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.
News sponsored by:
Making the most out of Europe's potential means seeing things differently. Learn more about how BlackRock's focused approach to investing in Europe helps investors unlock the continent's vast potential.
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.