Attorney Investment Management Compliance Checklist
This checklist is intended to assist Attorneys acting under a Lasting Power of Attorney (Property and Financial Affairs) in demonstrating compliance with their duties when appointing and overseeing a professional investment adviser or manager.
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1. Confirm Authority
Confirm that the Lasting Power of Attorney (LPA) for Property and Financial Affairs is valid and registered.
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Check the LPA document for any restrictions relating to investments.
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Ensure that acting as Attorney is in the donor’s best interests.
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2. Assess the Donor’s Circumstances
Review the donor’s financial position, assets, liabilities and income needs.
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Consider the donor’s age, life expectancy, and likely future care costs.
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Take into account the donor’s past and present wishes, values and risk tolerance.
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3. Appointing an Investment Adviser
Select a suitably qualified and regulated investment professional.
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Confirm the adviser is authorised and regulated by the Financial Conduct Authority (FCA).
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Document the reasons for selecting the adviser.
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Ensure written terms of engagement are in place.
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4. Investment Policy Statement (IPS)
Ensure an Investment Policy Statement is prepared.
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Confirm the IPS records objectives, risk tolerance, income requirements and time horizon.
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Ensure the adviser agrees to manage investments in accordance with the IPS.
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5. Oversight and Monitoring
Receive regular investment reports from the adviser.
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Review portfolio performance periodically.
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Confirm investments remain suitable for the donor’s circumstances.
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Record reviews and decisions made by the Attorney.
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6. Financial Records
Keep clear records of all investment decisions and adviser communications.
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Maintain copies of reports, statements and agreements.
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Keep the donor’s finances separate from the Attorney’s own finances.
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7. Ongoing Best Interests Review
Regularly review whether the investment strategy continues to meet the donor’s needs.
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Consider whether income requirements or care costs have changed.
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Seek further professional advice if circumstances change materially.
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Record of Review (Optional)
Date of Review: __________________________
Attorney(s) conducting review: __________________________
Summary of findings / actions taken:
________________________________________________________
________________________________________________________
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