If you or a family member have suffered a serious personal injury, or received poor care that has caused you harm (negligence), you may have made a legal claim which resulted in an award of damages.
No amount of money could ever put someone back in the position they would have been in had such an event had not occurred. That said, an award of damages may include provision for a care need which was not previously present, it may provide for loss of earnings or any of a range of other needs which otherwise would not have existed before. The amount of money can be substantial (sometimes running into millions of pounds), but may need to cover a range of needs for a long time – and this requires careful management, with input from a range of experts.
Our expertise ensures this money is managed in line with investment strategies designed by the Court of Protection where appropriate. The settlement will often have to last for the rest of the recipient’s life, so it is vital your financial planner is there for the long term to advise the client and the other parties and professionals involved regarding decisions on a wide range of financial matters. Our role is to navigate and draw the most out of the tax and benefits systems, and ensure the funds are invested to last as long as the injured person needs them to.
Our national centre of expertise for large claims and dedicated Court of Protection team, based out of our Chorley office, directly manages the most complex cases and provides support across the whole Perspective group. We acquired Quantum Portfolio Management (QPM) in January 2021, one of the leading firms in this area. QPM was founded by Kelvin Barlow and Nigel Minay, who provided specialised advice in this area for several decades. Our lead advisor in this area for clients and professional connections is Thomas Harrison DipPFS.
Thom addressed Social Return’s conference in April 2023 on what really matters in financial planning in serious personal injury: You can watch his video here: “Spending it Once, Enjoying it Thrice.”
Our financial planners maintain close and trusted working relationships with deputies, attorneys, specialist accountants, trustees, the client and their family, other relatives, case managers and key professionals.
In such cases, we believe the following are of critical importance and demonstrate our expertise in this area:
- Competitive and unambiguous charging
- Ongoing Capital Gains Tax and Income Tax planning
- Sensitivity to the benefits landscape
- Independent, whole-of-market approach – no restrictions on investments, platforms or tax wrappers – these are always selected in the client’s interest
- Understanding of the relationships and liabilities between all parties involved, particularly the Deputy. We are an expert consultative resource
- Ongoing cashflow modelling and duration analysis including sustainability forecasting for life based on assumptions
- Where appropriate, proper implementation of Court of Protection Investment Strategies including ethical portfolios giving peace of mind. This also means investments are sold only when highly valued, not when markets are depressed
- Expertise in Professional Deputies’ obligations when investing, as set out by the Office of the Public Guardian, including restrictions on inheritance tax (IHT) planning
- Understanding of trust corporations, Personal Injury (PI) trusts and trustee obligations
- Understanding of Periodic Payment Orders (PPOs) and an ability to review/check Annual Survey of Hours and Earnings (ASHE)-linked PPO payments annually on behalf of the Deputy
The Financial Conduct Authority does not regulate taxation or trust advice
Where a client’s circumstances require specialist advice, and the local office does not hold the necessary permission from the Financial Conduct Authority, we can draw on the wider specialist expertise available within Perspective Financial Group Ltd nationally. Many of our financial planners hold advanced qualifications in specialist areas of advice, as well as having decades of experience in solving almost all financial planning related issues.