Number of Power of Attorney Complaints Soar

Latest statistics reveal that the number of complaints submitted to the Financial Ombudsman Service about mishandled power of attorney have doubled in the last five years.

Many of the complaints relate to staff at banks and other financial institutions making it difficult for individuals who operate accounts on behalf of elderly relatives.

The number of complaints about the service rose from 71 in 2010 to 178 in 2015 – the highest number on record. The number of complaints which were upheld also more than doubled, up from 35 in 2010, to 79 in 2015.

Banks have a legal obligation to honour powers of attorney, but in practice many limit the attorney's remit, including for example, insisting that the attorney open a bank account with the same bank as the donor.

Sarah Lockyer, senior solicitor at Nocknolds, whose Freedom of Information request revealed the statistics, said "Staff at financial institutions often lack the training to deal with powers of attorney. In many cases staff simply fail to understand what rights a power of attorney gives.

"This can lead to delays in processing transactions, which can cost families money and cause significant distress."

The data shows the amount of complaints made via email or through the ombudsman website, but does not specify which financial services the complaints refer to.

If you are looking for legal advice regarding power of attorney, speak to our experienced legal specialists today. You can call us in complete confidence on 0161 720 7200 to discuss your circumstances.

Ross Legal

Power of Attorney Solicitors