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If you’d like to appoint someone to help you manage the finances you have with us, or alternatively, if you have been asked by a friend or family member to help them with their finances, there are a number of ways that this can be set up;

  • Power of Attorney - Ordinary and lasting

  • Third Party Mandate

POWER OF ATTORNEY

A power of attorney (POA) is a legally binding document that allows someone to make decisions for you, or act on your behalf, if you're no longer able to do so, or if you no longer want to make your own decisions.

There are a number of reasons why you might need someone to make decisions for you or act on your behalf:

  • This could just be a temporary situation if, for example, you were in hospital and needed help with everyday things such as paying bills.
  • Alternatively, you may need to make longer-term plans if, for example, you were diagnosed with dementia and lost the mental capacity to make your own decisions in the future.

For more details on power of attorney or lasting power of attorney you can visit the age UK website here.*

*We are not responsible for the content of external websites

Ordinary power of attorney

This covers decisions about your financial affairs and is only valid while you have mental capacity. It is suitable if you need cover for a temporary period (hospital stay or holiday) or if you find it hard to get out, or you want someone to act for you.

    You can limit the power you give your attorney so that they can only deal with certain assets, for example, your bank account but not your home.

Lasting power of attorney

A lasting power of attorney (LPA) is a way of giving someone you trust, your attorney, the legal authority to make decisions on your behalf if you lose the mental capacity to do so in the future, or if you no longer want to make decisions for yourself.

There are two types of LPA:

  • LPA for financial decisions
  • LPA for health and care decisions.

Putting in place a LPA offers security for you and your loved ones and lets you decide what should happen if old age, illness or injury leaves you unable to deal with your own affairs. This can also reduce the likelihood of family conflicts in the future.
 
Without this in place, your family and friends may find it difficult to manage your affairs and they may not know your wishes.

How do I set up a POA?

You can download the relevant forms from Gov.uk or you can contact your local Citizens Advice Bureau or a solicitor for advice. Once the Power of Attorney is set up you’ll need to register it with us.

How do I register a POA and what identification documentation is required?

You will need to complete a Power of Attorney Form and return it to us with an original or certified copy of the POA documents and identification for each Attorney. If you and / or the Attorney are new to the Society we will check your identity by making searches about you at a credit reference agency that will supply us with information. If we are unable to verify your identity by this method we will advise you of the additional documentation required to complete the account opening process.

If you already have an account with us, your signature matches our records and your name and address haven’t changed, you will not need to provide further evidence of your identity.

If you are a new customer or an existing customer opening a new account(s), you and the Attorney will also need to complete the relevant account application.


THIRD PARTY MANDATE

A Third Party Mandate is a document that tells us we can accept withdrawal instructions relating to your account from a specific named person of your choosing (‘the Third Party’). 

A Third Party Mandate is not normally a permanent instruction and needs to be renewed annually if it is still required. It is useful for circumstances where you are unable to attend your local branch due to injury or illness or you are moving away and need someone else to maintain your account for you etc.

How do I set up for Third Party access and what ID documentation is required?

In order to set up your Third Party Mandate you will need to complete the Third Party Mandate Form  and return it to us along with identification for the Third Parties an d the completed product application form for the product you require.

If you and /or the Attorney are new to the Society we will check your identity by making searches about you at a credit reference agency that will supply us with information. If we are unable to verify your identity by this method we will advise you of the additional documentation required to complete the account opening process.

If you already have an account with us, your signature matches our records and your name & address haven’t changed, you will not need to provide further evidence of your identity.

 

Need more help?

We have partnered with specialist legal services provider, Wellers Law Group, to provide our customers and their families with access to a full suite of LPA services to suit your needs and budget.

The Wellers Law Group was established in 1881 and has grown to incorporate a number of very highly regarded legal firms including Wellers Hedleys, based in Surrey, and Wellers Reece-Jones, based in Sevenoaks. Wellers are committed to adding real value, in addressing your legal needs and finding better, more practical answers for you. 

You write a Will to ensure your wishes are carried out when you die so why wouldn't you want to ensure you are protected in life?

If you would like us to arrange an appointment with Wellers, please use the telephone number above to call us to request call back, and we'll take a few details and set things up for you. 

           

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03300 244595

   
       
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