Committed to protecting our customers.
This guidance outlines how Summerland Bank recognises and manages Powers of Attorney (POA) and Financial Management Orders, ensuring customer protection, compliance with legal obligations, and support for vulnerable customers.
Types of Powers of Attorney and Financial Management Orders:
- General Power of Attorney (GPOA)
- Grants authority for financial/legal decisions while the principal retains capacity
- Commonly used for short term arrangements (ie travel)
- Automatically ceases if the principal loses capacity or passes away.
- Enduring Power of Attorney (EPOA)
- Remains valid even if the principal loses decision-making capacity
- Used for long term planning and protection
- May require medical evidence to confirm activation if triggered by loss of capacity.
- Financial Management Orders
- Appointed by a tribunal when a person lacks capacity and has no valid EPOA
- Grants authority to an administrator to manage financial affairs.
Verification Process
To recognise a POA or Financial Management Order, Summerland Bank requires:
- A certified copy of the legal document
- Identification of attorney(s) or administrator(s)
- Medical evidence (if required) confirming loss of capacity for EPOAs that activate upon incapacity
- Review of:
- Scope of authority (e.g. financial only, properly executed)
- Conditions or limitations
- Appointment structure (e.g. jointly, severally, consecutively)
If there are concerns about the document’s validity or the principal’s capacity, further evidence may be requested, and legal advice may be sought.
Attorney Responsibilities
Attorneys must:
- Act in the best interests of the principal
- Avoid conflicts of interest unless explicitly permitted
- Keep finances separate from their own
- Maintain accurate records of all transactions
- Not profit from the appointment unless authorised
Summerland Bank may restrict access or monitor transactions if there are concerns about misuse or financial abuse.
Revocation and Expiry
A POA may be revoked or expire due to:
- Written revocation by the principal
- Death of the principal
- Bankrupt or legal incapacity of the attorney
- Fulfilment of the POA’s purpose or time limit
Summerland Bank must be notified in writing of any revocation.
Customer Protections
At Summerland Bank, we take our responsibility to safeguard customers seriously – especially when financial decisions are being made on their behalf. We have measures in place to detect misuse, prevent financial abuse, and ensure that Powers of Attorney are used appropriately and ethically.
- Monitoring for red flags of financial abuse
- Temporary account restrictions may be applied while concerns are investigated
- Referrals to safeguarding agencies where appropriate
- Customer contact will be attempted where possible to confirm understanding and consent.
Need help now?
If you or someone you know needs immediate support, please contact us:
- Call us on 1300 728 728
- Visit your nearest branch
- Email us at contact@summerland.com.au
We are here to listen, support, and help you find the right solution.