The original guidance from the OPG was that attorneys could not delegate decisions to an investment fund manager unless they had specific permission within the LPA. In March 2022, the OPG updated its guidance, removing the requirement for individuals to include that specific wording. But the guidance still suggests that legal advice may be necessary and notes that some financial institutions may continue to require it.
This implies that clients who wish for DFMs to manage their investments after they lose capacity may still need to include specific language in their LPA. It is essential for clients to consult with their DFM to understand the protocol for loss of capacity and determine if any additional wording should be included in the LPA to ensure continuity.
Joshua Croft is a senior technical consultant at AJ Bell
