Wills and Lasting Powers of Attorney (LPAs) are not FCA-regulated products, but Consumer Duty still applies when an IFA discusses, recommends or refers a client to estate-planning services.
The focus must be on good client outcomes, clear communication and avoiding foreseeable harm.
Good estate planning protects assets, ensures instructions are followed and prevents financial disruption. Without a Will or LPA, clients risk delays, frozen accounts, increased costs and reduced control. IFAs therefore have a duty to explain these risks clearly and ensure clients receive appropriate support.
Watch our short video
Client Understanding
Have I explained clearly why a Will or LPA is relevant to this client?
Has the client understood risks, responsibilities and the purpose of these documents?
Have I given additional support if the client is vulnerable?
Fair, Clear Communication
Have I explained costs, inclusions and limitations?
Have I avoided legal jargon and used plain English?
Due Diligence on Referral Partners
Have I checked qualifications, insurance and complaint handling of the estate-planning provider?
Have I confirmed they offer fair value and a transparent service?
Have I re-reviewed their processes within the last 12 months?
Data & Consent
Do I have the client’s clear consent before sharing details with a partner?
Is the referral process documented and compliant with GDPR?
Record Keeping
Have I recorded why the discussion took place and why it is in the client’s best interests?
Have I logged evidence of the partner checks?
If you would see how partnering with Beehive Legal can help your clients and your business, please complete the form below.
One of our team will get in touch very soon.
