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Proposed changes to Lasting Powers of Attorney may leave older and vulnerable at risk

Maria Cosslett, Partner at Loosemores Solicitors has joined fellow members of Solicitors for the Elderly (SFE) in warning against proposals to turn the Lasting Powers of Attorney (LPA) process fully digital.

An LPA is a legal document that allows a person to appoint trusted individuals to make important decisions about their finances and property on their behalf. The Financial Conduct Authority (FCA) recently called for a fully digital system, whereby documents could be registered completely online.

Maria Cosslett commented on the proposed changes:

“Removing the requirement of a wet signature has the potential to put thousands of people at risk of fraud and financial abuse. An LPA requires the understanding and consent of the donor, but without the witnessing of a physical signature, what is to stop a family member or friend registering a document on someone else’s behalf, perhaps even without their knowledge?

Maria Continued:

“LPAs are extremely powerful and complex documents, and the prospect of being able to take control of someone else’s bank account and even their property with the few clicks of a button is frankly reckless.”

Whilst at Loosemores we usually welcome initiatives that make LPAs more accessible, these proposed changes are a threat to the safety of the elderly and vulnerable. The security risks associated with the proposed changes highlight the need for using a trusted, qualified and reputable lawyer.

Please contact Maria Cosslett today for any enquiries relating to Lasting Powers of Attorney, Wills, Probate and Estate Administration.

Call: 029 2022 4433 or Email: cosslettme@loosemores.co.uk

 

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