Latest news with #powerofattorney
Times
26-07-2025
- Business
- Times
We need Mum's £300k for her care, but Santander is ignoring us
My mother is 97 and lives in a care home, so I have power of attorney to manage her finances. She has been a Santander customer for decades and has about £300,000 in a fixed-term bond. This was due to mature in May, so in April I called the bank to instruct it to send £100,000 to her nominated bank account, and move the remaining amount into a new one-year savings bond paying 4.05 per cent interest. To my surprise, Santander said it could not accept my instruction because I was not recorded as having power of attorney. Given that I registered as her attorney in 2015 and had set up this bond on her behalf last year, I said this didn't make any sense but the bank refused to speak to me about her account. I raised a complaint and expected this error to be resolved quickly. But the bank still wouldn't take my instructions when I called two weeks later. At that point I started to get concerned because we need that £100,000 to pay my mother's care home fees in August. This is very alarming indeed. In the meantime, her bond has matured and the £300,000 has automatically rolled into an account paying just 1 per cent interest. Essentially Santander ignored my instructions, leaving my mother missing out on hundreds of pounds of interest and unable to access her own cash. Santander finally admitted that it had made a mistake and promised to resolve this, but then closed my complaint without sorting anything Hampshire • Blocked drains and blood stains: our Airbnb guest cost us £15,000 Care home fees are usually eye-watering, so you were understandably anxious to get your mother's funds ready for the next payment. Given that you were moving the money around on her behalf and had a registered power of attorney, this should have been a reasonably straightforward request for Santander to complete. A lasting power of attorney is a legal document which lets you make decisions on someone else's behalf if they have lost the ability to manage their own affairs. They must have set up the power of attorney when they still had capacity and the document must have been approved by the Office of the Public Guardian. Powers of attorney must be registered with a bank before you can manage someone else's account for them. You had registered your document with Santander in 2015, so everything should have been in place for you to move your mother's money and open and close accounts for her. Although you had used your rights as her attorney when you set up the fixed-term bond in April last year, Santander explained that while it received the money, the request to register you as her attorney on that account wasn't processed properly, which it said was down to human error. Santander then closed your complaint before it had been resolved, which the bank said that a complaints handler had done by mistake — another human error, which it apologised for. You did all the right things by raising a complaint and, given that Santander had not addressed your issues, your next move could have been to escalate your complaint to the ombudsman. I was able to step in before it came to that, which spared you some added stress. The bank has now finally carried out your instructions, so that your mother has £100,000 in her account and the remaining £200,000 is tucked away in a one-year bond paying 4.05 per cent. Santander has also given her £604 in backdated interest, plus £250 compensation. Santander said: 'We are really sorry for the experience Howard received and can confirm that his access has been rectified, and the savings have been transferred according to his instructions.' You said: 'It was only once I came to you that anything constructive happened, so many thanks for your help.' In June I had a notification from my Revolut banking app asking me to authorise a payment to the food delivery company Uber Eats. As I have never used Uber Eats, I declined the transaction, which was for £20.87. A couple of minutes later I had another notification for the same transaction, and declined the payment again. But £20.87 was deducted from my account. I then checked my transactions and realised that a couple of days earlier there had been another payment to Uber Eats for £16.38. I had not authorised this payment either. I haven't lost my phone or my Revolut card, so I'm really concerned as to how this happened. I immediately contacted Revolut through the app and after some wrangling with the dreaded chatbot, was finally put through to a human who said that both transactions would be reversed. Relieved by this prompt action, I felt sure that Revolut would refund me and that would be the end of the matter. But it then claimed that I had authorised both payments on my phone. I said this wasn't correct but Revolut said there was nothing more it could do. It would seem that Revolut's banking security leaves much to be desired. While the amounts are relatively small, I am left feeling that the company won't keep my money Liverpool • 'Thieves went on a £21k shopping spree with my Revolut cash' Worryingly it sounds like someone must have used your card details for a fast-food spree. While I was pleased that Revolut had immediately cancelled your card and sent you a new one after this incident, it was unacceptable that it tried to claim that you had authorised these payments when you clearly had not. Being a victim of fraud can leave you feeling shaken up; Revolut left you feeling even more vulnerable. It sounded like there had been a misunderstanding during your conversation with Revolut because it was under the impression that you had been tricked into authorising the transactions. But that didn't explain why the transaction had gone through after you had rejected it. It might shock readers to learn that companies can proceed with a payment even if a customer has declined it, so it's possible that Uber Eats or its payment company had pushed it through. Uber Eats told me: 'Uber takes reports of fraud very seriously and our specialist teams promptly investigate any concerns, as we did in this case.' It has now reimbursed you and banned the fraudulent account. Revolut said: 'We are sorry to hear about this case, or any instance where our customers are targeted by ruthless and highly sophisticated criminals. If you notice any unrecognised activity on your account, we advise you to freeze your cards immediately.' Sadly this didn't explain how fraudsters got your card details, or restore your faith in Revolut, and so you have decided to close your account. • £1,476,988 — the amount Your Money Matters has saved readers so far this year If you have a money problem you would like Katherine Denham to investigate email yourmoneymatters@ Please include a phone number
Yahoo
13-07-2025
- Business
- Yahoo
The safeguards — and potential pitfalls — of having a power of attorney
Having a younger family member manage their elderly relative's accounts, using a power of attorney, is an important tool in estate planning. Mark Ting, a partner with Foundation Wealth and On The Coast's personal finance columnist, provides advice on how to be careful with the power of attorney after a CBC Radio listener recently shared that she suspected her brother was misusing his power of attorney status to take money from their mother.
