Two new reports on different aspects of financial vulnerability have recently been released.

One report by Demos considers fraud and the vulnerable and how to protect them. It makes 23 recommendations on how to protect the vulnerable from financial abuse.

Recommendations include:

  • A register of people with active Lasting Powers of Attorney, or under Court of Protection Deputyship Orders.
  • Attorneys being required to submit an annual financial set of accounts, in line with Deputies.

The second report "A Little Help from My Friends" looks at tools to support financial decision-making for people with mental health problems. The report looks at the potential benefits of enabling third party access (for instance via powers of attorney).

Both reports highlight the importance of having a Lasting Power of Attorney in place where a vulnerable individual is concerned. The importance of appointing an attorney whom you trust is always the most important point to consider.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.