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LATEST NEWS & EVENTS Banks to review will writing services  Four of Britain's biggest banks are to review their wills and inheritance tax planning services following criticism by the Office of Fair Trading (OFT). Barclays Bank, HSBC, Lloyds Banking Group and RBS Group have all agreed to try to improve the way they sell will writing and executor services following discussions with the OFT. In particular, the OFT was concerned that the banks are encouraging customers to appoint professional executors where they did not appreciate the costs involved. It comes after the Society of Trust and Estate Practitioners identified widespread "incompetence and dishonesty" in the will writing market. The professional body called for regulation to ensure consumers are protected from "cowboy" will writers. David Stallibrass, director in the OFT Services and Public Markets Group, said: "The wrong decision when appointing executors could mean a potentially expensive professional service is chosen, when a family member or friend may be quite capable of handling the task either alone or with professional support." Posted by Gaby Hamerton 
Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net £450m a year in savings More Individual Legal Services News |
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