Title Research’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.
It is now advisable for estate administration professionals to take precautions to protect closed and future estates from claims. We recommend checking whether a PPI claim could be made on closed cases and open estates up until the 29th August.
Title Research is currently exploring whether there will be an opportunity to help others with PPI checks if they have acted as an Executor or estate administration professional.