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Providers seeking to keep client money ‘as long as possible’

Product providers are throwing up barriers before handing out client money in probate and inheritance matters in an effort to “keep client money as long as possible”, IFA Stuart Dewin has claimed.

In FTAdviser’s weekly Friday interview, to be published later today (11 April), Mr Dewin of Blackpool-based advice firm Questa Chartered claims he has encountered difficulties from the majority of providers when dealing with probate or inheritance for clients.

He is critical of providers for making clients’ lives more difficult during what is usually a very trying time to begin with, when they are still grieving for the loss of a loved one.

Mr Dewin said: “They throw a lot of hurdles in the way. It seems they are putting these barriers up to keep money as long as possible. If they could apply some common sense it would make our and our clients lives much easier.”

Obstacles thrown up by providers include requests for a new guarantee of probate when the adviser believed one was unnecessary, or demanding they send in original birth certificates, or “anything to hold things up”, Mr Dewin said.

“I understand they have processes to follow but I think they should be able to apply a certain level of common sense.

“I’m going through one at the moment and it’s a whole host of problems, [making me go] back to the client and solicitor, and it’s really difficult when someone has passed away. You would think they would want to make it as smooth as possible.”

Although he was reluctant to name a specific provider, Mr Dewin said they are “all pretty much guilty”.

The full interview with Mr Dewin will be published later today.