Without any comment on my part it occurs to me members who have not seen
this article in The Times might find it interesting.
Andrew M Mortimer
He’s quite correct, there is more security with a Deputyship due to the ongoing supervision. Perhaps the OPG should look at utilising the overcharged Registration fees to fund some sort of spot check on existing registered LPAs and their use?
What is a greater concern though is the willingness of banks and building societies to suggest that its far easier for elderly and vulnerable people to open a joint bank account rather than go to the cost and hassle of completing an LPA. This is happening more and more and leaves the elderly even more vulnerable and that’s before anyone considers how ownership of the “joint asset” on death.
Justin Wallace
Brewer Harding & Rowe
Since the “joint asset” is often dealt with by the survivor by withdrawal from (or closure of) the account, there must be a substantial loss to the Treasury as well.
Julian Cohen, Solicitor
I remember the time when banks [etc] would freeze a joint account [whether
both or either to sign] if any signatory lost capacity - on the basis that
in law there had to be a continuing consent by both holders. In practice,
this was not a problem when the customer was still known by local bank
staff who would effectively supervise any unusual activity, but did “hit
the buffers” if/when someone [perhaps a new clerk or temporary manager]
notified area office. However, I wonder if the law has changed in the
meantime, if banks are now suggesting this, and would welcome views from
forum members.
As for Denzil Lush, my personal feeling is one of regret that he
contributed to the creation of a large and expensive bureaucratic mess
which, as he now admits, is not appropriate.
Kevin Mullen
Here is the guidance from the British Bankers Association.
Quote
Dealing with a joint bank account
A joint account allows two people to use an account
either separately or together. Depending on the terms and
conditions of the joint account, another person may be
given access to a joint account on behalf of one of the
account holders.
If one joint account holders loses mental capacity, banks
and building societies can decide whether or not to
temporarily restrict the use of the account to essential
transactions only (for example, living expenses and
medical or residential-care bills) until a deputy has been
appointed or a power of attorney registered.
If a person has a joint account with someone who is losing
mental capacity, they should talk to their bank or building
society.
Unquote
Adrian Traher
Civil Wills