Avoid problems with power of attorney.
A POWER of attorney is a way of giving someone the legal power to manage your finances.
Often, the person giving their permission for their finances to be handled by someone else may be in poor health.
If you have a power of attorney that you need to register with a bank, the bank will take copies of the document and will ask you for proof of your identity so that they can register the details on their system.
The Financial Ombudsman Service (FOS), which resolves disputes between financial firms and consumers, has just published new guidance to help consumers and bank staff when registering power of attorney.
The guidance has been made available on its website - www.financialombudsman.org.uk - and consumers can take it into their bank if they have any problems.
The ombudsman suggests that consumers do: Book an appointment to speak to a member of staff, explain they need to register a power of attorney and ask what documents they need to bring in.
Tell the bank anything that will make it easier for them to help.
The ombudsman suggests that consumers don't : Hand over original cop-ies of documents for staff to keep. Staff should be able to make copies.
Get upset. If you're hit-ting a brick wall, ask to speak to the manager.
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|Publication:||Huddersfield Daily Examiner (Huddersfield, England)|
|Date:||Feb 19, 2015|
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