1 March 2020
Responding to requests from a power of attorney or court-appointed administrator. This industry guideline:
- Explains how financial powers of attorney and court-appointed administrator arrangements apply to banks’ relationships with their customers, and
- Outlines a framework that banks can use to consistently manage requests from attorneys and administrators.
The ABA encourages members to use this guideline to set internal processes, procedures, and policies. While powers of attorney arrangements are an important tool for protecting a customer’s future financial circumstances, some attorneys may misuse this power, either inadvertently or deliberately. Banks have an important role to play in establishing that attorneys are properly authorised to undertake transactions on behalf of their principal. A power of attorney is a legal document that gives someone (called an ‘attorney’) the power to act on behalf of, and in the interests of, the person who grants that power (the ‘principal’) during the principal’s lifetime.
Latest news
The ABA acknowledges today’s release of designations, draft industry codes, draft rules and a government discussion paper regarding the Scam Prevention Framework (SPF). Banks will scrutinise these SPF settings carefully to ensure they: ABA CEO Simon Birmingham said the most important policy objective of the SPF needed to be preventing scam losses in the first… Read more »
E&OE Bran Black, BCA: I’m here with colleagues from industry associations that represent the length and breadth of Australia’s economy, and we’re here today to talk about a couple of key features of the Budget. What I wanted to do is just take a step back first and just talk about how we came together…. Read more »
The Alliance of Industry Associations described measures in the Federal Budget as positive first steps on productivity reform, while calling for further action to deliver sustained cost of living relief for households and businesses. The Alliance, representing around 30 industry groups from a broad cross-section of Australia’s economy, has previously called for a significant package… Read more »