Household Bills
Public ‘let down’ as government rejects regulation of will-writing
The rejection followed a written request from the Legal Services Board (LSB) which said it had uncovered a “compelling case” for regulatory oversight of the will-writing industry.
The government’s decision follows a report submitted by the LSB to Lord Chancellor Chris Grayling in February, calling on it to amend its list of reserved activities to include will-writing.
The LSB, backed by groups including solicitors’ professional body The Law Society, said it had uncovered “consistent” evidence that many consumers are receiving a poor service from will-writers, resulting in financial loss and “emotional harm”, following a two-year investigation.
However, Grayling rejected the proposal.
Currently, will-writing activity is not regulated, though many service providers – such as solicitors, who are regulated for their other activities – offer it. Solicitors, the report noted, turn over more than £1bn annually conducting will-writing work.
The Law Society said Grayling’s decision was “deeply disappointing” and had “let down” consumers.
CEO Desmond Hudson said: “We provided plenty of evidence to the LSB, demonstrating that consumers are at real risk from certain unregulated will writers who can be incompetent, untrained and uninsured.
“Thanks to the government’s decision, unregulated providers can carry on writing wholly unsuitable wills, leaving consumers without any recourse when things go wrong as a result.”
Tag Box
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.