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Press comment: LPA campaign couldn't come soon enough

04/03/2019

If you’re covering the Office of the Public Guardian’s campaign  to raise awareness and knowledge of lasting power of attorney, please see the following comment from Rachael Griffin, tax and financial planning expert at Quilter:

Rachael Griffin"There are a myriad of things that we don’t want to talk to our parents about no matter what age we are. However, there are some topics that need to be broached no matter how uncomfortable they are, including power of attorney. But it seems people are much more willing to talk about their latest illness as research shows that 39% of adults feel uncomfortable talking to their friends and family about power of attorney, jumping to nearly 50% for those aged over 55.* While over 60% of adults are willing to chat about their physical health, jumping to nearly 70% for those over 55.

"The government’s campaign to raise awareness and knowledge on power of attorney could not have come soon enough. There are large misconceptions over what people are allowed to do with and without a PoA. If you are married or in a civil partnership, you may have assumed that your spouse would automatically be able to deal with your bank account and pensions, and make decisions about your healthcare, if you lose the ability to do so. This is not the case. Without an LPA, they won’t have the authority. It’s also important to remember, when you appoint an attorney you give someone you trust the legal authority to make decisions on your behalf at some point in the future. Although upon registering a LPA, if you wanted you could allow the attorney to immediately start making decisions on your behalf, this does not have to be the case and an LPA can in essence lie dormant until such a time that you may need it.

"While, there has been about a 20% year on year increase in lasting power of attorney (LPA) applications from 2017 to 2018, there is still a large number of people who haven’t yet considered a LPA and need to. Particularly given that its estimated that 2 million people will suffer from dementia by 2051, according to the Alzheimer’s Society."

 

*Quilter survey conducted by YouGov of over 2,000 UK adults in October 2018

 

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@quilter.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.