Banks failing bereaved families, says watchdog
It’s the giant new landmark that looks like a huge garden shed... but the price is more Harrods than Homebase. And no one wants to part with the £3.5million it will take to buy this unique home
BANKS are failing bereaved families with unacceptable mistakes and delays, according to Which?
Some banks have lost death certificates or failed to close the accounts of people who have died, the consumer group found.
The coronavirus pandemic has made problems worse, its findings suggest.
Which? surveyed 1,600 members who had acted as an executor within the past two years.
One in six (17 per cent) people said they had laboured over the process of closing their loved one’s accounts for more than three months before the first lockdown, but that proportion doubled to 37 per cent for those who started probate before March 2020 and carried on afterwards.
Only 3 per cent of people said it was very difficult to contact the provider before the first lockdown, but the figure increased to one in six (16 per cent) for those who settled their loved one’s finances after the lockdowns started.
Which? said dozens of executors told it that their bank lost the death certificate after they first registered the death.
One bereaved daughter paid £4,000 in funeral fees herself after HSBC lost her late father’s death certificate, the consumer group said.
The bank’s bereavement team also failed to send her important forms to
close her father’s stocks and shares Isa.
She was offered compensation, flowers and a backdated payment of investment, including interest lost.
Other executors said they had to chase banks repeatedly to get them to close accounts.
Another HSBC customer was sent a letter addressed to her late husband about his stocks and shares Isa, despite informing the bank that he had died several months earlier.
When she complained, the bank said it was a mistake and that its records had been updated. But several weeks later her late husband received a new credit card through the post.
HSBC said the mistake was down to “human error”, and has since apologised to the bereaved wife and offered compensation.
A statement from HSBC, given to Which?, said: “We sincerely apologise that in these cases we have fallen short of the high standards we set ourselves and have taken steps to help ensure the experience with us going forward is a better one.
“Customers can now report a bereavement to us via our website and submit required documentation electronically, and we have recruited at pace to bolster our dedicated bereavement team. We are working hard to make sure that our customers have the support they need.”
And a Barclays customer told Which? that his bank set up an executor’s account that could not be managed online – a big inconvenience during the pandemic.
He wrote a letter of complaint but received no response. Barclays said it has since been in touch to resolve
the issue and has apologised for the confusion.
Barclays told Which?: “We understand handling financial matters after a bereavement can be a complex and emotional process. We strive to make that experience as easy as possible for our customers’ loved ones.”
The survey also revealed big differences in the levels of satisfaction with staff skill and knowledge during the probate process across different providers.
The providers with the lowest levels of overall satisfaction among executors were Barclays (58 per cent) and HSBC (67 per cent).
The providers with the most satisfied customers during the probate process were Post Office Money (86 per cent), Nationwide (80 per cent) and Santander (80 per cent).
AHOUSE near Solihull which would not look out of place on Grand Designs or ITV’s Finding Alice is still on the market three years after it was built. Hedge House in Knowle was branded a “blot on the landscape” by locals – with some claiming it was an eyesore which should be pulled down The “smart” five bedroom luxury eco-home – which is big enough to fit in five double decker buses – was built in 2018 and has a price tag of £3.5 million.
Yet despite being designed by top architect David Sheppard, being situated in one of the West Midlands’ most desirable villages, and having top class eco credentials, it remains on the market.
It does not help that it is the butt of ridicule and criticism on social media, with many locals despising it and some even calling for it to be torn down.
From its striking exterior to state-of-the-art technology and unusual features, Hedge House has been branded one of the most unusual houses in the West Midlands.
It has an indoor garden – designed to “bring the outside in” – a 30ft high atrium, gym, sauna and a hot tub on the balcony of one of the bedrooms.
The wood used in the construction came from trees sustainably felled in Cannock Chase and it stands in its own 6.5 acre site off Kenilworth Road, on the outskirts of the village of Knowle.
Just like the stunning house which is the star of Keeley Hawes’ new ITV drama, Finding Alice, it is “smart”, which means it has Control4 and Lutron technology, with every aspect of heating, lighting and entertainment being controlled by an iPad or app on the owner’s phone.
But despite extensive marketing by the agents, and numerous publicity, nobody wants to buy it.
Left:
John Lewis & Partners’ maximalist collection includes this impressive walnut pedestal dining table, which is £599, and Moritz velvet dining chairs, £299 each. The Copper Lustre Ethan ceiling light is £350. *All prices correct at time of going to press