Opening accounts under Power of Attorney

Tim Parker
Posted by Tim Parker
Posted on December 08, 2020 Leave a comment

With 2020 drawing to a close and with the end of the Covid-19 crisis in sight but not removed, a few themes have come to the fore - with the protection of clients’ assets compounded by the recent rate cut by NS&I, meaning that security and rate of return on cash are playing a major part in the selection process for clients’ bank deposits. The need for clients to monitor banks and building societies on an ongoing basis has become a priority.

With these factors in mind, we are aware that for those clients with lasting or enduring power of attorney, acting with the beneficiaries’ best interest at heart is key. With Akoni’s platform we can provide a home for these funds while allowing the power of attorney to spread the beneficiary’s cash across multiple banking partners to maximise FSCS coverage, ensuring the protection of their funds. Our banking partners are all UK based fully regulated banks, offering some of the most competitive deposit rates in the market, higher rates than the high street which allow clients to maximise their return on their cash deposits.

Additional benefits for power of attorney clients include a lack of red tape - with a single digital application form which once satisfactorily completed, will allow clients to access all our banking partners’ products.
All our bank partners have an implied rating from Fitch which provides an extra layer of information.

The way we have built our platform allows the deposit funds to be held in the beneficiary’s name but controlled by the financial advisor with approval by the power of attorney. We have introduced a dual sign off capacity which enables advisors to draft a bespoke deposit portfolio for the beneficiary but sign off from both the advisor and power of attorney is needed for deposits to be instructed.

Offering this as a solution allows Financial advisors to retain visibility of their clients’ cash ensuring they can provide value and a holistic approach to managing a client’s power of attorney cash.

Find out more about Akoni: Akoni is an award-winning UK cash platform, which provides a marketplace to IFAs, financial advisors and wealth managers through a bespoke white-label offering, or off-the-shelf offering. Akoni uses innovative technology to personalise cash planning solutions for clients, and also provides a full API solution to banks and insurance clients.

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