Power of Attorney

Making sure a loved one’s savings are being looked after

There may come a time in the future where you or a loved one may need a little extra help with the money you’ve saved.

While we hope this never happens to you, we’re here to help in case it does.

How to look after a loved one’s savings account.

By making sure you have the right support in place in case you or a family member needs help managing an account, you could help prevent difficulties later on.

Here’s how you can make sure a loved one’s accounts are being looked after.

Setting up a Power of Attorney

A Power of Attorney (PoA) is a legal document that gives someone the authority to make decisions about property and finances on someone else’s behalf.

(To give your authority to trusted individuals as attorneys you must be capable of making your own decisions)

The government has a webpage with information on how to make, register and end Power of Attorneys.

The government also has a handy guide on how to make and register your lasting power of attorney.

How to register a Power of Attorney with The Loughborough

Once the Power of Attorney has been set up it can be registered with us to open a new savings account or to start managing an existing one.  We’ll need to see the original Power of Attorney document or a certified copy. 

Photocopy documents can be certified by an appropriate person such as a solicitor, accountant, bank or building society official or other financial services approved person and we are provided with sufficient information to be able to contact that person.

We will need an application form for any new and existing account being registered confirming the donor and attorney details. We’ll also need identification for the attorney/s.

More useful information on being a Power of Attorney can be found on our handy help sheet.

Visit us in branch or call us on 01509 631960 to discuss your individual needs, we’ll be happy to help.

You may also find this leaflet useful as it provides guidance on managing an account for someone else.

For more information and advice visit:

The Office of Public Guardian at www.publicguardian.gov.uk  or call 0300 456 0300

Citizens’ Advice Bureau at https://www.citizensadvice.org.uk/family/looking-after-people/managing-affairs-for-someone-else/ or call 08444 111 444