UK Banks to be investigated over alleged anti-competitive will writing schemes

A Conservative MP has today branded the banks as operating a ‘cartel’ of will writing schemes and called for a full inquiry into them.

Lloyds Bank and RBS both recommend their customers prepare wills using their preferred law firms.

Under the scheme the banks are often appointed as executors of their customer’s estate and receive thousands of pounds in fees once their customers die, money which could have instead been given to their loved ones. It is alleged that had their customer approached an independent law firm, they may not have chosen to appoint a bank as their executors.

Have you felt pressured by your bank into drawing up a will using solicitors recommended by them? If you have, you may wish to contact us to discuss whether a new will may be appropriate for you.

If a bank is already acting as an executor of a loved one’s estate, you may be able to challenge their fees.

Contact our dispute resolution team on 01270 212000 or 01270 610300 or contact us via email here today to arrange a free, confidential and no obligation appointment to discuss with one of our solicitors any issues which you may have.