Financial advisers have been urged to remain “alert to potential problems” after a freedom of information (FOI) request revealed that complaints about alleged financial misconduct by those acting under a Lasting Power of Attorney (LPA) have hit a record high.
At the beginning of this month, a FOI request by TWM Solicitors, reported in the Financial Times, revealed complaints about alleged financial misconduct by those acting under a LPA have hit a record high of almost 12,000. This was an increase from 10,240 the previous year, and 9,538 the year before that. Additionally, the Office of the Public Guardian (OPG) reported that its new channel, used to report such concerns, received about 1,200 submissions in the first year. Only 28% of concerns raised to the OPG are accepted for investigation, according to Wedlake Bell private client con...
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