06 February 2019

Royal London urges people to claim Power of Attorney refunds as figures show millions left unclaimed

5 min read

 
Helen Morrissey, Personal Finance Specialist

Helen Morrissey

Corporate PR Specialist – Long Term Savings

Share

Mutual insurer Royal London is urging people with a registered power of attorney to check whether they are due a refund of their fees as figures show only 20% of those eligible have done so.

According to figures obtained from the Ministry of Justice only 194,713 individuals out of an estimated 1m people affected have been refunded as of 1 February 2019 with only £12m paid out of an estimated £69m.

The refunds apply to powers of attorney registered between 1 April 2013 and 31 March 2017 in England and Wales.

Powers of attorney are registered with the Office of the Public Guardian (OPG).  According to its annual reports 1.91m lasting and enduring powers of attorney were registered in the 2013/14 tax year through to the 2016/17 tax year. As powers of attorney can be filed for both financial and health issues many people will register more than one.

The reason for the refund is that during this time the OPG’s operating costs were reduced as more people applied to register a power of attorney and the process became more efficient. However, the application fee was not reduced until April 2017.

The Ministry of Justice launched the refund scheme in February 2018 and refunds must be claimed by 1 February 2021.

How much refund you get depends on when the fees were paid – see table below. If you paid a reduced fee then you will get half the refund. Interest of 0.5% will also be paid.

When you paid the fee

Refund for each power of attorney

April to September 2013

£54

October 2013 to March 2014

£34

April 2014 to March 2015

£37

April 2015 to March 2016

£38

April 2016 to March 2017

£45

Source: www.gov.uk

You can claim online https://www.gov.uk/power-of-attorney-refund with refunds being paid out within 12 weeks.

Helen Morrissey, spokesperson at Royal London said: “One year on from the launch of this scheme and there are still an enormous number of refunds yet to be claimed. Many people register more than one power of attorney and so could be due a refund of around £100. We would urge people who think they may be due a refund to claim online as soon as possible.

Notes to editors:

Further comment on this is available from the Ministry of Justice. Please contact Kirsty.McKellar@justice.gov.uk

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.