View more on these topics

New laws will raise costs for attorney move

Financial advisers could use the requirements of the Mental Capacity Act 2007 coming into force this year to help to establish professional connections, says Standard Life.

Estate planning specialist Julie Hutchison says in Scotland the cost of registering a power of attorney is around 35 but the cost in England is expected to be over 100.

Last November, Standard published research showing that 74 per cent of people have not drawn up plans for power of attorney and Hutchison says the new act could discourage people further because of the costs involved.

She says: “The impact is that people will be even less inclined to register because of the increased costs. Advisers should start discussing this with their clients now.”

At present, registration is only required if people become incapacitated but with the new act, powers of attorney can be granted in advance, which Hutchison says allows for continuing relationships between IFAs, solicitors and their clients and families.

The enduring powers of attorney will be replaced by lasting powers of attorney, allowing an attorney to act on someone’s behalf in the future.

EPAs tend to deal only with financial matters while LPAs can also take care of other matters such as healthcare and welfare.

Hutchison says: “With regard to financial services, IFAs encouraging their clients to take out powers of attorney ahead of the act will reduce the cost and also ensure a better continuation of client relationships. For the IFAs directly, it will open up a fresh opportunity for new business, acting as an introducer to solicitors.”


Kearney heads for CSAM

Credit Suisse has continued its multi-manager recruitment drive with the appointment of Aidan Kearney to the fund of funds team.

The bare truth

Coventry Building Society is so excited by the launch of its specialist mortgage arm Godiva Mortgages, it sent journalists a factfile on Lady Godiva last week.The Diary thought it would share the information with readers, so you know the legend behind the brand.– Lady Godiva was the wife of Leofric, Earl of Mercia, at the […]

Smith to run M&G Asian fund

Aled Smith is taking over as manager of the 197m M&G Asian fund. Smith also runs M&G’s global leaders and American funds.

India: are further rate cuts on the horizon?

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, discusses the key drivers of the Indian market’s outperformance and why he expects another rate cut, which will likely further support equities.  Read more here Important Information Investment risks The Neptune India Fund may have a high volatility rating […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm