The Financial Ombudsman Service (FOS) published tips today, 4 February, to help banks and consumers avoid problems when supporting people who are losing the capacity to manage their finances. Complaints about Powers of Attorney are on the rise.
On average the body is receiving 30 to 40 new cases every month, up from 25-30 last year, often involving highly distressing situations.
Most of the issues relate to misunderstandings about what powers have been granted.
However, the FOS says most of these grievances could have been avoided by consulting a competent solicitor. The FOS is issuing new advice for bank staff and donors registering or appointed representatives that hold a Power of Attorney, to help alleviate the tensions.