Banks need to catch up with the world

The population is aging and Dementia/Alzheimer’s is on the rise. People are getting ready for it by executing Lasting Power of Attorney and appointing their trusted friends/family to make decisions on their behalf if they are no longer able to make them.

However the banks are not equipped to handle these requests.  As reported by The Financial Times, once banks had received documents, the timeframe for registering them varied and most are not even equipped to handle legal framework of joint attorneys. One in four respondents said that registering the POA took much longer than expected. In practice, this could leave attorneys having to pay bills and fund other expenses out of their own pockets.

As most people, who have acted for someone will tell you, working with banks is an all-consuming task. It is time banks streamline their processes and accept the world and legal system to support the aging population.


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