Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that individuals holding a registered Power of Attorney can access banking services on behalf of people with conditions such as dementia without undue delay or administrative barriers.

Ensuring all individuals have access to the appropriate financial services and products they need is a key priority for Government. Like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services. This may include allowing for a carer or deputy to act for the disabled person.

A Lasting Power of Attorney must be registered with the Office of the Public Guardian (OPG) in order for it to be used. Whilst the OPG does not have statutory powers to tell banks or financial institutions how to manage their customers’ accounts, they do work closely with them to help improve their understanding of the role of OPG and how Powers of Attorney should be recognised and supported.

OPG regularly engages with the finance sector and finance membership groups to discuss any issues experienced with the use of OPG products. Recently, OPG have been working with the UK Regulators Network (UKRN) on updating joint guidance to help improve the understanding of LPAs with their members, including the banking sector.

The Financial Conduct Authority (FCA), which regulates the financial services sector, recently completed a review of retail banks’ Power of Attorney services. They recognised several areas for improvement in how banks allowed customers to manage the finances of the person for whom they were the Attorney, particularly highlighting the current limitations of app-based and online banking for attorneys. Following this, the FCA wrote to the banks involved, setting out their findings and the expected next steps for firms to follow. The Government is supportive of this work.