Standard Life said it was much more difficult and expensive to obtain than the enduring power of attorney (EPA) law that it replaced, reports ifaonline.co.uk.
Julie Hutchinson, an estate planning specialist at Standard Life, commented that customers had complained about the increased cost of implementing the rule.
"There are higher registration costs plus higher legal fees, as the document is a longer and more complicated one," she added.
The rule forces people to register with the Public Guardian, which eats up valuable time, meaning some people die before they sort out their power of attorney, says the report.
According to the Office of the Public Guardian, anyone over the age of 18 can make an LPA, but it does not become enforceable until it is registered with them.
