was not liable as Frances had authorized Sheila to manage her account. Pat criticized the bank for allowing her vulnerable mother to sign away her funds, especially when she only had 6p left when seeking help.
Furthermore, the family uncovered daily £500 transfers from her father’s account, which had nearly £200,000, leading to a total loss of their assets, including proceeds from house sales, pensions, and savings, without knowledge of where the money went.
Halifax responded, stating that they had thoroughly investigated the concerns raised by Pat and found their actions appropriate. They expressed sympathy for Frances’s family and clarified that the Financial Ombudsman Service also supported their handling of the situation.
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