Financial adviser 'abused power of attorney'

A recent case has highlighted how important it is to choose a trusted individual when giving someone lasting power of attorney.

In 2002, Albert Regan gave his financial adviser Brian Jones enduring power of attorney, which was replaced by lasting power of attorney in 2007, the Mail on Sunday reported.

Now Mr Regan's two daughters, Linda Highton and Jacqui Cusick, are concerned that Mr Jones financially exploited their father before his death last April.

The widower was cared for by both children until 2007, when he moved into a home, by which point his bank accounts and investments were being looked after by Mr Jones.

His daughters then found that Mr Jones had made a £90,000 investment in an unregulated, high-risk scheme on behalf of Mr Regan.

In addition, Mr Jones failed to contact the Office of the Public Guardian to register his power of attorney.

Ms Highton said: "Our father was a trusting man who hoped that by establishing a power of attorney he would spare us having to manage his affairs. But it hasn't worked out like that."

Advice on lasting power attorney was also issued by Dominic Littlewood, presenter of Don't Get Done, Get Dom, who told The One Show that people should get this so that their loved ones do not have to use the court of protection to look after their financial affairs.

Published by Hannah Carr