Moving money

Question

If a parish council holds a six-figure amount of money in a particular bank account, is it always necessary to obtain full-Council approval for its transfer to a different bank or investment account; and does the full-Council have to approve or appoint new signatories for a new account?

Answer 1

The "new" bank is unlikely to open a "new" account unless it is provided with a council minute to that effect.

Your financial regulations are also likely to require this.

Answer 2

So you want to create a new bank account and transfer £1 million + of council money into it without full council having to get involved and add signatories without having to bother those pesky councillors. What have you got planned? Can i come?

Hopefully your plans are more about reducing admin than anything more sinister. But where in excess of £1million of public funds are involved do all the admin you can and then do a bit more. If that means having to wait months for the next meetings, then wait.

Comments

£1million? Six figures is any number between 100,000 and 999,999 isn't it?

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Whether it be a pound or a gazillion pounds - the principle is exactly the same!

Answer 3

Yes you need council approval to open a new account.  The new account will need signatories and you can chose your current ones on the new account (they'll be "new" to the new bank) or different ones if you wish.  It's a decision of the council.
I'd suggest for that kind of money, you need a proper, approved, investment strategy.

Comments

...which should include consideration of the limitations of the Financial Services Compensation Scheme.