Sophie Soraf, Author at Tees Law

Your guide to planning your business exit

Posted on 30 July 202530 July 2025 by Sophie Soraf

Planning your business exit might not appear as exciting as building it, but it is just as important. A clear and well-prepared exit strategy ensures you maximise the value of what you’ve built. At Tees we can help you explore your options.

Your goals

Before you even think about “how” you want to exit, you will need to be clear on your objectives. We always advise our clients to ‘start with the end in mind’. Why are you building this business in the first place? What’s the bigger picture? What are you seeking to achieve and what does a good outcome look like for you?

To create generational wealth?
To cash out and retire comfortably?
To fund your next venture?
To pass the business on to your children or key employees?

Whatever your “why” the next question should be “is it realistic/achievable?”

This is where an expert wealth adviser can be invaluable. They can help forecast how much you will need to reach your goals, and how long it might realistically take to get there. Their financial modelling can help map out a timeline for when selling or stepping back becomes viable, not just based on what you want, but based on the figures. This level of insight can be a game-changer for your strategy and exit planning, and we’d recommend you engage with the Financial Planner at an early stage so you can get a better understanding of what is/is not possible.

Your exit options

It is not always just about selling to the highest bidder! There are a wide array of options depending on your goals, business structure and importantly tax advice.

Here are the most common exit routes for private limited companies:

Share acquisition or disposal
This is one of the most straightforward exit methods. A buyer purchases your company’s shares directly taking over the entire legal entity including assets, liabilities, employees, contracts, IP and tax obligations. The business often continues under its existing structure.
Asset acquisition or disposal
Here, the buyer only acquires specific business assets like stock, equipment, IP or customer contracts and leaves the company shell and its liabilities behind. This is often more attractive to buyers who want to avoid historical debts or legal risks.
Merger
A merger involves combining your company with another to create a new entity or allow one to absorb the other. This can be beneficial for scaling up, increasing market share or entering new markets.
Private equity investment/buyout
A private equity firm acquires a stake (often a majority) or the entire business, with the goal of growing and scaling it, improving performance and eventually reselling it to another investor.
Management Buyout (MBO)/Buy In (MBI)
An MBO or an MBI allows your existing leadership team or a new (external) leadership team to purchase the business. These options can offer continuity and stability, particularly in an MBO, where the team already knows the business and is committed to its success.
Family succession
Passing the business on to family members ensures your legacy continues. It requires early planning to address ownership structures, tax planning and leadership of the next generation.
Employee Ownership Trust (EOT)
An EOT enables employees to collectively own the business. It is increasingly popular in the UK due to tax incentives and the opportunity to preserve company culture while exiting gradually.

Your due diligence

By the time you are contemplating a sale, it may be too late to start getting your business in order and fixing issues that you have worked with for so many years. Buyers and their advisers will scrutinise your business through a process called due diligence. If red flags arise such as missing contracts, IP issues or tax risks, it can reduce the sale price or derail the deal entirely.

Conducting a seller-side due diligence exercise on your own business can be an invaluable task. It involves going deep into the operations, financial and legals of your business to identify and fix issues so your business is in tip top condition at the point of sale.

Some key areas to address include:

Ensuring all contracts are current, signed and dated, and easily accessible in a digital filing system
Employment contracts, policies, procedures, workplace issues are all in hand and up to date
Confirming IP ownership is clear and protected
Resolving outstanding litigation or tax liabilities
Ensuring your corporate governance is up to standard

We recommend starting 2 – 3 years before exit. That window gives you time to strengthen your business, resolve potential issues and enter negotiations in the strongest position.

Your business value

Get a valuation! There are excellent business advisers and accountants that can assist in valuing your business. You will need a professional valuation that considers EBITDA, growth trajectory, customer concentration, market value and industry trends. Understanding your current value will help you set realistic goals and benchmarks for your exit plan.

Your dream team

No business deal is fruitful without a trusted team of advisers around you. Planning and selling a business can be high-pressured and emotionally demanding, so it’s important to have advisers around you that can provide commercial and pragmatic advice.

At a minimum, your advisory team should include:

A commercial lawyer: to review and update key contracts, employment contracts and policies.
A corporate lawyer: to manage legal structure, contracts and negotiations.
A corporate finance adviser: to guide valuation, structuring and deal strategy.
A tax adviser: to help you minimise tax liabilities and maximise post sale value.

Ideally, you will work with advisers who have experience in your industry and a solid track record in business exits, as this insight can make a big difference.

Tees: Giving you the full picture

Planning your exit is not something to leave until “someday”. The earlier you start, the more options and leverage you will have. Whether you want to exit in two or ten years, laying the groundwork today ensures that when the time comes, you are ready with a business that is prepared and attractive to the right buyer.

If you would like to discuss preparing your business exit, please do get in touch.

Tees’ expert financial and wealth advisory team work hand in hand with our legal advisers to ensure a joined-up approach to achieving your desired outcomes.

Medway NHS Foundation Trust ENT delays: NHS Trust apology highlights risk of delayed diagnosis

Posted on 29 July 202529 July 2025 by Sophie Soraf

On 1 July 2025, I received a call from Darent Valley Hospital asking if I still needed an ENT referral. The surprising part? That referral had been made by my GP more than three years ago, back in 2022.

I had moved away from Kent in the intervening period but was fortunate that my issue had in any event resolved on its own. At the time, I assumed it was a one-off. But a recent investigation has revealed that I was not the only one.

Medway NHS Foundation Trust (responsible for ENT appointments at Medway Maritime Hospital and Darent Valley Hospital) has now admitted that more than 8,800 ENT referrals were not properly actioned, following what it called an “unnecessary delay” caused by an administrative backlog. The Trust has issued a public apology but for many affected patients, the consequences may be more than an inconvenience.

What is ENT?

ENT stands for Ear, Nose and Throat. ENT departments diagnose and treat a wide range of conditions including:

• Chronic sinusitis
• Hearing loss
• Tinnitus
• Balance problems or vertigo
• Persistent sore throats or tonsillitis
• Nasal obstruction and nosebleeds
• Head and neck lumps or cancer symptoms

These conditions vary widely in severity but often require specialist assessment to diagnose properly. Persistent symptoms such as difficulty swallowing, ongoing hoarseness, unexplained nosebleeds, balance problems or ear pain can signal something more serious. ENT referrals are a key step in getting patients the specialist care and scans they may need.

