What is a Power of Attorney?
A POA is a legal agreement which provides the authority for one or more people (the “attorneys”) to act for another person (the “donor”) in specified or all legal or financial matters. The donor usually provides their agreement to the other people acting on their behalf, and the circumstances where this authority is put in place. A Court of Protection order (COP) is a similar legal agreement, but where a court, rather than the donor, has given the authority for one or more people (the “deputies”) to act on the donor’s behalf.
The different types of POA and COP documents
Both POA and COP documents can be for a number of different circumstances – for example, they can be set up to allow attorneys or deputies to make decisions about a donor’s property, financial affairs and/or personal welfare. If we receive any POA or COP documentation, we will verify that the powers allow the attorneys or deputies to act on the donor’s myM&G account.
If there is more than one attorney or deputy, the powers may be held jointly (where all attorneys/deputies must consent to any action on the donor’s account) or jointly and severally (where any attorney/deputy may act on behalf of the donor without the explicit consent of the other attorneys or deputies). Once an attorney or deputy has access to a donor’s myM&G account, they will be able to place an instruction on the account but must confirm that, where required, they have the agreement of the other attorneys or deputies.
If you have a POA or COP document which has been registered overseas, please contact us in order to discuss what is required in your specific circumstances.
How to set one up
If you have not yet set up a POA or COP, you will need to complete the appropriate legal forms and follow the formal process set out by the government to legally set up and register a POA/COP. Further information can be found at the websites below:
How to register a POA or COP with myM&G
If the donor is a new investor, please call us on 0808 178 4035 and we will talk you through the next steps.
If the donor is an existing myM&G or M&G investor once the appropriate POA or COP has been set up, you will need to:
How to access the donor’s myM&G account
Once we have given attorneys/deputies access to the donor’s account, each attorney or deputy will be able log in to myM&G as usual and then simply select the Power of Attorney menu option in ‘My account’. This will enable the attorney or deputy to log in to the donor’s myM&G account and act as the donor.
POA Notification form
Click here to open the POA Notification Form.
Click here to see our FAQs and further information on POAs