Financial Beauty Parades

Paramount Legal Costs

What is a financial beauty parade?  A financial beauty parade is an occasion where a group of financial advisor’s outline their business expertise in terms of investment management, in order to secure and essentially “win” your business.

How does this relate to the Court of Protection?  Large compensation claims achieved by Protected Party’s often require funds to be invested in an investment portfolio.   This is essential for the monitoring and growth of their finances.

Given the level of investment companies on the open market, very often, a financial beauty parade is undertaken to allow the Deputy and/or the Protected Party to consider the business terms and offers made by each company.  Instructions will generally be sent to the company considered to act in P’s best interests.

When including such costs in your annual General Management Bill, the SCCO will generally allow the time of one higher grade fee earner to be included in the Bill of Costs.  Any additional fee earner attendance will generally be excluded.

Rebecca Doul, Senior Costs Draftsperson, [email protected]