Banks 'must do more to recognise the Lasting Power of Attorney'

More must be done to ensure that the Lasting Power of Attorney is recognised by the financial services industry, a leading newspaper has claimed.

The Observer has called for these organisations to be more prepared to recognise this form of legal document and to allow the appointee to access their vulnerable relatives' bank accounts.
 
It cited a number of cases where people have been unable to deal with the account over the phone or online and are required to solely execute their duties in writing.
 
Associate solicitor Sofia Tayton told the newspaper that even as a legal professional the current situation is terrible and frustrating.
 
She said: "The banks do not seem to show any consistency, with each one requiring different ID and sight of different documents and not having anyone in a branch that you can speak to about these issues."
 
Earlier this month, the Telegraph advised those who are making a will ahead of retirement to consider drawing up a Lasting Power of Attorney to look after them and their property in case they develop an illness that prevents them from doing so themselves.

Published by Phil Hammond