Kings Court Trust’s latest blog post explores an issue related to Payment Protection Insurance (PPI) claims against estates, following a briefing note that was released by the Society of Trust and Estate Practitioners (STEP).
The issue identified impacts those involved in the administration of a deceased person’s estate, including Executors, Administrators and estate administration professionals.
STEP’s briefing note explains how the Financial Conduct Authority (FCA) is encouraging people, including those administering an estate on behalf of a deceased person, to check whether they had PPI before the 29th of August 2019 deadline. It has been identified that estate administration files since January 2000 could face claims if those administering estates don’t investigate whether the deceased had PPI.
Kings Court Trust have made the decision to review all closed estates that may be affected, as well as taking precautions on future estates. On closed cases, we will check whether a PPI claim could be made and redistribute any funds identified. Additionally, we will check for PPI on all estates up until the date prior to the 29th August where we are logistically able to check.
We are currently looking at whether there will be an opportunity, on the back of the work we are doing with PPI checks, for us to help others that have acted as an Executor or estate administration professional.