In cases like this, ENT delays can result in prolonged suffering, missed treatment opportunities, delayed cancer diagnoses, and unnecessary psychological distress.

For those caught up in the Medway NHS Foundation Trust ENT backlog, these are not just ‘admin errors’ they are failings in patient care. Every referral represents a person who needed help, and who was let down.

Could you have a claim for delayed diagnosis or ENT negligence?

If you were referred to the ENT department at Darent Valley Hospital or Medway Maritime Hospital in the last few years and did not receive a timely appointment, you may be entitled to bring an ENT compensation claim. This includes people whose symptoms worsened while waiting, whose condition became more serious, or who experienced pain or stress as a result of the delay.

How can Tees help?

At Tees, we specialise in medical negligence and act for clients who have been let down by systems that should protect them. We can review your experience and advise you on whether you may have a legal claim. We offer a:

• free initial discussion to assess your case
• clear, practical advice on your legal options
• dedicated support from a Legal 500-recognised team
• no win, no fee options available

If you have been affected by the ENT delays at Darent Valley Hospital and Medway Maritime Hospital, we are here to help.

The Leeds Reforms: A new era for savers and investors

Posted on 29 July 202529 July 2025 by Sophie Soraf

The UK Government is taking big steps to reshape financial services through the Leeds Reforms – a package of regulatory updates aimed at making investment more accessible, saving more rewarding, and financial decision-making less daunting.

These reforms are all about helping people make smarter financial decisions. They aim to reduce regulatory burden, attract investment, boost innovation and enhance consumer engagement.

If you’ve ever thought about working with a financial adviser, now’s a good time to understand the changes and why having a professional in your corner could help you make the most of them.

What are the Leeds Reforms?

First announced in late 2022 and developed further throughout 2025, the Leeds Reforms are part of the UK’s wider post-Brexit financial strategy. Their goal is to make financial markets more competitive while improving consumer confidence and access.

According to recent commentary from industry experts and legal commentators, the Leeds Reforms are designed to achieve four things:

reduce regulatory complexity
attract investment into UK markets
encourage financial innovation
improve public engagement with investment products.

These changes could directly influence how you save and invest and how much value you get from doing so.

A new campaign to make investing feel less intimidating

A national awareness campaign is about to launch to help people better understand the benefits of investing without the jargon or fear factor.

Big names are in support, so expect to see more helpful guidance on how investing works and why it could be a smarter long-term move than leaving your money in a low-interest account.

Investing can feel overwhelming. That’s why the introduction of this campaign is a great start to the reforms.

Banks can offer “targeted support”, but not full advice

With a Policy note and draft instrumentation released by the Government on Tuesday 15 July 2025, the outlook appears to be that banks will be allowed to offer targeted support, meaning they can alert you to investment opportunities based on your financial behaviour.

This is a positive step, especially for people with savings just sitting in a current account. But here’s the catch: it’s not full advice, just pointers. The support isn’t tailored to your personal financial goals or circumstances. That’s why speaking to a qualified adviser still offers something you can’t get from your bank: personalised and goal-oriented financial planning.

Risk warnings are getting a rethink

Have you ever seen a risk disclaimer on an investment product and thought, “Well, that sounds terrifying”?

You’re not alone. The Government plans to review how risk warnings are presented, making them easier to understand. You should still be aware of risk, but not discouraged by overly negative language. The goal is to support more informed, confident decision-making.

More investment options in your ISA

Here’s a big one: next year, long-term asset funds (LTAFs), like private equity and infrastructure investments, will be allowed inside stocks and shares ISAs.

This means you could access new types of long-term investments while still benefiting from the ISA’s tax advantages. The opportunity to diversify could be a game-changer for those who want to grow their money more efficiently over time.

ISA and savings rules are evolving, so it pays to stay updated

The Government isn’t done yet. More tweaks to the ISA and savings rules are on the horizon, aiming to strike the right balance between saving safely and investing for growth.

As these changes roll out, the financial landscape becomes more complex—but also more rewarding for those who act on the opportunities. A financial adviser will keep track for you and they can update your strategy to match the latest opportunities and rules.

Giving you the full picture

At the heart of the Leeds Reforms is a clear message: it’s time for more people to take control of their money.

But you don’t have to do it alone. In a world of changing rules, new opportunities, and constant headlines, having a trusted expert on your side is more important than ever.

The Leeds Reforms are making it easier to invest, clearer to understand risks, and more rewarding to take charge of your finances. But real progress comes when you pair these policy changes with personal guidance.

How can we help

So, if you’ve been thinking about speaking to a financial adviser, now is the perfect time. An adviser will help you understand your options as well as:

make sense of the new ISA and savings options
decide whether to stay in cash or start investing
build a tax-efficient plan for your financial goals
avoid common mistakes that reduce long-term returns
feel confident in your next move.

Investing in your future isn’t just about money, it’s about clarity, confidence, and peace of mind. If you’d like to find out more or speak to a professional about how the Leeds Reforms could affect your savings or investments, we’re here to help.

The cost of hindsight: What retirees wish they’d known about their financial future

Posted on 18 July 202530 July 2025 by Sophie Soraf

As a financial adviser, I often sit down with clients who are already retired. Many are referred to us by friends or family who’ve had a better experience — one that included professional advice, clear planning, and a real strategy for later life. These conversations often highlight what retirees wish they’d known about their financial future — and what a difference it could have made.

All too often, what I hear from new clients is a variation of the same theme:

“I wish I’d known I could have retired earlier.”
“I wish I’d realised I couldn’t afford to retire when I did.”
“I wish someone had told me what I needed to save.”
“This isn’t the retirement I thought I was working toward.”

These aren’t just regrets. They’re missed opportunities. Opportunities that could have been addressed with the right guidance at the right time to better shape that retiree’s financial future.

Reactive vs. proactive: the real financial divide

Most of these people didn’t lack the means to make better decisions. What they lacked was insight. They took a reactive approach to retirement, often relying on outdated assumptions, guesswork, or vague hopes about “having enough.”

The truth is that financial security in retirement doesn’t come from luck, it comes from preparation.

Today, retiring in your mid-60s could mean living another 20–30 years without a salary. That’s the equivalent of another working life, but without a guaranteed income. So, the earlier you understand what that reality might look like for you, the more choices you’ll have.

