Appointing someone to manage your business affairs
Within Commercial Banking, it is important that we have the right, and appropriate member offering you support when there is a change in your circumstances.
Our commercial support teams offer various services to make things smooth and easy for you.
A trusted person can help you manage your business account and money matters. This could be a family member, friend, colleague or even neighbour.
There are a number of reasons why someone may need to act on your behalf. You may be living abroad or have serious health conditions. The person you choose can manage your account in different ways. Choosing the right option will depend on your individual circumstance.
Under Representative Access, there are two types of options that are available within Commercial Banking; Mandate Variation and Power of Attorney. The route you take, will determine which process you will have to use.
- A Mandate Signatory Arrangement – this allows someone to request various changes including who can operate your accounts, what they can do and amend their Online business access.
- Power of Attorney – this gives someone the legal authority to deal with third parties such as banks or the local council on your behalf, and in some cases the legal power to make a decision on your behalf such as where you should live.
If your circumstances have changed since you first set up access for someone to help manage your financial affairs, the following guidelines may assist you.
Change of address
If you or the named representative(s) change address you will need to tell us about it. You can do this by calling us or visiting your local branch.
When a marriage or civil partnership ends
If you and the named representative are married to each other or in a civil partnership and separate, the arrangement will come to an end unless the legal document states otherwise. This applies to all types of Power of Attorney, but not to court appointments such as deputyship or guardianship.
You must notify us if the representative passes away and supply us with the death certificate or an updated Lasting Power of Attorney document stamped by the Office of the Public Guardian confirming the deceased (if applicable). You must also notify us if the account holder passes away and supply us with the death certificate. Once notified, all the transactions to the account will be restricted. Get in touch with your relationship manager to know more.
There can be other circumstances that bring an agreement to an end. Contact the Office of the Public Guardian or the court for more information.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Telephone: 020 7626 1500
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.