The Law Society, in association with the British Bankers' Association (BBA), the Building Societies Association (BSA), the Office of the Public Guardian (OPG), and other partners, has issued new guidance to provide the first universal framework for banks and building societies to apply a consistent approach when helping relatives or carers who need to manage an account on behalf of another person who is elderly, vulnerable or unable to manage their own affairs.
The framework has been launched to reduce the stress and complex administration often faced by people managing someone else's finances. The guidance will help staff in banks and building societies to recognise and understand Lasting Powers of Attorney, Deputyship Orders and other third party management arrangements.
The objective of the guidance for employees is to improve the information that is available both to staff and the public. The need to operate someone else's account often coincides with a time of emotional upheaval in a family, so it is becoming increasingly common for solicitors to be appointed to conduct this type of work. The Law Society became involved in developing this framework after many solicitors had reported problems when dealing with banks. The framework is intended to address these problems for solicitors who act under a Power of Attorney or as a Deputy for clients and for anyone who needs to manage an account on behalf of another person.