So, ask yourself:

What will your finances look like the day after you stop working?
What challenges might come up if you’ve not planned ahead?
What will the implications be for your lifestyle, your family, and your peace of mind?
And perhaps most importantly: are you ready to act now?

Because if the answer to that final question is yes, there’s still time.

We’ve helped many clients retire earlier than expected, or with more confidence than they thought possible. But what makes the difference isn’t how much you’ve saved — it’s how soon you start looking at the full picture.

If you’d like to understand your retirement readiness — and get a clear, realistic view of your options — we’re here to help.

All financial services provided by Tees Wealth are regulated by the Financial Conduct Authority.

This material is for informational purposes only and does not constitute an offer or solicitation for the purchase or sale of any financial instrument. It is not intended as accounting, legal, tax, or investment advice.

Tees is a trading name of Tees Financial Limited, authorised and regulated by the Financial Conduct Authority (FCA), Registered number 211314, and registered in England and Wales (Company number 4342506).

A pattern of concern: Lessons from the GMC’s findings on Dr Olanrewaju Atiba at Lister Hospital

Posted on 18 July 202525 July 2025 by Sophie Soraf

In April 2025, the General Medical Council (GMC) imposed restrictions on the medical practice of Dr Olanrewaju Emmanuel Atiba, an obstetrician at the Lister Hospital in Stevenage. This followed a prolonged period of concern regarding his clinical decision-making and care of patients during childbirth.

The concerns were not isolated. According to the GMC, there was a discernible pattern over time. Deficiencies were noted particularly in Dr Atiba’s choice of intervention—specifically, the use of rotational forceps instead of opting for caesarean sections where appropriate. The GMC also raised concerns about poor record-keeping, inadequate consent procedures, and a failure to seek guidance in complex clinical situations.

Such concerns are not merely administrative or procedural, they strike at the heart of patient safety and trust in the healthcare system. When childbirth is already an emotionally and physically intense experience, the decisions made by clinicians can have life-altering consequences. The GMC’s decision to impose undertakings, rather than remove Dr Atiba from the register, was based on his willingness to engage with the process and accept shortcomings. Still, the impact on those who may have been affected remains.

The language of regulatory findings can often feel abstract, but for families living with the consequences of avoidable harm during childbirth, these reports carry deep, personal significance. They raise questions about how long patterns of questionable practice can persist before intervention occurs, and how systems of oversight both at hospital and national level, should function to protect patients before harm happens, not just respond afterwards.

Moreover, the concerns underline a broader issue in maternity care: the use of forceps and the protocols around consent and risk communication. It is a timely reminder of the need for consistent training, transparent communication, and accountability in obstetrics, a field where decisions are often made under intense pressure and with lifelong consequences.

For those treated by Dr Atiba, particularly where forceps were used and complications followed, this moment offers an opportunity for reflection, review, and potentially redress. But it also signals the need for systemic improvement. Ensuring that patterns of concern are identified early, families are heard when they raise concerns, and care is delivered in a way that prioritises safety, dignity, and informed choice.

While the GMC’s report has brought this clinician under scrutiny, it also serves as a wider call to strengthen the mechanisms that underpin trust in maternity services—so that no family is left wondering whether their experience was part of a preventable pattern.

The sanction details are publicly available on the GMC website.

How Tees can help

Our specialist medical negligence lawyers are already supporting families affected by this situation and forceps use during deliveries. We are ideally placed to assist mothers and babies who may have been affected. If Dr Atiba was involved in your labour, and you feel some of the issues raised by the GMC apply to you, we can help assess whether you have a valid claim for compensation and secure the compensation you deserve.

You may have a claim if:

You were treated by Dr Atiba and/or at the Lister Hospital
Your baby was delivered by rotational forceps
You or your child are now experiencing ongoing medical issues or distress following treatment

Fewer divorces, more financial battles: Why couples are heading back to court

Posted on 26 June 202515 July 2025 by Sophie Soraf

While divorce figures in England and Wales are at their lowest in over 50 years, the number of couples fighting over finances in family courts is climbing steeply.

Divorce rates continue to decline

In 2022, there were just 80,057 divorces in England and Wales—the lowest total since 1971, a drop of nearly 30% from the 113,505 divorces recorded in 2021
Preliminary figures for 2023 suggest an even further dip to around 76,000 divorces, the lowest seen since the early 1970s.
Contributing factors include the post-Covid resurgence in divorces in 2021, followed by a downturn under the new no-fault divorce law (introduced in April 2022), and sustained cost-of-living concerns.

Financial disputes hit a 15‑year high

According to data from the Ministry of Justice, despite falling divorce numbers, contested financial remedy orders surged to roughly 10,300 in 2023, marking a sharp 66% increase and the highest level since at least 2008.

Factors driving this rise include:

Economic instability: Many divorcing couples are finding it harder to agree on settlements amid falling property values and rising living costs.
Complex financial portfolios: Wealthier individuals with international assets or opaque finances are increasingly contesting settlements, often fuelled by jurisdictional issue.
Non-compliance and enforcement: Post-judgment enforcement is also becoming more common, with delayed transfers of property and unfulfilled payment arrangements due to financial difficulty.

Court delays and private alternatives

Financial disputes are taking significantly longer to resolve—routine financial and child-arrangement cases now average 47 weeks from start to resolution.
Faced with this backlog and public exposure, many high-net-worth individuals are opting for private arbitration. There were 130 arbitrations on divorce financial settlements in 2024, up from 89 in 2023, according to the Institute of Family Law Arbitrators. This process offers speed, privacy, and control—and is often quicker and—in the long run—cheaper than traditional court proceedings.

What should you do?

Get advice early. Cost-of-living pressures are delaying divorces—some 19% are postponed for financial reasons, but this can also lead to rushed and unfair financial settlements.
Prepare documents and explore mediation or arbitration. Taking the private route can reduce time and public scrutiny.
Enforce and vary orders. If the other party is failing to comply or your finances have shifted significantly, it’s critical to seek prompt legal guidance.
Stay aware of financial risks. A lack of clarity over pensions, investments or credit entanglements can derail agreements. Around 38% of divorcees admit to poor awareness of finances prior to splitting.

