What is the professional guardians’ scheme?

The scheme introduces a random sampling approach to reviewing annual accounts submitted by professional financial guardians.

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Who can apply?

The scheme is open to firms of professionals i.e. solicitors, accountants firms etc. who have 5 guardianship cases or more. If eligible, you can apply to join the scheme by completing our application form. Each firm must nominate a ‘scheme owner’ (NSO), this is a person within the firm who has authority to address any issues in relation to the scheme or how individuals with in the firm operate the scheme.

How does it work?

First and final accounts will continue to be fully reviewed however all other interim accounts will fall under the scheme criteria. Accounts falling under the scheme must meet a quality standard, which we refer to as ‘a clean account’

summary and declaration form will be required for all interim accounts due at the end of the account period. The summary includes general information about the case, the account balances and any changes since the last account.

The declaration signed by the financial guardian will confirm that the work carried out and that any fees and remuneration taken are in line with the AWI Act and the Code of Practice issued by Scottish Government.

We will then call for a random % of cases to be submitted for a full review. We will charge the minimum fee per case selected.

Simplified and full accounts

Based on the circumstances of each case, we will either ask you to complete a simplified or standard account. A simplified account will only apply when the adult’s estate is less than £20,000. We are looking for you to provide general, low level information as the adult’s estate is under £20,000. However, more detailed information is required if you have been asked to complete the standard full account form.

When you send the form to us you will need to send supporting information, such as:

  • bank statements covering the full period
  • all contract notes for the sale or purchase of stocks and shares
  • receipts / invoices for purchases of individual items over the value of £100
  • award letters from the Department of Work & Pensions / Benefits Agency
  • evidence that you have renewed the bond of caution

The Code of Practice provided by the Scottish Government offers further guidance on this.