Only a small minority of the nearly two million people who could be entitled to apply for the power of attorney refund scheme have done so, leaving millions of pounds unclaimed, an FOI request has revealed.
The freedom of information (FOI) request, which was submitted by Royal London, found just 203,000 people have applied for the power of attorney refund scheme so far, out of some 1.9 million who could be entitled to do so. According to the response to the FOI, just £10.3m was refunded by 28 August, with potentially millions waiting to be claimed. The refunds apply to powers of attorney registered between 1 April 2013 and 31 March 2017 in England and Wales. According to the annual reports of the Office of the Public Guardian (OPG), 1.91 million lasting and enduring powers of attorney we...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