Summary Table
Trend	Implication
Divorce rate ↓ (80,000 → ~76,000)	Couples are delaying or avoiding divorce, often due to costs
Court disputes ↑ (10,300 orders contested, +66%)	Settlements are more contested than ever
Court wait times ↑ (47 weeks avg)	Formal court proceedings have become lengthy
Arbitration usage ↑ (130 cases in 2024)	Private alternatives are becoming more popular

How Tees can assist you

Strategic planning
We’ll help you gather evidence, prepare asset statements and identify potential dispute areas before filing.
Mediation and arbitration guidance
We work with accredited mediators and arbitrators to help you resolve disputes swiftly—in private.
Robust court representation
Should your case go to court; our experienced family team will negotiate or enforce the fairest settlement on your behalf.
Post‑settlement support
From varying terms after changes in income to pursuing enforcement, we’re here throughout.

Conclusion

Yes, divorce numbers may be falling, but for many, the separation of finances is becoming more contested, more public, and more prolonged. At Tees Law, we guide you through every phase; before, during and after—to ensure you secure a fair outcome with as little stress, delay and exposure as possible.
We’re here to protect you, your children, your wealth and your sanity during divorce.

If you’re separating and worried about your finances, reach out for a confidential, no‑obligation chat with one of our specialist family law solicitors.

Sole directors and model articles – are they fit for purpose?

Posted on 13 June 202518 July 2025 by Sophie Soraf

If you are the sole director of a company using Model Articles of Association, recent case law highlights the importance of reviewing whether your company’s constitutional documents are fit for purpose. Over the past few years, courts have considered whether the standard Model Articles, often adopted without amendment, are suitable for companies with one director. This question gained particular attention following a series of High Court decisions that appeared, at times, to be in conflict.

What is the Issue?

The Model Articles are the default rules for running a company, commonly adopted by private companies on incorporation. But their interaction with companies operated by sole directors has been questioned, particularly where the articles include requirements about quorum for board meetings or director decision-making.

The Conflicting Cases

Hashmi v Lorimer-Wing [2022] EWHC 191 (Ch) (Re Fore Fitness)
In this case, the company had modified Model Articles which stated that a quorum for board meetings required more than one director. When the sole director attempted to make decisions, including bringing a claim on behalf of the company, the court found that the articles did not allow him to act alone. As a result, the sole director’s decisions were deemed invalid. The case raised significant concerns for companies with similar wording in their articles.
Re Active Wear Limited [2022] EWHC 2340 (Ch) (Re Active Wear)
Shortly after, the High Court considered a similar issue. In this instance, the company had adopted unamended Model Articles and again had a sole director. The court ruled that Article 7(2) of the Model Articles does permit a sole director to make decisions on behalf of the company. This decision directly challenged the approach in Re Fore Fitness and provided reassurance to many sole directors.
KRF Services (UK) Ltd [2024] EWHC 2978 (Ch) (KRF Services)
Most recently, the High Court revisited the issue in KRF Services, offering further clarity. The court considered whether a sole director, operating under unamended Model Articles, could validly sign a director’s resolution. The key question was whether Article 11, which requires a quorum of two directors, prevents sole director decision-making. The court reconciled Articles 7(2) and 11, ultimately confirming that where a company has only one director, Article 7(2) takes precedence, and that director can act alone. This decision aligned with the reasoning in Re Active Wear and offers renewed confidence to sole directors using the standard Model Articles.

Why this matters

These cases highlight a practical risk: even if your company uses the default Model Articles, certain provisions particularly around quorum could cast doubt on the validity of decisions made by a sole director, especially if there are amendments or inconsistencies in the articles.

What should you do?

If you are a sole director, now is the time to review your company’s Articles of Association; ensuring they are clear, consistent, and allow you to act effectively is crucial to protecting the decisions you make on behalf of the business.

At Tees, we have the expertise to review your articles and advise on whether they are suitable for sole director operation. Where needed, we can suggest and implement amendments to ensure your governance documents are robust, up-to-date, and compliant with the latest legal guidance. Get in touch with the Corporate team to safeguard your company’s decision-making.

Five reasons to make a Lasting Power of Attorney

Posted on 14 April 202511 July 2025 by Sophie Soraf

A lasting power of attorney (LPA) gives someone you trust the legal authority to make decisions on your behalf if you are no longer able to do so. It is a simple way to stay in control of your future—whatever life brings.

Here are five key reasons to make a lasting power of attorney:

1. You stay in control of your choices

Without an LPA in place, no one automatically has the legal right to make decisions for you—not even your closest family members. By setting up an LPA, you choose who will act for you and can set out your wishes in advance.

2. It gives you and your family peace of mind

None of us knows what the future holds. Illness, accidents or age-related conditions can affect your ability to manage your finances or make healthcare decisions. An LPA ensures the people you trust can step in smoothly, without legal delays or added stress.

3. It helps avoid costly and time-consuming court applications

If you lose mental capacity and do not have an LPA, your loved ones may need to apply to the Court of Protection to make decisions on your behalf. This process can be expensive, slow and stressful. An LPA saves time, money and worry.

4. It covers both financial and health decisions

There are two types of LPA—one for property and financial affairs, and one for health and welfare. You can make one or both, depending on your needs. This gives you full flexibility to plan for every eventuality.

5. It protects your business interests too

If you run a business, an LPA can ensure someone is authorised to handle decisions if you become unable to act. This keeps your business running and protects jobs and income.

How we can help

At Tees, we make setting up a lasting power of attorney straightforward and stress-free. We’ll listen to your concerns, explain your options in plain English, and help you put the right documents in place.

Can a Lasting Power of Attorney be abused?

Posted on 24 March 20258 July 2025 by Sophie Soraf

Frances Macdonald, Senior Associate at Tees, outlines key steps you can take—supported by your solicitor—to reduce the risk of abuse when setting up a Lasting Power of Attorney (LPA).

Is a Lasting Power of Attorney safe?

Retired senior judge of the Court of Protection, Denzil Lush, caused concern during a BBC Today programme interview when he suggested that creating a Lasting Power of Attorney (LPA) could leave individuals vulnerable to exploitation. His comments were based on cases where attorneys had misused their powers, sometimes leading to significant financial loss for the donor—including loss of savings or even their home.

