In recognition of the difficulties that are often experienced by people who need to manage someone else’s financial affairs, a comprehensive framework for authorising people to operate someone else’s bank or building society account has been published by the Law Society, the British Bankers’ Association, the Building Societies Association, the Office of the Public Guardian and Solicitors for the Elderly.
‘A framework for authorising people wanting to operate a bank account for someone else’ is intended to assist financial institutions in providing fair, appropriate and consistent standards of practice. It deals with a range of third party mandates as well as ordinary, enduring and lasting powers of attorney as well as deputyship and appointees. Helpful practice point notes are incorporated into each section together with the applicable legal principles. A pamphlet for consumers has also been published, ‘Guidance for people wanting to manage a bank account for someone else.’