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Guidance is not enough

Even though banks have instructions for dealing with powers of attorney, clients still need support and back-up from their advisers, says Sofia Tayton

2 July 2014

It’s been a year since A framework for authorising people wanting to operate a bank account for someone else: guidance for banks and building societies was issued. At the time, I noted that training for staff was fundamental for the guidance to have an impact. Sadly, it has not been an overwhelming success.

Recent reports indicate that the financial ombudsman has had to warn banks to offer more training, with
35 complaints a month coming in about powers of attorney. In the past couple of months, I have been involved in two matters that indicate just how much
of a problem this can be.

The first involved an unregistered enduring power of attorney (EPA). The gentleman at the bank told my client that this “wasn’t long enough to...

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