Over half (53%) of financial advisers and other trust and estate practitioners have encountered actual or suspected financial abuse of a vulnerable person, according to a new report.
Adult children were the most common perpetrators of financial abuse against older, vulnerable family members, according to 87% of those surveyed for STEP’s 2026 Barometer report.
Other perpetrators identified in the research were caregivers, including private carers and care homes (28%) and other relatives (27%).
However, the abuse may be unintentional, with many families not realising they are doing anything wrong.
Nine in ten practitioners (87%) surveyed for the report pointed to a lack of public understanding of what it means to be an attorney.
Separate consumer research by STEP found that almost one in ten UK adults (9%) believed that providing care to a family member entitles them to a greater share of the inheritance.
Just one in five (22%) of consumers were confident they can spot the signs of financial abuse. Just 12% believed they may have seen instances of financial abuse, and only 14% would know who to contact for help.
The research also found that 10% of adults would not report a close family member if they suspected they were stealing small amounts of money.
Holly Miéville-Hawkins, non-member partner in the Court of Protection team at Anthony Gold Solicitors, said: “Often attorneys are family carers doing their best in difficult circumstances. Some attorneys feel they have earned a share of their parent's money by providing care, but may not realise that covering their own bills, or meeting a grandchild’s school fees during a hard month, can be a form of financial abuse.
“In my experience, such decisions often do not come from a place of dishonesty. Many people simply do not know they have crossed a line.”
A seperate report from TWM Solicitors found that the number of complaints to the Ministry of Justice for financial misconduct by individuals acting as an attorney under a Lasting Power of Attorney has increased to 11,910 in the year to 31 March 2026, up from 10,240 in the previous 12 months and 9,538 in the year before that.
Despite the number of complaints, just 263 LPAs had their authority revoked or partially revoked by the Court of Protection during the year.
Figures released by the City of London Police for World Alzheimers Month showed that one in five reports of fraud by people in a position of trust involved the misuse of a power of attorney in 2025/26. Nearly one in 10 of these reports mentioned dementia.
Figures from the World Health Organisation (WHO) show that people living with dementia globally will rise from 57m in 2021, to 78m by 2030, and 139m by 2050.
Of those surveyed by STEP, 32% of practitioners were already seeing demand for capacity-related planning increase, while 56% were specifically seeing more demand for LPAs and equivalent tools.
STEP is the global professional association for practitioners who specialise in family wealth and succession planning. It has over 23,000 members in 96 countries
• STEP surveyed 533 members and practitioners, including those in legal, tax and accounting, fiduciary, family office and family business advisory in January. Censuswide surveyed 2,000 UK adults between 12 December and 2 January.