View the article online at http://citywire.co.uk/money/article/a473769
Banks upbraided yet again - this time for will writing services
Four high street banks are under pressure to improve their will writing and executor services over concerns that they are not clearly explaining the costs to customers.
‘While the costs for preparing a will can be relatively modest, the costs for a professional executor to administer an estate can be high and vary considerably. For an average estate, consumers can pay between £3,000 and £9,000. Failing to shop around for executor services could be costing UK consumers around £40 million a year,’ the OFT said.
The OFT has previously worked closely with the Solicitors Regulation Authority (SRA), which regulates more than 120,000 solicitors in England and Wales. It led to the introduction in June 2010 of new guidance on will-writing and executor services. The SRA has also adopted the three key principles to which the banks are now being asked to adhere.
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