Sophie Soraf, Author at Tees Law

From pension panic to peace of mind: How expert financial advice can change your life

Posted on 18 July 202518 July 2025 by Sophie Soraf

When John turned 60, he was hit by a sobering thought — retirement was no longer a distant milestone. It was just six years away. That realisation prompted him to seek expert financial advice, and it made all the difference.

“I suddenly realised I only had 72 paydays left before my salary stopped. Until that point, I’d given almost no thought to my pension. Retirement always felt like a ‘later’ problem, something my future self would sort out.”

John, like many, had paid into pensions over the years. But he had never checked what income he could expect in retirement, or how long it might last. He assumed things would “work themselves out.”

Unfortunately, they hadn’t. After an initial review with a Chartered Financial Planner from Tees, it became clear that his pension pots wouldn’t support the retirement lifestyle he’d always pictured.

“Seeing it laid out in black and white was hard. But the adviser was clear, calm and practical. For the first time, I understood exactly where I stood and more importantly, what I could do about it.”

Using Tees’ cashflow planning tools, John was shown a simple breakdown of what income he could expect, how long it might last, and the shortfall he needed to address. Together, they mapped out a plan to restructure his savings and investments, boost his contributions where possible, and make full use of his tax allowances.

“The clarity was such a relief. I felt like I’d finally taken control.”

John’s story is not unique. Many people leave it late to think seriously about their pensions. But working with the right financial adviser, getting expert financial advice can make a huge difference even if you’re approaching retirement age.

How Tees can help you plan ahead

Whether you’re early in your career, heading towards retirement, or already drawing an income, our independent financial advisers can help you:

Understand your current pension position.
Set realistic retirement goals.
Create a tax-efficient savings strategy.
Maximise your investment opportunities.
Make your retirement income last longer.

Our advisers are regulated by the Financial Conduct Authority, which means we’re accountable for all the advice we give. And because they work alongside our legal teams, we can also support you with estate planning, wills, and care fee strategies, all under one roof.

Start the conversation today

It’s never too early or too late to get expert financial advice. If you’d like a no-obligation chat with one of our specialists, we’re here to help. All financial services provided by Tees are regulated by the Financial Conduct Authority.

*Name changed to protect the privacy of our client

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

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

Posted on 18 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.

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

Posted on 18 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.

Tees resolves high-conflict divorce with strategic non-court solution

Posted on 17 June 202523 June 2025 by Sophie Soraf

When Richard* faced a complex and acrimonious divorce with his ex-wife Lola*, our family law team at Tees helped to steer the case away from escalating courtroom battles. With a significant income at stake and court delays looming, we proposed a private hearing—leading to a fair resolution ahead of schedule and securing a financial outcome that protected our client’s future.

For context:

Tees were instructed to represent Richard* in financial remedy proceedings relating to an acrimonious divorce from his wife, Lola*.

Richard and Lola had been living in Dubai with their two young children at the time of separation, where Richard had relocated from London for work. However, on separation Lola decided to move back to the UK with the children whilst Richard remained in Dubai where his income increased dramatically to over £600,000 per annum.

Richard applied to the court for divorce and financial remedy after which ensued extremely embittered court proceedings.

What happened next:

The principal area of dispute was the extent to which Richard would need to provide ongoing financial support (i.e. maintenance) through his income to Lola and the children.

When considering the appropriate level of such maintenance, the court consider the recipient party’s reasonable earning capacity and reasonable monthly needs. Inevitably, Lola’s position was that her income capacity was lower, and her monthly “needs” were significantly higher than those considered reasonable on behalf of Richard.

Although the parties made offers of settlement, they remained significantly far apart in their positions with each party resolute in their views on what the appropriate financial settlement should be.

With a stalemate in negotiations and the case not due to be heard in court again for some time due to court backlogs, Tees proposed the parties engage in ‘non-court dispute resolution’.

Tees suggested the parties attend a ‘private’ court hearing where the parties instruct an experienced family law barrister to take on the role of judge and provide the parties with an indication which would act as a foundation for settlement negotiations to recommence.

Giving you the full picture:

After some resistance from the wife, Tees persuaded her that ‘non-court dispute resolution’ would be the most efficient way of achieving progress towards a conclusion which would be in the interests of everyone involved.

The parties attended the ‘private’ hearing and Richard received an indication which was largely aligned with his position. The clear opinion on the case from the ‘private’ judge encouraged the wife to compromise on her position following the hearing and an agreement to settle the matter was agreed shortly thereafter.

Tees’ expertise and creative approach to resolving the dispute meant that Richard achieved a result which helped to protect his income and without the delays of the costly traditional court process.

If you’re unsure of what to do next after a separation, our experts are here to guide you through the process.

*Names have been changed in order to protect the privacy of our client.

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.

Tees advises on landmark joint venture and site acquisition for 73-home Hertfordshire development

Posted on 5 June 202523 June 2025 by Sophie Soraf

Our real estate specialists at Tees have supported Stonebond and Home Group in securing a key development site in Cuffley, Hertfordshire. The site acquisition – backed by a detailed planning consent – will enable the delivery of 73 high-quality homes, with 26 classed as affordable housing and 47 made available for open market sale.

