Martin Lewis, Money Saving Expert, appeared on This Morning today to discuss power of attorney refunds with Ruth Langsford and Eamonn Holmes.
The financial journalist said: “Over 1million are owed a refund on Power of Attorney registration fees.
“A Lasting Power of Attorney is a legal document which allows you, while you still have the mental capacity to do so, to nominate a trusted friend or relative to look after your affairs if you lose capacity.
“And they are so important to have. I have one and I’m only 45.
“There are two types, one for finance and property and another for health and welfare. Each costs £82 to register which you can do on Gov website.”
However, many have been over charged, and are now owed a refund.
Martin said: “The price used to be £110 each (it’s was reduced to £82 in April 2017), and if you paid for it between 1 April 2013 and 31 March 2017 (England and Wales only), you’re owed a partial refund of up to £54, as you were charged the higher fee when it should have been less.
“The cost of the application is set by the Ministry of Justice and paid to the Office of the Public Guardian.
“Yet between this time, the operating costs decreased, but the application fee stayed the same, and as it’s only meant to cover operating costs, the Government’s now repaying the difference between what applicants paid and what they should have paid, plus 0.5 per cent interest.”
Power of Attorney registration fees – here’s how to claim your refund
There is no deadline to claim your money, but you do have to have various information to hand.
Martin said: “How much you can reclaim depends on when you paid for the Power of Attorney, but the maximum amount due is £54.
“Either the donor of the attorney can claim a refund online or phone the Office of the Public Guardian’s helpline on 0300 456 0300 and select option six.
“You don’t need the Power of Attorney document itself, but you will need, details of the donor including date of birth, their bank details and the name of one of the attorneys. Currently there’s no deadline to reclaim.”
Martin Lewis’s best savings account picks were revealed on Good Morning Britain yesterday.
The financial expert told viewers the latest account with the highest interest rate.
ICICI is the new top saving account on the marker according to Martin. ICICI Bank has an interest rate of 1.35 per cent with a 0.7 per cent bonus.
This means after a year the rate will plummet – and you need £750 in the account to benefit.