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Press comment: OPG safeguards aim to prevent power of attorney abuse

30/04/2019

If you are covering the Office of the Public Guardian’s safeguarding strategy, please see the following commentary from Quilter tax and financial planning expert, Rachael Griffin:

Rachael Griffin“The OPG has a big responsibility for managing and administering applications for Enduring Power of Attorney and Lasting Power of Attorney. These are becoming increasingly critical tools for managing financial affairs into later life, allowing individuals to grant control of certain affairs to a trusted family member or friend if they become mentally incapacitated, typically through age-related mental illness. Their popularity has skyrocketed, more than trebling over five years from 2010, as more and more people look for the security of having a trusted decision maker in place if they ever need it.

“However, they do come with risk and can be subject to abuse. There have been cases where vulnerable individuals have been targeted by scammers seeking to fraudulently take control of their assets. By falsely obtaining power of attorney, unscrupulous individuals have attempted to manufacture the appearance of genuinely looking out for the best interests of an elderly or vulnerable individual, when in fact they have other motives.

“These cases are few and far between, but can cause huge distress and loss. The OPG is trying to signal its plans for providing appropriate safeguards against abuse. In particular, they are seeking to educate police and adult social case services in order to alert them in the event that they spot signs of abuse.  

“For anyone considering appointing a Power of Attorney, the important thing to remember is that this is a decision to be taken with great care and as a precautionary measure. By taking advance steps ahead of any possible mental incapacity, individuals can have reassurance that a trusted Attorney is in place and negates the risk they could be targeted by someone they don’t know seeking to take advantage of them.”

For more information contact

Michael Glenister020 7778 963807469 144535michael.glenister@quilterinvestors.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £114.9 billion in investments (as at 31 March 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

  • The Multi-asset business is now Quilter Investors
  • Intrinsic to Quilter Financial Planning
  • The private client advisers business is now Quilter Private Client Advisers
  • The UK Platform to Quilter Wealth Solutions
  • The International business to Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

 

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.