UK Finance has updated the Estate Administration Banking Protocol that gives probate practitioners clear guidance on how to engage with regulated financial services when representing bereaved families. The Law Society of England and Wales has welcomed the guidance, which it says is “greatly improved”.
The updated protocol, valid for estate administration in England and Wales, has been developed by UK Finance, relevant legal regulators and other key stakeholders to replace the protocol developed by the British Bankers Association (BBA), The Law Society and The Society of Trust and Estate Practitioners (STEP) in 2012.
It aims to help probate professionals support bereaved families during a stressful and confusing time following the death of a loved one, and includes a transparent framework for how banks and probate practitioners should exchange information during estate administration by defining exactly what documentation a bank requires to verify the authority of a probate practitioner.
The protocol also sets a 15-working-day limit has aim for banks to respond to initial information requests.
UK Finance said the new protocol provides clear and consistent guidance for handling probate related interactions between financial services firms and Probate Practitioners.
The organisation explained:
“The protocol outlines the information that firms require to validate the regulatory status of the Probate Practitioner and the approach that will be taken to identify and release funds, correspond and close account.
“It covers how current accounts, savings accounts, credit cards and unsecured loans will be managed following a customer’s death. It may also be applied to other financial products, such as investments, pensions, mortgages and business accounts, depending on individual firm policies.”
“To support good customer outcomes, the protocol aligns with wider bereavement support requirements, ensuring firms balance compassionate handling of sensitive cases with the need for robust processes and oversight.”
Financial services firms can also refer to the Bereavement Principles when considering how best to support customers who have recently been bereaved, UK Finance added.
“These focus on treating the customer with compassion, provision of jargon free information, acting without delay, providing a point of contact, support for individual needs and planning to be consistent in providing the best possible service for those who are bereaved. These encourage an empathetic, timely and effective response that recognises the emotional and administrative complexities involved.”
Law Society president Mark Evans said:
“The relationship between probate practitioners and financial service providers is a delicate one as both parties must try to accurately and efficiently convey the wishes of the deceased and the best interests of the family.
“This protocol is a good opportunity to improve the communication and consistency about how estates are administered.
“This updated protocol will help practitioners and financial service providers to work together, simplify the process and reduce avoidable delays.”