Despite these high-profile concerns, LPAs remain a crucial legal tool, especially as we plan for the future. With over 2.5 million LPAs registered in the UK and 600,000 new applications made in 2016 alone, instances of abuse remain relatively rare—fewer than 1% of registered LPAs involve reported abuse.

What is a Lasting Power of Attorney?

An LPA is a legal document that allows you to appoint one or more trusted individuals—known as attorneys—to manage your financial affairs or make decisions about your health and welfare, if you lose the ability to do so yourself (known as losing mental capacity).

Many people create LPAs well before they anticipate needing them, often while still in good health. This is important because you must have full mental capacity when you create the document. If you lose capacity without an LPA in place, your family must apply to the Court of Protection for a Deputyship—an expensive, time-consuming process with ongoing annual fees.

Why create an LPA?

Without an LPA, your loved ones won’t automatically have the legal authority to manage your affairs. Having an LPA in place can:

Reduce stress and cost for your family
Ensure your preferences are followed
Avoid lengthy court applications

How to prevent abuse of a Lasting Power of Attorney

LPAs are powerful documents. That’s why it’s essential to set them up with professional legal guidance to include appropriate safeguards and reduce the risk of misuse.

Frances Macdonald, Senior Associate at Tees, explains:

“We strongly recommend that you never sign any documents—especially those prepared by friends or relatives—without fully understanding them. It’s best to seek legal advice before proceeding, even if the request comes from someone you trust.”

Tees regularly advises clients on incorporating safety features into their LPAs, including:

Requiring attorneys to maintain financial records
Instructing attorneys to seek professional advice on significant decisions
Including conditions or restrictions in the LPA document

Choosing the right Attorney

Selecting the right attorney is perhaps the most important decision you’ll make when creating your LPA. Consider:

Trustworthiness – Do you trust this person to act in your best interests?
Capability – Are they organised and financially responsible?
Willingness – Are they happy and prepared to take on this role?
Closeness – Do they understand your personal values and wishes?

Tees can guide you through this process to ensure your chosen attorney is the right fit for you.

Keep your LPA under review

An LPA is not a “set and forget” document. Frances Macdonald recommends reviewing your LPA every five years—or sooner if your circumstances or relationships change significantly.

“We encourage clients to review their LPAs regularly. This ensures the document still reflects their wishes, especially as family dynamics, health, or financial circumstances evolve.”

Regular reviews can help avoid issues down the line and provide continued peace of mind.

Additional safeguards you can add

You can include further protections in your LPA, such as:

Appointing up to four attorneys and specifying whether they act jointly or independently
Assigning attorneys responsibility for different areas (e.g. one for finances, another for healthcare)
Requiring annual reviews of your attorney’s accounts
Storing your original LPA with a solicitor who will only release certified copies upon evidence of lost capacity

At Tees, we offer a secure document storage service and can act as an impartial gatekeeper, helping to prevent premature or unauthorised use of your LPA.

Can you cancel or change an LPA?

Yes. If you still have mental capacity, you can cancel your LPA at any time by signing a Deed of Revocation. If there are concerns about an attorney’s conduct, the Office of the Public Guardian (OPG) can investigate and take appropriate action—including referring the matter to the police or applying to the Court of Protection to revoke the LPA.

Get expert advice on LPAs

Setting up an LPA with the right guidance ensures your best interests are protected and reduces the risk of future disputes or abuse. If you have any questions about making or using a Lasting Power of Attorney, please contact our experienced team at Tees.

Economic Review February 2025

Posted on 3 March 20259 July 2025 by Sophie Soraf

Key takeaways:

UK economic output unexpectedly rose by 0.1% in the fourth quarter of 2024
Bank of England will be ‘careful’ about reducing Bank Rate due to a spike in inflation
Retail sales volumes rose by 1.7% in January, bouncing back from December’s 0.6% decline

Growth stronger than expected in late 2024

Data released last month by the Office for National Statistics (ONS) revealed that the UK economy unexpectedly grew in the final three months of last year, although more recent survey evidence still points to a sluggish outlook.

The latest gross domestic product (GDP) statistics showed that economic output rose by 0.1% in the fourth quarter of 2024, after flatlining across the previous three-month period. While the figure still only represents a relatively lacklustre rate of expansion, it was significantly stronger than economists had been expecting, with the consensus forecast in a Reuters poll predicting a 0.1% contraction during the final three months of the year.

A monthly breakdown showed that the final quarter GDP figure was lifted by a strong performance in December, which saw a 0.4% expansion. This reflected robust service sector growth, with ONS noting that wholesalers, film distributors, pubs and bars all did particularly well, while machinery manufacturers and pharmaceutical companies performed strongly too. In addition, however, it was noted that December’s growth relied on government spending and a potentially temporary build-up in firms’ inventories.

Data from a recently released economic survey also suggests growth in the first two months of 2025 has been tepid. February’s flash headline growth indicator from the S&P Global/CIPS UK Purchasing Managers’ Index (PMI) dipped to 50.5 from 50.6 in January, leaving the index only marginally above the 50.0 no change threshold, implying the UK economy has seen little growth so far this year.

S&P Global Market Intelligence’s Chief Business Economist Chris Williamson said, “Early PMI survey data for February indicate that business activity remained largely stalled. While marginal output growth was eked out in February, order books deteriorated at a rate not seen since August 2023 to hint at likely cuts to business activity in the coming months unless demand revives.”

Interest rates cut; inflation jumps

Last month, the Bank of England (BoE) sanctioned a further cut in interest rates but said it would be ‘careful’ about future reductions in the face of an expected spike in inflation and global uncertainty.

Following its latest meeting, which concluded on 5 February, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 7-2 majority to reduce rates by 0.25 percentage points, taking Bank Rate down to 4.5%. The two dissenting voices both voted for a larger cut of 0.5 percentage points.

Alongside the rate announcement, the Bank unveiled its latest economic projections, which included a halving of its 2025 growth forecast to 0.75%. The updated outlook also predicts inflation will rise to nearly double the Bank’s 2% target level, peaking at 3.7% in the third quarter of this year and not return to target until the end of 2027.

Commenting after announcing the MPC’s decision, BoE Governor Andrew Bailey reaffirmed his expectation that rates would continue on a downward trajectory, but added “We will have to judge meeting by meeting, how far and how fast.” Mr Bailey also stressed the need to remain “gradual and careful” when reducing rates further because “we live in an uncertain world and the road ahead will have bumps on it.”

