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How LPAs leave vulnerable people open to scams
And why we need to take action!
About Switchfoot…
How LPAs leave vulnerable people open to scams And why we need to - - PowerPoint PPT Presentation
How LPAs leave vulnerable people open to scams And why we need to - - PowerPoint PPT Presentation
How LPAs leave vulnerable people open to scams And why we need to take action! 1 About Switchfoot 2 About us Rebecca Trudgett FCA Chartered Accountant Fellow of the ICAEW 15 years experience Founder of SwitchFoot
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About us
- Chartered Accountant
- Fellow of the ICAEW
- 15 years experience
- Founder of SwitchFoot Accounting
- Leader in Cloud Accounting
- Specialist Xero only practice
- App Advisory
- Modern bookkeeping
Rebecca Trudgett FCA
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About us
- Chartered Financial Planner
- Independent
- Fellow of the PFS
- Full Member of STEP
- Member of SOLLA
- PFS Retirement & Later Life Specialist of the
Year Finalist 2020/21
Sebastian Elwell FPFS TEP
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Scams, Frauds, Financial Abuse
Remote - impersonal Remote – Personal Personal- Cloning Cards
- ID Theft
- Direct Debit Fraud
- Insurance Providers?
- Unnecessary services
- ‘Chugging’
- ‘Suckers lists’
- Phone Scams
- HMRC Scams
- ‘Fake Bank’
- Pension Scams
- Theft
- Financial abuse within the
- Coercive control
- Pension Scams
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Pensions freedoms are set to turbo-charge financial abuse
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FCA occasional paper No. 8: Consumer Vulnerability
“A vulnerable consumer is someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”
What is vulnerability?
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FCA occasional paper No. 31: Aging population and financial services
“It’s well established that the UK population is on average getting older. It is plausible that one in three babies born today can expect to celebrate their 100th birthday. While
- ne in six of the UK population is currently aged 65 and
- ver, by 2050 one in four will be. This changing
demographic will have ramifications for public policy.”
Demographics
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LPAs CoP Deputyship Order
- Administratively simple
- Relatively low cost
- Largely unsupervised
- Oversight by OPG (if concerns raised)
- Attorneys chosen by donor
- Flexible document (clauses can be added)
- Administratively complex
- Higher cost
- Delays in the system – High demand
- Ongoing supervision from the OPG
- Annual Deputy Return
- Deputy Bond
LPA Vs Deputyship Order
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Headlines
I would never sign a power of attorney - retired judge
The Law Gazette 2017
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AGE 83
2015 – 2020 – 2024 - 2032
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Accessible Wealth Unsupervised
Risk
Vulnerability SLIDE 12 12
Kathleen O’Hara MA LPC Caroline Bielanska TEP
‘Family dynamics and elder victims of fraud & abuse’ Victims – ‘Independent with no designated financial caretakers’ ‘Social Isolation’ Signs – ‘Elder isolation’ ‘Not allowed to speak for her/himself’ ‘Controlling behaviour’ ‘Unaccounted for transactions’ Upstandership – ‘attention, awareness, knowledge, response ability’ OPG and Nudge Theory “most people are compliant when they are told the rules; some need to understand the reasons behind the rules, before they are compliant; and a small number will ignore the rules, regardless of the
- consequences. If Nudge theory were applied to
Psychology of Abuse – SFE Conference 2019
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“If Nudge theory were applied to lasting powers, nearly all attorneys would make legally compliant decisions”
Caroline Bielanska June 2019 SFE Conference 2019
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