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 welcomes further progress by the Federal Government to establish a mandatory SMS Sender ID register with an enforceable industry standard, in what will be a critical preventative measure in the fight against scammers. ABA CEO Anna Bligh said thwarting SMS impersonation scams would disrupt a key tactic that scammers use to steal money… Read more »
Gary Hardgrave (Host): To the story, Christine Rose and her husband, David, they fell victim to a vicious, really vicious scam. It’s robbed them of $40,000 the money was the house deposit for their first property purchased together. It’s all gone because a cyber-criminal impersonated their solicitor. Christine Rose (clip from previous interview): It’s affected… Read more »
Shoppers on the hunt for a bargain during the Black Friday sales period are being warned to be on high alert for scams. The Australian Banking Association is reminding shoppers to be on the lookout for popular scams that are circulating: ABA CEO Anna Bligh said scam activity always surges during the Black Friday sales… Read more »