Court of protection security bond 8 January 2022 at 9:40PM in Disability money matters 5 replies 196 views

Ste_Day

Hi my friend's mother is currently in a UK dementia care home and he has applied to the court of protection for a financial order. Today they have come back to him saying he will need a security bond of £15,000 in order for them to issue the order.

how does this work? is it like i think it is, that he pays the surety provider what in effect is an annual insurance policy premium for them to cover him for 15k?

or does it work like "bail" where you have to lodge the whole amount in one go?

any help would be appreciated.

lisyloo

The bond is an insurance policy to protect the mother against mismanagement of money by the deputy,
It’s a non-negotiable requirement.

there are 2 benefits of using the insurer that the court suggests.
firstly the policy is guaranteed to be accepted by the court as adequate if they are recommending it,
secondly the provider will automatically inform the court once it’s paid for so that will speed up the process.

the cost of the bond can come from the mothers funds but it may need to be paid for upfront and then reimbursed.
£15k sounds like the amount that needs to insured.

Ste_Day

yeah i get that but my overriding question on his behalf is does it work like an insurance policy where you pay for example £400 a year "insurance policy" and the bond company then cover a 15k bond on your behalf?

lisyloo

Yes correct.
I think mine was £90 for £120k cover.

The Cop should have sent your friend lots of information about it such as 
https://www.gov.uk/government/publications/public-guardian-practice-note-surety-bonds

Ste_Day

thanks for the clarification. His solicitors have been rubbish through all this. the lack of communication and explanation was stunning. As a note they were also my families solicitors until when my mom died they tried to sting me for £1400 pounds to do a first land registration and transfer of ownership on the house. which the land registry then told me i could do myself for just over £200. I binned them right there.

lisyloo

I did cop myself without a solicitor from scratch.
there is quite a lot to read but there is nothing particularly difficult about it usually (I did sell a flat as part of it).
Deputys are assigned a professional supervisor who will go through things on the phone.
I’d dump the solicitors if that’s possible.
As you say they do little, slowly for a lot of money.