Banks and building societies are neglecting the rights of families with Power of Attorney

Like many savers, Ernest Woodford received a letter last year telling him that the interest rate on his savings account would be cut. But Mr Woodford, 89, is in poor health and moved to a residential care home in 2011. He had awarded legal powers to his family to manage his financial affairs on his behalf, so in January his daughter and granddaughter went to their local Nationwide branch to check his accounts and set up a new cash Isa that paid a better rate of interest. But staff at Nationwide came up with a range of conflicting requirements that made opening an account impossible. The case shines a light on a myriad of different rules imposed by banks on those looking after the finances of an elderly relative, under a legal authority known as Power of Attorney, with particular complication when it comes to Isas....Read more here