Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

A Member of the Law Professor Blogs Network

Tuesday, May 6, 2014

British Investment Firms Charging Heirs of Deceased Clients Large Fees to Access Financial Portfolios

Money BagInvestment firms across Britain are increasing profit margins by charging the heirs of their deceased clients large fees to access funds from the decedents stocks and investments. Unless the heirs pay the fees they will not receive their share of the funds. These fees can be either a flat fee or per stock, and one of the largest firms is charging £36 per stock with a cap of £600 for the account. Investigation has shown that some of the firms are charging fees with no connection to the cost of providing the service. The firms defend the charges as necessary fees for administrative costs, and that the larger the account, the more the cost to the firm.

See David Prosser, Investment Firms Boosting Profits at Expense of Customers Who Die, The Guardian, May 3, 2014.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/05/british-investment-firms-charging-heirs-of-deceased-clients-large-fees-to-access-financial-portfolios.html

Estate Planning - Generally, Non-Probate Assets | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef01a3fd0168e4970b

Listed below are links to weblogs that reference British Investment Firms Charging Heirs of Deceased Clients Large Fees to Access Financial Portfolios:

Comments

Post a comment