financial services

[poppymad]

HI all
in april 2013 my father in law paid a local financial planner over £3000 to draw up lasting power of attorneys for myself, my husband, himself and his wife. I recently asked this financial planner if i could have a copy of said LPA's for my records. After much toing and froing he said that the paperwork had been overlooked and the LPA's not sent off to the public guardian. he now says that this is usual practice and that they could be sent off as and when one of us loses mental capacity!!!
Does anyone know if this is true, surely power of attorneys are put into place in advance so that should the worst happen, those left to take over can do so straight away, not wait for the paperwork to be sent off??
i have on behalf of my father in law asked for monies paid to be refunded. The financial adviser is refusing.
Could anyone please advise on my rights please.
many thanks.

[MissFM]

Re: financial services

Hi Poppymad,

I'm sorry to say that it looks as if the financial advisor has overcharged you for doing nothing. As an LPA basically IS paperwork, it's hard to see how paperwork could have been overlooked. Very high charges, IMO, too - it's basically filling in standard forms then applying for registration.

If you do decide to use a solicitor, fees vary significantly from around £400 to £1,000 including VAT. http://www.theguardian.com/money/201...ing-unexpected

See here for registration charges and forms:
www.gov.uk/power-of-attorney/overview

I would be inclined to report him to the FCA and to send a formal letter of complaint, followed by a letter before action should he not produce the work he has been paid for within, say, fourteen working days. x

[Amethyst]

Re: financial services

Yes certainly report to the FCA as he will be a registered IFA. It does cost £110 to file the documents at the PG( I believe) and it should be done at the time the LPA's are made. That would (I'd hope) have been included for in the amount your FIL paid him.

I think you are perfectly within your rights to ask for a refund (at least partial) and make a formal complaint. He has charged you £3k fand not completed the work. For that amount I would expect all four of you to have drawn up property/affair and health/welfare LPA's and have them registered at the OPG. Prices vary massively but a PA&HW LPA properly done by a solicitor would cost in the region of £400 - £1000 ( mostly about £800 mark) so the £3k for four of you PA&HW LPA's isn't that far off the mark ( if they were filed with the OPG of course)

[poppymad]

Re: financial services

Thanks MissFM. He says that he will now do the work my father-in-law paid for but my father-in-law is so upset that it wasn't done 2 and a half years ago that he just wants a refund and we will then fill out the forms ourselves. Added to this my mum-in-law has now been diagnosed with mild cognitive impairment makes it all the more upsetting.
added to this the fact we saw this adviser as a friend and its all a bit complicated. x

[poppymad]

Re: financial services

Thanks Amethyst. financial advisor says he needs copies of proof of benefit so that he can file the forms for a reduced or even nil fee. im sure we produced these at the time...2 and a half years ago but its so long ago now i can't remember!!!. I cant even recall who i appointed or the people to be informed on registration. so confusing.

[EXC]

Re: financial services

After much toing and froing he said that the paperwork had been overlooked and the LPA's not sent off to the public guardian. he now says that this is usual practice and that they could be sent off as and when one of us loses mental capacity!!!

That is terrible advice. If he's now asking for additional paperwork/information in order to make the registration application I'd seriously consider taking him off the job. He clearly doesn't know (of care) what he's doing.

[Amethyst]

Re: financial services

Thanks Amethyst. financial advisor says he needs copies of proof of benefit so that he can file the forms for a reduced or even nil fee. im sure we produced these at the time...2 and a half years ago but its so long ago now i can't remember!!!. I cant even recall who i appointed or the people to be informed on registration. so confusing.

The LPA doesn't have any legal standing at all until it is filed. Does your father in law still have any paperwork relating to the services / bill etc and whether the £3000 included the OPG registration ? I'd try get the guy to give you the documents to file yourselves if not so you can check they are correct.

[poppymad]

Re: financial services

Thanks EXC, we definitely want him off the job, he's careless in the extreme, along with this "lost" paperwork was a trust deed that should have been set up and wasn't, he's admitted that we can can have that £800 refunded but wants us to continue with the LPA filing. Amethyst.......Father in law has no paperwork, no copies of the forms we filled in, nothing. he didn't get a written quote for the work to be done.good idea asking him to send the forms so we file them ourselves. Thank you.