By Ollie Wright, Head of FI Team, Estatesearch
Supporting Better Outcomes Through Financial Profile Searches
There is a Financial Ombudsman’s case study that outlines details of a complaint which was originally declined by a leading high street bank but was later upheld by the Financial Ombudsman. The estate of the deceased had been administered and closed; however, later assets had come to light where the bank had not responded to a data subject access request from the legally appointed personal representative.
Collaborative Success: A Case Study in Partnership and Resolution
At Estatesearch, we have recently supported one of our legal clients with a similar matter. As often with these situations, the story begins several years ago. Back in 2021, our legal client ordered an Estatesearch Financial Profile Search to establish the assets within the estate of a deceased individual. We sent a Letter of Authority, enabling us to act on behalf of the estate to the financial institutions. Our subsequent report enabled the solicitor to establish the assets held. The solicitor completed the administration of the estate, the inheritance was distributed, and the case was closed.
In 2023, some 27 months later, one bank responded to confirm the deceased subject was, in fact, one of their customers. The solicitor advised that, since the estate had already been fully administered, the late response triggered further enquiries which uncovered additional assets of over £16,000.
A Positive Outcome
As a result, the solicitor needed to engage in a number of follow-up communications with both the client and the bank. This amounted to two hours of fee time valued at £840 plus VAT. Thankfully, no additional IHT or interest arose from the discovery.
While these situations can be complex, the outcome in this case demonstrates how collaborative resolution can lead to better results. We were able to support the solicitor in raising an official complaint, referencing the previously upheld Financial Ombudsman’s case study. The matter was handled constructively, and the legal firm’s re-administration costs were reimbursed.
Importantly, this open dialogue strengthened our ongoing partnership with the financial institution involved. As a result of these conversations, they have implemented internal process improvements and are now one of our most responsive and proactive partners when it comes to financial profile requests.
Helping Financial Institutions Meet Consumer Duty
We recognise the pressure financial institutions are under and appreciate the demands on operational teams. Our shared goal is to ensure accurate, timely responses that help solicitors administer estates efficiently and support better outcomes for bereaved families, which aligns closely with the aims of the Consumer Duty.
At Estatesearch, we are currently working through a small backlog of non-response data subject access requests, some dating back several years. This is not about blame. It’s a proactive initiative designed to help all parties identify and resolve legacy queries, reduce unclaimed assets, and prevent unnecessary re-administration of estates in future.
Acting as a Bridge Between Legal Firms and Financial Institutions
For our legal clients, uncovering unknown assets post-case closure can be stressful and costly. That’s why we are increasingly able to act as a ‘liability bridge’, supporting legal teams while also engaging constructively with financial institutions to find positive resolutions.
The case outlined here is not an isolated incident, but it is also not the norm. And thanks to the continued cooperation and engagement of our FI partners, cases like this are becoming less frequent. As financial institutions respond more consistently to financial profile requests, we’re seeing real progress toward a more connected, efficient probate process that benefits everyone involved.