The Financial Conduct Authority has suggested that there might be no need in future for a ‘wet signature’ on a Lasting Power of Attorney, as the process is taken completely online.
The Office of the Public Guardian currently receives paper copies of LPAs bearing the signatures of the donor and all appointed attorneys, together with those of witnesses and someone who confirms the donor is of sound mind. The documents can be prepared online through a government portal but must be printed out for signature and submission.
Lawyers have argued that missing out this ‘print and sign’ step would make it easier for fraudsters to obtain LPAs without the knowledge or approval of the donor. The watchdog FCA is calling for a fully digital system, giving a secure end-to-end process, but has received protests from many groups wishing to protect vulnerable groups.
See the FCA proposals here.