Additional Costs Warranty
We understand that despite best efforts in due diligence there is always a risk that Financial Organisations might fail to effectively match accounts and investments of deceased estates.
The Financial Conduct Authority (FCA) has fined Santander £32.8m (Discounted from £46m) for “serious failings” to effectively process the accounts and investments of deceased customers. Read more
The problem faced by professionals is the additional cost and expense associated with re-opening a case, administering the asset, updating HMRC, reapplying for probate and tracing beneficiaries (possibly several years after initial distribution). Often it is inappropriate to charge any costs back to the estate or beneficiaries, yet the asset must be administered properly. Our solution is an Additional Costs Warranty associated with our Financial Profile service which covers these additional administrative costs, for any asset associated with a Financial Organisation we have notified and which is discovered within 12 months of distribution, but at least 40 days after notification.
Cover is provided up to £5,000 per matter and is underwritten by the UK direct insurance arm of Munich Re, one of the World’s largest insurance companies, who reserve the right to seek recovery against the Financial Institution.
(For Bereavement cases only and NOT available separately.)