Hi everyone,
I am currently completing my own Property and Financial Affairs LPA using the online service. I’ve come across the debate regarding "Standard Clause X" (the wording that allows attorneys to use Discretionary Investment Management services).
I know the OPG updated their guidance in 2022 saying this clause is no longer "mandatory" because attorneys now have an implied power to do this. However, I’ve come across story of banks and platforms still being difficult if the wording isn't explicitly there.
I have two specific questions for the group:
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Is it still "best practice" to include it? Even if the OPG says it’s implied, has anyone had issues with banks recently where they refused to act without an explicit clause?
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Instructions vs. Preferences? This is where I’m stuck.
- The OPG guidance says Instructions should use mandatory language like "must" or "shall."
- The standard STEP/OPG wording for this clause often uses softer language: "My attorney(s) may transfer..." or "I authorize my attorney(s)..."
- If I put it in Instructions, does the "may" make it legally invalid because it isn't a strict command? Or, if I put it in Preferences, is it weak enough for a bank to ignore it?
The wording I'm looking at is:
"My attorney(s) may transfer any or all of my investments to a discretionary investment management service, and I authorize my attorney(s) to delegate to the managers of that service the power to make investment decisions on my behalf. This includes the power to buy and sell investments without prior consultation with my attorney(s)."
Would love to hear from anyone who has had an LPA registered recently or any legal professionals who see how banks are behaving on the ground in 2026.
Thanks in advance!