Daily Mail
28-06-2025
- General
- Daily Mail
FLOURISHING AFTER 50: My sister is 'treating herself' with our elderly mum's cash - and talking about selling the family home. How can I stop her?
Dear Vanessa, I need help dealing with a really upsetting family situation. My mum is in her late 80s and has dementia. A few years ago, she gave my sister power of attorney, which made sense at the time - she lived nearby and offered to help. About a year ago, she moved in with mum to take care of her, and ever since, things have become uncomfortable. My sister has started using mum's money to buy things or 'treats' for herself - a new television, furniture, and other items she says are for her 'comfort while caring.' She's now talking about moving mum into a care home and selling mum's house to fund it. I understand that aged care is expensive and that mum may need full-time support soon. But I'm worried things aren't being done the right way. My sister rarely communicates with me or our brother, and anytime I ask questions, she shuts me down and says she has the legal authority. I want mum to be properly cared for, but I also want things to be fair. mum always said her house was to be split equally between the three of us, and now I'm worried we'll lose everything to care fees - or worse, that my sister is mismanaging things. What is the right way to handle this? Can my sister really make all these decisions on her own? And are we going to lose our inheritance to aged care? Karen. Dear Karen, First, thank you for writing. This is one of the most emotionally loaded financial situations anyone can face - when love, family, responsibility, and money all collide. You're not alone in this. As our parents age and become vulnerable, families are often left to make big decisions with uneven information, old family dynamics at play, and sometimes, very little guidance. It's understandable that you want to protect your mum, but also ensure her wishes around inheritance are respected. That's not selfish. That's human. Legally, a power of attorney (POA) allows someone to make decisions on behalf of another person when they're no longer able to. But that power comes with responsibilities - the most important being that all decisions must be made in the best interests of the person, not the attorney. Buying items for 'comfort' may fall into a grey area, but if there's a pattern of personal benefit, it's reasonable to question what's happening. That doesn't mean your sister is doing anything illegal - but it does mean you have the right to ask for transparency. Being family doesn't remove the obligation to account for decisions made under POA. You asked a really important question: will we lose our inheritance to aged care? The truth is, aged care is expensive, and yes in many cases, the family home is sold to cover it. The aged care system takes into account a person's assets and income when determining fees. So depending on your mum's financial position, some or all of the home's value may be used to fund her care. But there are strategies to manage this process and potentially protect some of the estate - the key is getting expert advice early. To explore this further, I spoke with an experienced financial adviser who specialises in aged care and estate planning. They said: 'Families often wait until the last minute to deal with aged care, but the earlier you get advice, the more options you have - not just financially, but in keeping family relationships intact. A good plan can help ensure care is properly funded and also clarify what can reasonably be preserved for inheritance.' They also added: 'Having power of attorney doesn't mean shutting out the rest of the family. The best outcomes happen when everyone is brought into the loop, especially siblings. If that's not happening, it's okay to speak up - and even seek independent mediation if needed.' Karen, you're doing the right thing by asking questions. If you're not getting clear answers, you may want to request a formal update from your sister - or suggest that an independent third party help review decisions. It's also worth talking to a financial adviser with experience in aged care. They can help you understand your mum's funding options, what's legally permitted, and whether the current arrangement makes sense. If you don't know where to start, I offer a free referral service to connect people with trusted advisers. You can find it here: This is hard stuff. Emotions run high, and the stakes feel personal - because they are. But your voice matters. And it's okay to want fairness, clarity, and care - all at once. Choose you first,
Daily Mail
26-06-2025
- Business
- Daily Mail
Why did Ovo Energy let my vulnerable sister amass £10,800 in credit? CRANE ON THE CASE
My sister, who is in her 70s, has learning difficulties and several health issues. My wife and I have started helping her manage her money as her condition deteriorated and she could no longer do it alone. In February, my sister and I called her energy supplier, Ovo, together and she gave me permission to deal with her account. We also submitted meter readings. A short while later, I opened a bill from Ovo and was astonished to see that my sister had £10,824 in credit on her account. I told her and she said she'd like it refunded. I called Ovo but was told a manager would need to sign off the refund as it was so large. But I didn't hear back, and it still hasn't been paid despite me chasing. Now, as so much time has elapsed, Ovo won't speak to me unless I get my sister's permission again. However, her health problems have worsened and she is now in hospital. Her condition is such that she is not able to speak coherently. I want to register for power of attorney, but this isn't feasible at the moment. I understand Ovo needs to make sure my sister knows what I am doing. However, she already gave permission, and it's not our fault this has taken so long. My sister will need to pay for extra care when she is out of hospital, and the money would really help. B.D, Kent Helen Crane, This is Money's consumer champion, replies: It is staggering your sister, who is on a low income and sometimes struggles with everyday