90% of entitled yet to reclaim Power of Attorney fees
27 November 2018
Royal London has said a government scheme to refund large numbers of people who have been overcharged when registering a power of attorney has not worked to its desired effect.
According to figures obtained under a Freedom of Information Act, just 203,000 out of a possible 1.9 million people had claimed by 28 August, with £10.3 million refunded.
The refunds apply to power of attorney registered between 1 April 2013 and 31 March 2017 in England and Wales. Refunds were introduced on the basis that the Office of Public Guardian’s operating costs became less during this time but the application fee was not reduced until April 2017.
The amount of refund depends on when fees were paid, with numbers ranging between £54 and £34 for each power of attorney (see table below).
Helen Morrissey, spokesperson at Royal London (pictured), said: “The refund option has been available for some time now and, as yet, only a small proportion of people have submitted a claim. The onus really is on the government to sort it out. They should be contacting people who have not yet claimed a refund to make sure they get their money back.”
What are the top skills employers typically want to see from a paraplanner? Lewis Byford, co-founder of financial services...
With £355 billion of debt having been accumulated in the past year and a potential £204 billion or more to be...
Are you signed up to the Professional Paraplanner daily website alert? For more technical, tax, pensions, investment, retirement, protection...