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
Australian banks strongly support the RBA’s proposed ban on debit and credit card surcharges, while overwhelmingly calling for an alternative pathway forward on interchange fees. The ABA has made the following calls in a submission to the RBA’s current consultation on the Review of Merchant Card Payment Costs and Surcharging: ABA CEO Simon Birmingham said… Read more »
Australia’s banks welcome the passing through the Senate of new legislation to ensure payments laws are up-to-date and reflect today’s digital economy. The new laws will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for customers. ABA CEO Simon Birmingham said… Read more »
The ABA welcomes the passage through the House of critical legislation to ensure Australia’s payments regulatory framework is brought up-to-date and urges the Senate to quickly pass this overdue legislation too. The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly… Read more »