Freeths supports ‘Spot the signs’ campaign

Freeths’ Partner Louise Lewis has been announced as an ambassador for STEP, the professional body for trust and estate practitioners, on its new ‘Spot the signs’ campaign aiming to raise awareness of financial abuse.

The campaign was launched following concerns raised by STEP members that financial abuse is widespread and increasing with 70% of UK practitioners observing instances of actual or suspected financial abuse. This includes hidden abuse that often doesn’t come to light until after the person has died. Over 40% of those surveyed by STEP said that instances of financial abuse have increased in the last two years and 82% expect demand for mental capacity advice to increase.

As an ambassador, Freeths’ Partner and Joint National Head of Trusts, Estates & Tax Louise Lewis is helping to drive awareness of this hidden epidemic and how people can better protect loved ones at risk.

Commenting on the campaign, Louise Lewis said: “I am honoured to be representing STEP and highlighting the risk of financial abuse – something I witness so many times with clients. We’re hoping to help limit this risk by educating people of the crucial signs to look out for. As a firm that values its people, with its people being front and centre of what we do, STEP heavily aligns with our Freeths values, and it is an honour to contribute to pushing out this initiative.”

Louise has now encouraged people to visit www.step.org/spot-the-signs to find out more about the signs of financial abuse and how to help prevent it. The signs to look out for include money disappearing after visits, lack of financial records from a care home, or a new person showing unusual interest in your loved one’s assets or spending habits.

Other signs to look out for include: 

• unexplained cash machine withdrawals, missing funds and valuables;
• isolation from friends and family, leaving one person in control of their life;
• unpaid bills, such as care home or household bills going unpaid or overdue payments, even when someone is supposed to handle the finances;
• assets suddenly transferred to a family member or someone outside the family without a clear reason; and
• a decline in living standards or lack of essentials like heating, food or clothing.

Financial abuse involves the unauthorised or improper use of an individual’s money or assets, often by someone they know or trust. Examples include:

• keeping the extra change and helping yourself to gifts and money;
• scamming and grooming of older and vulnerable people for financial gain;
• undue influence to make someone change a will;
• lasting power of attorney coercion when an unscrupulous family member, friend or fraudster tries to force a vulnerable person into appointing them as a representative; and
• predatory marriage.