PPI warning for executors and attorneys
PPI claims have been around since 2005 and are probably something you tune out whenever claims companies appear on the television or radio.
Payment protection insurance (PPI) claims have been around since 2005 and are probably something you tune out whenever claims companies appear on the television or radio. However, there is a risk that, when the deadline for making these claims expires on 29 August 2019, the claims management companies may switch their focus to bringing claims against people who have a legal responsibility to act in the best interest of others on the basis that they have failed to investigate whether estates were entitled to claim compensation for the mis-selling of PPI.
Those people who may be targeted by claims management companies include personal representatives, attorneys (under enduring or lasting powers of attorney), Court of Protection deputies, trustees in bankruptcy and supervisors of individual voluntary arrangements.
Billions of pounds have been set aside by the financial institutions to settle these claims which have not yet been claimed. The Financial Conduct Authority (the organisation responsible for regulating the financial market and protecting consumers) is encouraging those who have either forgotten or are unsure of whether they had PPI in the first place to investigate their position by enquiring of financial institutions. At Weightmans, we would recommend doing the same if you are the personal representative of an estate or an appointed attorney / deputy for someone. The deadline for submitting claims for compensation for the mis-selling of PPI is 29 August 2019 so it is important to act quickly.
If you have acted as a personal representative in an estate since 2000, even if the estate has subsequently been brought to an end, it would be advisable to review whether investigations were undertaken at the time to find out if the estate was entitled to claim compensation for the mis-selling of PPI. If investigations were not made, then we would strongly advise that you enquire with the relevant financial institutions to protect yourself from any claims by the beneficiaries.
At Weightmans, we offer a free, no obligation conversation on any wills, tax, trust and probate matters, giving you the chance to collect your thoughts before deciding whether to instruct us. If you would like to know more about our update or have any questions, please contact us on 0345 073 9900 and ask speak to a member of our Wills, trusts and estates team. We will be more than happy to answer any initial queries you have, talk through the options available to you and provide full and transparent costs information for you to consider.