New report highlights extent of financial abuse

A recent report conducted by the International Longevity Centre and the Independent abrdn Financial Fairness Trust has revealed shocking details regarding the extent of financial abuse targeted at people living with dementia in the UK. The full report is available using the link below and details how failures in various sectors have left many with dementia as “sitting ducks for financial abuse”.

https://ilcuk.org.uk/wp-content/uploads/2022/10/ILC-Retail-Therapy-Helping-people-with-dementia-enjoy-spending.pdf

Unfortunately, whilst the report makes difficult reading it is not surprising and at Price Slater Gawne Solicitors, for some time we have been attempting to shine a light on financial abuse. Colleagues and I have written articles on the subject of financial abuse, and we regularly provide free training to Local Authorities. The free training and support that we provide Local Authorities aims to help explain the legal obligations in respect of financial safeguarding together with offering tips and practical guidance.

There are currently at least 900,000 individuals in the UK living with dementia and this figure is estimated to rise to 1.6 million by 2040. It is therefore important that we act and plan accordingly in order to ensure that appropriate arrangements are in place to safeguard our finances. A Lasting Power of Attorney (‘LPA’) can be an effective way to ensure that someone you trust is appointed with authority to look after your finances in the event that you lack capacity to manage your finances in the future. It is important that the documents are correctly drafted and accurately record your wishes and feelings.

Our specialist team can assist you with creating an affective LPA to help safeguard your future. In addition, we can help when things go wrong or where financial abuse is suspected. We are able to act as financial deputy and have extensive experience of cases involving financial safeguarding investigations. We are a panel deputy for a number of Local Authorities.

If you are a Local Authority and interested in our free training and free support services then please contact us using the information below or find out more about our Court of Protection services.