Two of the most frequent and important customer-facing account and estate administration processes for financial services providers are checking Enduring Powers of Attorney and deciding when you need probate or letters of administration for the accounts of deceased customers.

Try our EPA Bot (for NSW, Victoria and Queensland) and our Deceased Estate Bot to review your account and estate administration policies and procedures and let me know what you think.

While these bots do not provide legal advice they will help users identify relevant formal issues.

These are matters which are sensitive for customers and their families and can be difficult for the financial services provider.

For example, in relation to powers of attorney FOS has reported disputes where:

• a FSP refused to recognise powers of attorney by denying access to accounts;
• a FSP did not protect an elderly customer from potential financial abuse by his attorney son in relation to the father’s joint account with his elderly wife.

Often legal advice is required on issues such as whether there has been misuse of power by the attorney, recognising undue influence, whether a customer has “capacity” and the administration of joint accounts.