Legal Help with Financial Abuse of the Elderly

Financial abuse of the elderly can take the form of: theft, fraud, financial exploitation, preventing an elderly person from accessing their finances and pressurising someone about their will, property or inheritance. Anyone can commit financial abuse – a friend, relative, partner or a scammer.

If you’re experiencing financial abuse or suspect someone you know is suffering financial abuse,  contact Justin Roberts direct on justin@gedye.co.uk or phone 020 3949 4933.

We can provide you with the comprehensive support and sound advice needed to help you get you through the relevant processes and conclude matters in the most efficient and cost-effective way.

Contact us at the earliest opportunity so we can advise on the merits of your case and help you achieve the best outcome.

Gedye & Sons take pride on being able to match the expertise of larger firms, at a more affordable price.

When you choose to use our legal services we will discuss your options and agree the strategy which is most practical and cost-effective for you.

Our legal team includes two members of The Association of Contentious Trust and Probate Specialist

If you want to know more about any aspect of financial abuse of the elderly then contact our wills and disputes director Justin Roberts direct on justin@gedye.co.uk or phone 020 3949 4933.

Facts About Financial Abuse of the Elderly

It’s apparent that for various reasons (fear of reprisal, fear of not being believed, pride, declining cognitive function and isolation of the elderly etc) that unfortunately, many financial abuse victims do not come forward for their experiences to be documented or investigated.

As a result, even the available data will in my view, represent an understatement of the full extent of what is and has been happening to our elderly population.

https://wearehourglass.org/were-calling-time-economic-abuse-message-our-ceo

The above link from Hourglass UK (previously www.elderabuse.org.uk) stating that, “Economic [financial] abuse is one of the most widespread forms of abuse of older people. Between 2017 and 2019, 39% of all calls to our helpline were about economic abuse and in 2020, at least £13 million was reported as stolen, defrauded, or coerced from older victims.”

(This number will of course have increased as elderly victims have been even more isolated and cut-off from the rest of the world during periods of lockdown due to the coronavirus pandemic).

The same article continues, “So, whose responsibility is it to upskill those who have not lived with the internet as a day-to-day aspect of life or online banking? Our survey found that those who care for older people think financial service providers need to do more to protect older customers. 94% think it’s the responsibility of these services to do more to help keep older people safe.”

How to protect the elderly from financial abuse – FTAdviser.com

The link from the FT Adviser provides that, “A recent [2018] review of evidence conducted by Age UK found that approximately 130,000 people over 65 who live in the UK have suffered financial abuse.”

https://www.ukfinance.org.uk/system/files/Financial-Abuse-Code-of-Practice.pdf

This link will take you to the Financial Abuse Code of Practice which banks (like the HSBC) have signed up to – clause 6 refers to ‘sign posting’ / signs of financial abuse, but unfortunately this is only in relation to the actions of a someone appointed under a Power of Attorney or other registered third party – no reference is made to general suspicious activity on the elder’s back account such as for the (unusual) payment of ‘out of the ordinary expenses’ such as sudden expensive holiday payment or car purchase– especially when bank will be fully aware of their clients age etc.

https://www.gov.uk/report-abuse-of-older-person

Anyone concerned that they or someone they know might be a victim of elder financial abuse is encouraged to call the Action on Elder Abuse helpline on 0808 808 8141 as confirmed in the link above,  to the Government’s website above.

Please do hesitate to contact Justin Roberts direct on justin@gedye.co.uk if you require any further assistance or information.

Gedye & Sons – Solicitors from London to the Lake District

Reginald Gedye opened a solicitor’s practice in Grange-over-Sands on the southern edge of the Lake District National Park in 1903.

Since then, Gedye & Sons has grown and the company now operates from two offices – in Grange-over-Sands and London.

Gedye & Son first opened an office in Old Bailey EC4 in 2010, on Holborn Viaduct, roughly equidistant between Chancery Lane and St Pauls. From there demand rapidly grew with the firm being well placed for Chancery Bar chambers and the central courts. Since then, the company has grown and we now operate from The Barbon Buildings, 14-17 Red Lion Square, London, WC1R 4QH.

For further information, please contact:

T: 020 3949 4933

E: info@gedye.co.uk