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
Australians are under attack from scams, part of a worsening global scams scourge, and all sectors need to ramp up the fight against these criminals, including government, law enforcement, banks, telcos, social media and crypto platforms and individuals.
The ABA welcomes the appointment of Michele Bullock as the new Reserve Bank of Australia (RBA) Governor.
The ABA acknowledges RBA Governor Phillip Lowe’s strong leadership of the central bank during one of Australia’s most turbulent periods, the COVID-19 pandemic.
The Australian Banking Association (ABA) has welcomed the launch of the Federal Government’s National Anti-Scam Centre (NASC), a key government and regulator initiative to help fight the scams scourge.