costs, could be sitting on almost £11,000 of cash and not be aware of it. While hers is an extreme example, she is not alone in letting it build up. According to Ofgem, the average amount of credit held in energy accounts in 2024 was £3.28billion, an average of £215 per household. This number only applies to direct debit customers, so the true figure could be much higher. Your sister paid her energy bills monthly, in person, by visiting the Post Office or asking her son, who also has learning difficulties, to do so for her. She told you she usually paid in £300 per month, but it appears she wasn't aware that her actual energy use was costing her far less than this. This is despite the fact your sister wasn't providing meter readings, so she would have been billed on estimates which can often be higher. The overpayments had been going on for many years - even prior to her account being switched to Ovo when it took over her old supplier in 2022 - which is how the credit balance began to snowball. Energy firms are allowed to use money sitting idle in energy balances to bolster their own finances, so she was effectively providing a sizeable interest-free loan for Ovo. You asked why there was not a system in place for energy firms to flag up large credit balances with customers - perhaps when they exceed a certain level. Energy firms have the power to reduce the amount they take from customers who pay via direct debit, if they start to build up a lot of credit. Paying the bill via the Post Office means the energy firm can't intervene in this way, but I agree that a letter or phone call to your sister would have been a good idea. Even after you became aware of the hefty cash stash, Ovo didn't make it easy to get hold of the money that rightfully belonged to your sister. When you sent more pictures of your sister's meter readings - a requirement for getting the refund - you were surprised to receive an email which said her account was no longer with Ovo. It turned out that related to someone else's account and was sent in error. And after you were told the credit balance could be refunded, you waited for weeks for this to be signed off by an Ovo manager. Despite chasing it up several times, no progress seemed to have been made. The last time you contacted Ovo, it said it couldn't speak to you any more as your sister's permission, given in February, had expired. With scams and financial exploitation sadly rife, it's right that companies thoroughly check the credentials of anyone who claims to be managing someone else's money. But your sister had already given this permission, and it was only Ovo's tardiness that required it to be given again. I'd also argue your circumstances were exceptional, with your sister now very unwell in hospital and urgently needing the money to help fund additional support for both her and her son on her release. Exasperated, you contacted me to ask if I could help. I contacted Ovo, and you were quickly contacted by a senior complaints manager who you said was much more helpful than those you'd spoken to before. He explained you had not been properly recorded as someone who could make changes to your sister's account, but this had now been rectified. It was also explained your sister started increasing her payments while she was with her former energy supplier, which she had been with since 2007. The amounts kept increasing and by the end she had not been paying in £300 a month as she told you, but £405. By the time her account was taken over by Ovo, she was about £9,500 in credit. She did stop paying in to the account in April 2023, by which time she had amassed a credit balance of £12,700. This then slowly decreased as energy was billed for. Ovo said that, had your sister paid by direct debit and not at the Post Office, her account would be subject to regular 'direct debit reviews' and she would have been contacted about the large balance. However, those who don't want to pay automatically shouldn't be discriminated against, and I fail to see why the same checks couldn't be carried out. Addressing the delay in responding to your request for a refund, it said photos of the meter readings weren't sent when initially requested. When you did send them, it found the readings were 'significantly lower' than the estimated readings used when your sister's account was switched to Ovo in 2022. This caused the refund request to be rejected, but you weren't told about this. After I contacted Ovo, these meter readings were investigated. It was discovered that your sister's previous supplier had over-billed her, resulting in a further credit to her Ovo account. All in all, she has now been repaid a sum of £12,000, accounting for the refunded credit and money back from her former supplier. An Ovo spokeswoman said: 'We're sorry for the delay and can confirm the refund has now been actioned.' I hope this money makes a difference to your family and wish you all the best. I would also urge anyone who supports a family member, or anyone else, with their finances to explore a power of attorney application at an early stage. Sudden health emergencies are often the catalyst for seeking a POA, but having one in place beforehand can make life much easier during a worrying time.
CTV News
25-06-2025
- CTV News
Sault woman charged with defrauding victim of $321K
A 50-year-old suspect in Sault Ste. Marie turned herself in this week and was charged with fraud over $5,000. (File) A 50-year-old suspect in Sault Ste. Marie turned herself in this week and was charged with fraud over $5,000. In a news release Wednesday, police said she is suspected of defrauding a victim of hundreds of thousands of dollars in just more than a year. The investigation began earlier this month 'regarding the accused defrauding someone known to them,' police said in a news release. 'The investigation revealed the accused, who had power of attorney over the victim's finances, defrauded them of approximately $321,266 between April 2024 and May 2025.' The accused turned herself in June 24 and was charged with fraud over $5,000 and theft by a person holding power of attorney. The accused was released and is scheduled to appear in court on Aug. 25.
