STEP launches GRP to tackle financial abuse
Acting as a template for a lasting power of attorney
Power of Attorney
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57% of inheritance advisers seen instances of financial abuse or suspected it
Including cases of lasting power of attorney coercion
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3.4m over 75s yet to arrange a Power of Attorney
As older retirees unaware of it’s importance
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130,000 Lasting Power of Attorney applications rejected in past five years
On average it takes 91.5 working days to register and dispatch an LPA application
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Modernising the lasting power of attorney process
Changes will be a ‘positive step’ towards improving the process of making and registering LPAs
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‘Creaking’ power of attorney system needs ‘urgent improvement’
As very few Brits understand how it actually works
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Digital lasting power of attorney pitfalls
UK government eyes greater simplification and sustainability of current ‘wet signature’ model
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Landmark ruling on foreign power of attorney
As England and Wales court recognises most orders made abroad
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Issues over client’s mental capacity need better understanding
Advisers should have regular, updated training about what they need to look out for
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Lasting power of attorney is a valuable financial ‘safety net’
Mental illness protections can be insurance against the risk posed by scammers
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Millions in power of attorney fee refunds unclaimed
Less than a fifth of the £69m pot has been paid out
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An adviser’s duty in the unfolding ‘incapacity crisis’
Financial advisers have an important role in safeguarding ageing clients from their own loss of faculties and any abuse of power of attorney rules, according to law firm Irwin Mitchell.