This bumpy road was vividly highlighted two weeks later when the official inflation statistics were published, with the annual headline rate jumping to 3.0% in January from 2.5% in December. ONS said this higher-than-expected increase was driven by rising food prices, a smaller-than-usual drop in air fares and an increase in private school fees.

January’s data leaves inflation at a 10-month high with analysts predicting further rises to come. April in particular is likely to see a notable jump, with energy, water and council tax bills all set to rise during that month.

Markets

At the end of February, global markets remained under pressure as investors reacted to economic uncertainty, with Trump’s trade policies continuing to weigh on sentiment.

US stocks fell after the Trump-Zelensky Oval Office exchange on Friday 28 February, before moving higher in the afternoon session. The Dow closed February 1.58% lower on 43,840.91, while the tech-orientated NASDAQ closed February down 3.97% on 18,847.28.

In the UK, the internationally focused blue-chip FTSE 100 index closed the month on 8,809.74, a gain of 1.57%. At month end the index rose as hopes increased of a potential trade deal between the UK and the US, following a week of crunch talks in Washington. The mid-cap focused FTSE 250 closed February down 2.98% on 20,326.38, while the FTSE AIM closed on 703.83, a loss of 1.99%.

On the continent, the Euro Stoxx 50 closed February 3.46% higher on 5,463.54. In Japan, the Nikkei 225 ended February on 37,155.50, a monthly loss of 6.11%.

On the foreign exchanges, the euro closed the month at €1.21 against sterling. The US dollar closed at $1.25 against sterling and at $1.03 against the euro.

Gold closed February trading around $2,863 a troy ounce, a small monthly gain of 0.44%. At month end, the gold price fell as concerns escalated over Trump’s sweeping tariff strategy and a stronger dollar put pressure on the precious metal. Brent Crude closed the month trading at around $69.91 a barrel, a monthly loss of just over 4.0%, as concerns about the risks posed by tariffs to the global economy and demand for fuel weigh on sentiment.

Index	Value (28/02/205)	Movement since 31/01/25
FTSE 100	8,809.74	+1.57%
FTSE 250	20,326.38	-2.98%
FTSE AIM	703.83	-1.99%
Euro Stoxx 50	5,463.54	+3.46%
NASDAQ Composite	18,847.28	-3.97%
Dow Jones	43,840.91	-1.58%
Nikkei 225	37,155.50	-6.11%

Pay growth accelerates; vacancies still falling

The latest batch of labour market statistics showed that UK wage growth remained strong in late 2024, while surveys suggest companies are planning to cut jobs or recruit fewer people over the coming months.

Figures published by ONS last month showed that average weekly earnings excluding bonuses rose at an annual rate of 5.9% across the final quarter of last year. This figure was up from 5.6% in the previous three-month period and represents the strongest reading since the three months to April 2024.

The data release also revealed yet another decline in the overall number of job vacancies. In total, ONS said there were 9,000 fewer vacancies reported between November and January 2025, the 31st consecutive monthly fall. And survey evidence suggests this decline is likely to continue as firms look to cut headcounts and freeze hiring as a result of higher employment costs associated with changes announced in the Autumn Budget.

A Chartered Institute of Personnel and Development survey released last month, for instance, found that around one in three firms are planning to reduce their headcount through redundancies or by recruiting fewer workers ahead of April’s National Insurance contributions hike and the uplift in the minimum wage.

Retail sales grew strongly in January

Official retail sales statistics released last month showed that sales volumes rebounded sharply in the first month of this year, while survey evidence points to a modest pick-up in consumer sentiment during February.

According to the latest ONS data, retail sales volumes rose by 1.7% in January, a strong bounce back from December’s 0.6% decline. The figure was also higher than all estimates submitted to a Reuters poll of economists which had pointed to growth of just 0.3%. ONS did, however, note that the increase was largely due to strong food sales, with other sectors, such as clothing and household goods, recording a more ‘lacklustre’ performance.

Encouragingly for the retail sector, data from GfK’s most recent consumer confidence index also reported a modest improvement in consumer sentiment. Overall, February’s headline confidence figure rose to -20 from -22 the previous month, with all five of the survey’s components improving, led by a four-point gain in personal finance expectations.

Evidence from the latest CBI Distributive Trades Survey, though, found that retailers remain ‘downbeat’ about their future business situation, with the data pointing to a sharp sales downturn in March, partly due to the later timing of Easter compared to last year.

All details are correct at the time of writing (03 March 2025)

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Tees is a trading name of Tees Financial Limited which is regulated and authorised by the Financial Conduct Authority—registered number 211314.

Tees Financial Limited is registered in England and Wales—registered number 4342506.

December 2024: Inflation rises, growth stalls, markets shift

Posted on 8 January 20259 July 2025 by Sophie Soraf

Headline inflation at eight-month high

Release of the latest inflation statistics showed consumer prices are now rising at their fastest rate since March 2024, while last month also saw Bank of England (BoE) policymakers become more divided over the need to cut interest rates.

Data published by the Office for National Statistics (ONS) showed the Consumer Prices Index (CPI) 12-month rate – which compares prices in the current month with the same period a year earlier – rose from 2.3% in October to 2.6% in November. ONS said the rise was primarily driven by an increase in motor fuel and clothing prices, which was only partially offset by a drop in air fares.

November’s CPI rise was, though, in line with expectations expressed in a Reuters poll of economists. Additionally, there was some relief in relation to underlying price pressures, with services inflation – a measure closely monitored by the BoE – remaining unchanged at 5.0%.

The latest decision of the BoE’s interest-rate setting body was announced a day after the inflation release, with the nine-member Monetary Policy Committee (MPC) voting by a 6-3 majority to maintain Bank Rate at 4.75%. The three dissenting voices each preferred an immediate 0.25 percentage point reduction in order to boost growth, but the six-strong majority, which included BoE Governor Andrew Bailey, expressed concern about wage growth and ‘inflation persistence.’

Commenting after announcing the Committee’s decision, Mr Bailey said he still believed the path for interest rates was “downwards.” However, he added, “We think a gradual approach to future interest rate cuts remains right, but with the heightened uncertainty in the economy we can’t commit to when or by how much we will cut rates in the coming year.”

