The Lasting Power of Attorney (LPA) White Paper.
Over the past decade, applications for property and financial affairs LPA have more than doubled. Yet while demand has scaled dramatically, the operational and technical infrastructure supporting LPAs within financial services has not evolved at the same pace. This White Paper explores the UK (England & Wales) power of attorney landscape and examines the challenges faced by individuals acting under a property and financial lasting power of attorney, particularly where existing banking and software solutions fall short.
Lasting Power of Attorney (LPA) White Paper: Challenges, Risks and a Better Approach to Financial Management
Lasting Powers of Attorney (LPAs) for Property and Financial Affairs are now essential to financial planning across the UK, with millions of registered LPAs supporting individuals who need help managing their money. However, while demand has increased, the banking and financial systems used by attorneys have not evolved to meet these needs.
Practical insight into improving financial management under an LPA
This white paper explores the real-world challenges of acting as an attorney under an LPA, including managing day-to-day finances, accessing funds, maintaining oversight, and navigating complex or fragmented banking processes. Many attorneys face delays, limited visibility, and systems that were never designed for shared or supported financial management.
In this white paper, we cover:
The growth of Lasting Powers of Attorney in England and Wales
Key challenges facing LPA attorneys managing finances
Common issues with traditional banks and digital banking platforms
Risks around financial control, oversight, and safeguarding
The need for more inclusive, flexible financial solutions for attorneys and vulnerable individuals