Banks failing to deal appropriately with customers using powers of attorney

About 11 per cent of Australians have given an enduring power of attorney to a family member or friend to manage their financial affairs and, with an ageing population, the number of people unable or unwilling to look after their own financial affairs is expected to grow. According to new research, banks are not keeping up with the trend. Few financial institutions have effective policies for dealing with powers of attorney or other substitute decision-making instruments.

OtherBanking Day (28-Jul-2015)

Released: 29-Jul-2015

About 11 per cent of Australians have given an enduring power of attorney to a family member or friend to manage their financial affairs and, with an ageing population, the number of people unable or unwilling to look after their own financial affairs is expected to grow. According to new research, banks are not keeping up with the trend. Few financial institutions have effective policies for dealing with powers of attorney or other substitute decision-making instruments.

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