The next MPC meeting is scheduled for early next month, with the outcome of the Committee’s deliberations due to be announced on 6 February.

UK economy has ‘largely stalled’

Figures released last month by ONS showed the UK economy shrank for a second successive month in October, while more recent survey evidence suggests it remained ‘largely stalled’ as 2024 drew to an end.

The latest official monthly gross domestic product (GDP) statistics revealed that economic output declined by 0.1% in October, defying analysts’ expectations for a small monthly expansion. October’s decline followed a similar-sized contraction in September and represents the first consecutive monthly drop in GDP since March and April 2020.

Revised data subsequently released by ONS also revealed that the economy performed worse than previously thought during earlier parts of last year. The updated statistics showed a growth rate of 0.4% across the second quarter, down from a previously published figure of 0.5%, while the economy is now estimated to have produced zero growth in the third quarter of 2024, down from an initial estimate of 0.1%.

The current economic malaise was also highlighted in updated growth projections published last month by the BoE. The Bank now estimates the UK will have seen no growth during the final three months of 2024.

Preliminary data from the latest S&P Global/CIPS UK Purchasing Managers’ Index (PMI) also points to a loss of economic momentum. While December’s flash headline growth indicator did remain at November’s 50.5 level, this left the Index only marginally above the 50.0 no change threshold.

S&P Global Market Intelligence’s Chief Business Economist Chris Williamson said, “The flash PMI data for December indicate the UK economy remained largely stalled at the end of 2024. New orders fell in December for the first time in over a year, reflecting a deterioration in demand as a deepening downturn in manufacturing shows growing signs of spreading to the services economy.”

Markets (Data compiled by TOMD)

Although most major indices closed 2024 higher year-on-year, trading at month end was mixed.

US markets outperformed Europe in 2024. In the US, major indices registered double-digit annual gains, supported by interest rate cuts, Trump’s return to the White House and enthusiasm for AI. The Dow closed the year over 12% higher on 42,544.22, while the tech-orientated NASDAQ closed the year up over 28% on 19,310.79.

Meanwhile, the Euro Stoxx 50 closed the year over 8% higher on 4,895.98. In Japan, the Nikkei 225 ended the year on 39,894.54, gaining over 19% in 2024, despite retreating on the last trading day of the year from a five-month high reached the previous session.

In the UK, the blue-chip FTSE 100 index closed December on 8,173.02, a gain of just under 6% for 2024 as a whole, locking in gains for a fourth straight year. The domestically focused FTSE 250 closed the year just under 5% higher on 20,622.61, while the FTSE AIM closed on 719.63, a loss of over 5% in the year.

On the foreign exchanges, the euro closed the month at €1.20 against sterling. The US dollar closed at $1.25 against sterling and at $1.03 against the euro.

Gold closed the year trading around $2,637 a troy ounce, an annual gain of over 26%, its strongest since 2010. The price was supported by various factors including central bank reserve purchases and rising geopolitical tensions, prompting investors to seek safe haven assets. Brent crude closed the year trading at around $74 a barrel, an annual loss of over 2%. At year end, robust economic data from China and a weakening US dollar supported the oil price.

Index	Value (31/12/24)	Movement since 29/11/24
FTSE 100	8,173.02	-1.38%
FTSE 250	20,622.61	-0.72%
FTSE AIM	719.63	-1.76%
Euro Stoxx 50	4,895.98	+1.91%
NASDAQ Composite	19,310.79	+0.48%
Dow Jones	42,544.22	-5.27%
Nikkei 225	39,894.54	+4.41%

*Closing value 30/12/24 (market was closed 31/12/24)

Retail sales post small November rise

Official retail sales data released last month showed a small rise in sales volumes during November, although more recent survey evidence continues to show a tough retail environment despite another modest rise in consumer sentiment.

Figures released last month by ONS revealed that retail sales volumes rose by 0.2% in November. While this did represent a bounce back from October’s 0.7% decline, the figure was below economists’ expectations and left sales in the three months to November up by only 0.3%, the weakest performance according to this measure since the three months to June 2024.

Evidence from the recently released CBI Distributive Trades Survey also suggests retailers had a relatively weak run-up to Christmas. The CBI said retailers had ‘endured a gloomy festive period’ and looking ahead, they expected ‘sales to fall again in January’ with wholesalers and motor traders ‘braced for sharper sales declines.’

Data from GfK’s latest consumer confidence index, however, did offer the retail sector some hope for the new year, with the long-running survey showing households becoming modestly more cheery about their finances for the year ahead. Overall, December’s headline sentiment figure rose to -17 from -18 in November, lifting consumer morale to a four-month high.

Wage growth surprise: vacancies fall again

The latest batch of labour market statistics revealed a surprise pick-up in pay growth as well as a fall in both the level of job vacancies and the number of staff on payrolls.

According to the latest ONS data, average weekly earnings excluding bonuses rose at an annual rate of 5.2% in the three months to October 2024; this was up from 4.9% across the preceding three-month period and higher than a consensus forecast of 5.0% from a Reuters poll of economists. ONS Director of Statistics Liz McKeown commented, “After slowing steadily for over a year, growth in pay excluding bonuses increased slightly in the latest period driven by stronger growth in private sector pay.”

Job vacancies, however, fell once again, with 31,000 fewer reported in the September–November period compared to the previous three months. The latest release also revealed a drop in the number of people on payrolls, with provisional data indicating a 35,000 decline in November.

Last month, Reed Chief Executive Officer, James Reed, also noted that his firm had seen a “significant decline” in the number of jobs being advertised, while a number of surveys highlighted a slowdown in recruitment activity in the face of rising employers’ National Insurance Contributions.

Key takeaways:

Data from the ONS shows the CPI 12-month rate rose from 2.3% in October to 2.6% in November
UK economic output declined 0.1% in October, defying analysts’ expectations for a small monthly expansion.
Retailers ‘endured a gloomy festive period’ according to the CBI, who expect ‘sales to fall again in January’

All details are correct at the time of writing (02 January 2025)

Tees Financial Limited is registered in England and Wales—registered number 4342506.

10 great financial advice tips for efficient money management

Posted on 12 December 202428 March 2025 by Sophie Soraf

As wealth management specialists, we are often asked, ‘Where and how do I start with my money?’ or told, ‘I never seem to have money when I need it’. Understanding how to hold and manage our hard-earned wealth is key to ensuring that we always have funds when needed.

