Money Carer is proud to announce the upcoming release of the LPA Security Bond—a pioneering financial safeguard designed to protect donors and attorneys acting under a Lasting Power of Attorney (LPA) from financial abuse and inadvertent errors, especially those made by family attorneys unfamiliar with fiduciary obligations.
A New Layer of Protection Under the LPA Framework
When a person grants an LPA, they entrust someone else—typically a family member—with significant control over their financial affairs. While many attorneys carry out their duties responsibly, there is growing awareness of the risks of both financial abuse and innocent mistakes. These risks can result in substantial losses for vulnerable individuals.
To address this, Money Carer has developed the LPA Security (or Surety) Bond, offering a critical new layer of protection. Much like the Deputyship Bond required for those acting under a Court of Protection Deputyship Order, the LPA Bond provides financial security in the event of mismanagement, fraud, or negligence.
This marks a transformative step in the evolution of LPA oversight—bringing voluntary attorneyship closer in protective structure to court-appointed deputyship.
Mirroring Deputyship-Level Oversight
Under existing legal frameworks, deputies—appointed by the Court of Protection—must take out a surety bond as a condition of their role. This bond acts as a financial guarantee for the person whose affairs are being managed. Until now, attorneys acting under an LPA were not held to the same standard of security.
The LPA Bond from Money Carer bridges this oversight gap. It reassures donors and their families that, should the attorney fail in their duties—whether through malice or mistake—there is a financial mechanism in place to recoup losses. This brings parity in protection between court-appointed deputies and family attorneys acting informally.
Seamless Integration with the Monika Platform
In keeping with Money Carer’s digital-first mission, the entire LPA Bond issuance and management process is fully integrated within Monika, the organisation’s innovative banking and money management platform. Monika is the powerful engine behind LPA.co.uk, which is fast becoming the UK’s go-to digital destination for LPA registration, guidance, and support.
Clients who arrange LPAs via LPA.co.uk will now have the option to include the LPA Security Bond in their service package. This seamless integration ensures the bond is automatically linked to the donor’s financial setup, enabling clear oversight, compliance, and ease of management through the Monika ecosystem.
Why This Matters
- For Donors: Peace of mind that their finances are protected—even if an attorney goes astray.
- For Attorneys: Clarity and structure, backed by expert tools and real-time support from Monika.
- For Professionals: A safer, more compliant framework when LPAs are facilitated via law firms or intermediaries.
This initiative continues Money Carer’s mission to protect vulnerable individuals through technology, transparency, and innovation in social finance.
