Father left with just $4000 after trusted daughter nabs life savings
Banks are trying to clamp down on unlawful use of powers of attorney as state governments disagree on common standards. But there are ways to safeguard yourself.
An 84-year-old father living in a nursing home was left with just $4000 after his daughter used her enduring powers of attorney to make 170 withdrawals from his Westpac account over 18 months, according to the Australian Financial Complaints Authority (AFCA).
But Westpac was cleared of any responsibility for allowing the transfers and the father received just $500 compensation.
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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au
