• March 29, 2024
 Estate Administrators Must Act As PPI Deadline Approaches

Estate Administrators Must Act As PPI Deadline Approaches

– As the deadline for PPI claims looms ever closer, personal representatives need to be vigilant in checking whether such claims exist in estates they are administering, say genealogists and international probate researchers Fraser and Fraser – 

With the deadline for payment protection insurance (PPI) compensation claims rapidly approaching, executors and estate administrators have been warned they could face hefty costs if they fail to investigate whether funds are owed to their clients.

PPI was introduced in the 1990s and the mis-selling scandal that surrounds it has led to banks setting aside around £50 billion to cover the costs of settling claims.

Estimates suggest that around 60% of this sum has now been paid out, with a substantial proportion of the remainder potentially owed to deceased estates.

In April, the Society of Trust and Estate Practitioners (STEP) issued guidance to those working with estates whose PPI arrangements are unclear.

In its statement, STEP warned that following the 29 August deadline, claims management companies might pursue outstanding claims against the personal representatives involved, on the basis that they should have checked whether estates were entitled to compensation, but failed to do so.

In addition, the organisation pointed out that the Official Receiver had announced in February that it is reviewing and considering PPI claims in closed bankruptcy cases dating back to 1 January 2000; potentially resulting in additional payments for creditors.

Commenting on these developments, Neil Fraser, Partner at Fraser and Fraser, said:

“A valid PPI claim will form part of the assets of an estate and personal representatives need to be rigorous in checking if such a claim exists.

“Those who are currently administering an estate (or who have administered one in the past) need to bear in mind that, if they don’t carry out checks prior to the 29 August deadline, they could potentially face claims from beneficiaries.”

And time is fast running out, he warned:

“Given the realistic timings involved, any PPI checks will have to start two months prior to the 29 August deadline. After that, banks and financial institutions won’t be liable for PPI claims; which could have major consequences for personal representatives.

“In light of the above, Fraser and Fraser has rigorous processes in place to check whether PPI compensation is owed regarding the estates with which we are working.”

This article was submitted to be published by Fraser and Fraser as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

Fraser and Fraser

http://www.fraserandfraser.co.uk

Fraser and Fraser is one of the UK’s largest firms of professional genealogists and international probate researchers. We have provided a service to the highest standard for over half a century and have been at the forefront of evolving and improving the industry. We are also a corporate member of APR (Association of Probate Researchers). Our role is to assist in specialist research and estate administration support services, including; Missing Beneficiaries, Probate Property Assistance, Will Search and Medallion Signature Guarantee Stamp. We remain a family-run organisation and have grown the business to over 70 employees, including, in-house Case Managers, Case Assistants and Researchers who are backed by a network of Travelling Senior Researchers and International Manager; we work as a team to complete each job with speed and accuracy. Working alongside the legal profession, banks and a number of division within the public sector, each referral is treated on a case-by-case basis, as we ourselves on our commitment and clarity. Our clients are diverse and so are their requests which is why we offer a wide range of services. Finding Missing Beneficiaries Locating missing heirs and beneficiaries is at the heart of our business. As one of the largest international probate researchers, we will tailor our service so that it is unique to you. Probate Search Services Are you looking for a Will search or bankruptcy search? Do you need to obtain proof of transferability via a Nil Rate Band Check, or birth, death or marriage certificates? Asset Management We have a dedicated asset department, which covers all aspects of asset management including stocks, shares and property management services. Probate Insurance Service We can obtain both Missing Will Insurance and Missing Beneficiary Insurance on your behalf. Research Assessment the quick and efficient way to receive an expert opinion on your family tree research. Probate Property Services Providing assistance with valuation, insurance, clearance and sale of a property. So, whether you are looking to trace a missing beneficiary named in a Will, need to obtain a Medallion Signature Guarantee or require an international bankruptcy search, we are here to help you. Get in touch today by calling 020 7832 1400 or email legal@fraserandfraser.co.uk quoting TWPJR to find out Fraser and Fraser can help you and your clients. Contact | Nick Howitt – Business Development Manager Telephone | 020 7832 1400 Email | nickhowitt@fraserandfraser.co.uk Address | 39 Hatton Garden, London EC1N 8EH DX | 53304 Clerkenwell