Banks pledge more help for families

BrItAIN’S biggest banks have backed Money Mail’s campaign to make it easier for families to manage their loved ones’ finances.

they have launched a taskforce to investigate ways to improve the way they deal with power of attorney customers.

representatives from major banks met for the first time on friday last week and will continue to have regular meetings for the rest of the year.

two weeks ago Money Mail revealed how Britain’s power of attorney system is failing families when they need help the most.

Power of attorney allows you to specify in a legal document who you would want to manage your financial affairs should you be unable to do so later in life. Some 1.2 million people in the UK have now registered one.

But a lack of training among staff at banks, building societies, insurers, and energy and telecoms firms means families routinely face long delays in accessing relatives’ accounts.

And in many cases staff are bombarding customers who have dementia with calls and letters because they don’t know they should be only dealing with their appointed ‘attorney’.

trade body the British Bankers’ Association has set up a group to look specifically at making urgent improvements in this area.

It will consult with charities and consumer groups to see how banks and building societies can increase transparency, improve training and bring in standard process to reduce confusion.

It intends to work closely with the Office of the Public Guardian, which registers power of attorney documents, and equivalents in Scotland and Northern Ireland, to streamline the process and make clearer what paperwork attorneys need.

the group is also looking at what short-term measures banks can offer to families who need emergency access to their loved ones’ accounts.