Aaron Cane, Executive Partner at Tees, advised on legal aspects of the land acquisition and joint venture arrangements, representing our Commercial Property team’s skill and expertise in site acquisitions.

The scheme is designed to deliver a 25% biodiversity net gain and includes a £1.5 million contribution to enhance local infrastructure and services. This also marks the first collaboration between Stonebond and Home Group – a significant milestone for both organisations.

Aaron Cane, adviser on the transaction, commented:

“This is a standout project – not just because of its scale, but because it represents a forward-thinking model for partnership development. We’re happy to have supported Stonebond in forming a new strategic relationship with Home Group and we’re pleased to help deliver homes that meet local needs.”

Following completion, Peter Williams, Group COO at Stonebond, said:

“This is an exciting first step in our new partnership with Home Group. We’re delighted to be working together to deliver a mixed-tenure scheme that reflects both quality and community impact.”

Will Gardner, Executive Director at Home Group, added:

“This development is aligned with our mission to deliver high-quality, sustainable homes in the right places. Our partnership with Stonebond brings together aligned values and a shared focus on long-term community outcomes.”

Tees undertakes strategic brand refresh to reflect evolving market position

Posted on 3 June 202515 July 2025 by Sophie Soraf

As part of the firm’s strategic growth plans, and to reflect its evolving service offering, the top 200 law firm Tees has unveiled a significant brand refresh. At a time when the legal sector, like many others, is undergoing considerable change and consolidation, Tees is maintaining its focus on ‘collaborative’ growth – mainly organic – with clients and staff at the very heart of its plans.

The brand refresh is just one element of the firm’s strategy which includes plans to achieving a turnover of £60m by 2028. The most recently published figures (for 2024) show a turnover of £30m with 2025 likely to outturn c.£35m. And, to put the plans into context – in 2020 the figure was £23m. Partner and employee figures currently stand at 28+ and 400+ respectively, increasing from 27 and just under 300 in 2020.

Another change is the increase in the firm’s footprint. Its locations have grown to include six offices across Cambridgeshire, Essex and Hertfordshire. While local offices continue to contribute significantly to one of Tees’ traditional strengths of private client work, the firm’s footprint now extends well outside the southeast. There are few areas across England and Wales that don’t host a Tees client.

Tees’ historic specialism within the agricultural and rural communities has resulted in longstanding relationships, often extending back through many generations. While these relationships have been maintained, increasingly farmers located outside Tees’ traditional heartland – seeking real specialists – have sought Tees’ advice.

In recent times, Tees has built an impressive corporate and commercial team with an expanding client base that reflects its broadened capabilities. The firm now routinely advise on high-value, complex matters for the business community across corporate and commercial, litigation, and commercial property law. Again, location is less of an issue for clients seeking specialists.

Tees will continue to focus on a dual approach: expanding its footprint within the local area and broadening its appeal across England and Wales through the provision of specialist services and working hard to harness the latest technology to ensure the effective and efficient delivery of those services.

The contraction of the traditional high street is influencing the strategic planning of legal firms whose roots lie in the local community. Tees is committed to working in the community but appreciates the need to cater for changing client needs, not least for easier access. This has led to the decision to relocate the Saffron Walden office from its historic high street location to a more accessible location allowing for further expansion and with better parking. This approach also led to the relocation of its Royston office to its new North Hertfordshire Agricultural hub on the same site as the NFU Mutual headquarters.

Despite the advent of AI and the efficiencies it is already bringing to their clients, Tees believe that their ambitious growth plans can predominantly be achieved by increasing partner and staff numbers – great news for the communities it works in. Currently, Tees is the biggest employer in Bishop’s Stortford with a total of 444 staff members, and offices in Brentwood, North Hertfordshire, Cambridge, Chelmsford and Saffron Walden.

Recruiting the right people is a challenge for any business but Tees’ independence and partner-led approach, coupled with a growth culture, stable environment and strong work-life balance credentials, provide considerable attractions to would be employees.

The brand refresh is a key part of Tees’ strategic repositioning, spotlighting its capabilities as a full-service legal practice with an integrated financial services arm. The firm’s independent financial advisers work closely with legal teams to provide joined-up, holistic advice to private individuals, entrepreneurs, and business owners alike.

“This is more than a cosmetic update — it’s a statement about our ambition,” said Managing Director Ashton Hunt. “We’ve built a strong foundation in private client work, but today we’re advising on multimillion-pound transactions and delivering sophisticated legal and financial planning services. Our refreshed brand now gives the full picture and better reflects the complete scope of what we offer.”

Head of Corporate and Commercial, Partner Lucy Folley, added: “We’re seeing increasing demand from businesses that want seamless legal advice across commercial law, property, employment, and dispute resolution. Our growth in this space has been substantial, and the new brand positions us to better reflect and serve that market.”

The firm’s rebrand comes as it continues to grow its regional and national presence, meeting rising client expectations for integrated, forward-thinking legal and financial solutions.

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)

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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)