Understanding the basics of money management is the key to finding financial freedom. Our funds fall into three main categories:

Short-term, hands-on money required for day-to-day expenses
An easily accessible ‘rainy day’ fund to cover unforeseen costs, or nice-to-have things like holidays
Long-term investments for life events, for example, saving for retirement, buying a house or paying for a child’s wedding

So, if you would like to manage your money better, read on to find out our 10 top tips for efficient money management.

1. Have a financial plan

Let’s consider the three categories of funds outlined above. Without a financial plan, how will you know how much you need in your current account to cover daily living expenses, how much you can afford to save or invest, or how much you can afford to pay towards your pension each month?

Common components of a financial plan will include:

Financial goals and objectives – where do you want to be in X years?
Income and outgoings – what are you bringing in and paying out? How much can you afford to spend without running out of money?
Protection needs – have you planned for life’s unexpected events, such as losing your job or being too ill to work for more than a few months?
Savings & investments – how much of your money do you have in savings accounts and investment portfolios? Are your savings and investments still offering strong returns? What changes might need to be made?
Retirement – are you currently saving enough for retirement?
Issues and problems – are there any weaknesses or problems that could affect your financial situation? How might these be rectified?

2. Draw up a budget

A budget is the answer if you’re continually running out of money before payday. Starting with your take-home income, first list the bare essentials – i.e., what must be paid out to keep your family sheltered, fed and warm – before moving on to those outgoings that are not so strictly necessary. In order of priority, these are the typical outgoings that feature on most budgets:

Housing costs – such as your rent or mortgage, bills and home insurance
Groceries – how much do you need to feed your family each month?
Other essential outgoings include shoes and clothing, school uniforms, car insurance and road tax, commuting costs, paying off debt, etc.
Savings – once you have prioritised your essential expenses, it is important to budget for savings, such as your emergency savings fund and pension contributions, before you budget for other daily expenses
‘Nice-to-haves’ – this category can include expenses such as eating out, leisure activities, hobbies or holidays

3. Focus on paying off debt

Nothing can derail your finances faster than accumulating high-interest debt, for example, on credit or store cards. If you use a credit card, it is essential to prioritise paying it off on time to avoid spiralling debt that can seriously harm your credit score.

To avoid debt, stick closely to your budget. If your budget says you don’t have the money to buy something this month, don’t use your credit card to do so. The repayments will eat into next month’s money and make it increasingly challenging to stay on track.

4. Save for the future

Setting aside any savings before moving on to non-essential expenses is important. To help you prioritise your savings, consider what would happen if you faced an unforeseen expense. Could you afford to pay out for a new boiler if yours broke down? Or a large veterinary bill? What if you lost your job? A general rule of thumb is to build up three months’ worth of essential outgoings in an instant access savings account for emergencies.

However, instant access accounts typically offer lower interest rates, meaning the return on your money will be minimal. If you already have sufficient emergency savings, it may be worth putting further savings away in a fixed-term savings account, which offers higher interest in exchange for locking your money away for a set period or looking into investment.

5. Invest for higher returns

With interest rates at rock bottom, savings accounts offer minimal interest on savers’ hard-earned cash. Investing is a way of getting higher returns in exchange for a certain level of risk. Stock markets can go up and down, so your investments can fall and rise; however, a financial adviser can assist you in building an investment portfolio that reflects your risk profile. This means you can choose the level of risk you want to accept (although lower risk often means lower returns).

6. Protect your loved ones

According to Royal London, just two in five people say they’d be able to cope for more than three months if they lost their income. If your situation is similar, then it’s important to put in place protection policies, such as life insurance (which pays out a lump sum to your family if you die), critical illness cover (which pays out if you develop a serious or terminal illness) or income protection insurance (which pays a percentage of your monthly income if you are too unwell to work), to safeguard your loved ones against unexpected financial blows.

7. Start contributing to your pension as soon as you start work

When you start work in your late teens or early 20s, retirement seems a lifetime away. But with living expenses rising and even the full State Pension inadequate to fund a comfortable retirement, the sooner you start saving, the more opportunity your investments will have to grow.

According to research, savers, on average earnings, will need to build a pension pot of at least £300,000 to retire well – which is likely to increase. With all employers now obliged to offer a workplace pension under the auto-enrolment scheme and to make contributions for all employees, it’s never been easier to start saving. Your contributions will be taken out of your salary along with tax and national insurance contributions, so you won’t have to worry about making space in your budget. If you are self-employed, you must contribute into a personal pension to avoid a compromised financial situation later in life.

8. Take full advantage of tax allowances

You can keep more of your hard-earned money by making the most of your yearly tax allowances. For example, you can save up to £20,000 annually into an Individual Savings Account (ISA) and pay no Income Tax on the interest or dividends received. You will not have to pay any capital gains tax on profits from investments in a stock and shares ISA. You can also pay up to £60,000 per year into your pension and benefit from pension tax relief.

Other useful tax allowances include:

Tax-free allowances on financial gifts
Capital Gains Tax annual allowance
Personal Savings Allowance

9. Make a Will

We work closely with our legal team to ensure all clients have a valid, up-to-date Will in place, recording how you would like your assets, such as property, savings and investments, to be distributed when you die. If you die intestate (i.e., without a Will), your assets will be distributed according to intestacy law, a set of rules that dictates how assets should be dealt with without a Will. If you are not married to your partner, for example, they may be unable to inherit. Having a Will also means you can plan to pass down your money in the most tax-efficient way possible.

10. Seek professional financial advice

There’s a great deal to consider when dealing effectively with your finances, so it’s no wonder many people feel overwhelmed. Seeking professional financial advice will help you manage your money better on a day-to-day basis and help you with life’s big financial decisions. Picking the best mortgage for your circumstances; putting in place adequate protection cover to keep your family safe; calculating the retirement income you’ll need and ensuring you have a solid plan in place to achieve it; helping you clear your debt and get your finances in better shape for the future… a financial adviser can help you achieve all of this and more.

To contact our financial specialists, please call 0808 231 1320, and we will be delighted to assist you.

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Past performance is not a reliable indicator of future returns and all investments involve risks including the risk of possible loss of capital. Some information quoted was obtained from external sources we consider to be reliable.

Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.