Inheritance Planning Goes Wrong

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 5 May 2018

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

We speak to people who are worried that they've lost control of their life savings having handed it to a company they can no longer contact. Their situation highlights the huge concerns about the unregulated industry of inheritance planning, even though some businesses handle huge amounts of cash. Anyone can set themselves up as an estate planner or will writer but that lack of regulation can have alarming consequences when things don't go as planned.

Also, Adam Shaw speaks to Richard Lloyd, the man appointed to lead an independent investigation into the running of the Financial Ombudsman Service. It follows a TV documentary that revealed a litany of problems facing the ombudsman, including severely under-trained staff, unachievable targets, and thousands of incorrect decisions. .

And, what should banks be doing to stop the persistence of transfer fraud? With more than £200 million worth of people's money was lost last year after criminals impersonating their bank persuaded them to transfer money to the criminal's account. The victim's own banks won't be held accountable, but what about the bank where the stolen money is moved to? Natasha Vernier, Monzo Bank's Head of Financial Crime gives us one bank's view, and fraud consultant Richard Emery of 4 Keys International explains how banks should be forced to accept responsibility.

Presenter: Adam Shaw Producer: Marie Keyworth Editor: Jim Frank.

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds. Welcome to the download of Moneybox, the program about your money.
0:41.0	In today's program, we look at the failings in the financial ombudsman service
0:45.1	and some very troubling examples of how banking fraud has affected the lives of Moneybox listeners
0:50.6	with what I hope is some useful guidance on how you can avoid becoming a victim.
0:56.5	This is the BBC. In today's program, the huge concerns about the unregulated industry of
1:03.6	inheritance planning. We speak to the people who are worried that they've lost control of their
1:08.4	life savings, having handed it to a company they can no longer contact.
1:13.2	Who watches the Watchers? The Financial Ombudsman Service is itself investigated after numerous accusations of incompetence and inefficiency.
1:22.1	We speak to the man leading the investigation.
1:24.8	And the lessons we can all learn from the terrible experience of a couple
1:28.3	who lost most of their money in a bank fraud.
1:32.2	Years of scandals and mis-selling have led to a complicated body of laws and regulations
1:37.3	designed to protect consumers looking for investment advice or financial products.
1:43.0	But one area that remains largely unregulated is
1:46.6	inheritance planning. Anyone can set themselves up as an estate planner or will writer,
1:52.3	and that lack of regulation can have alarming consequences when things don't go as planned,
	...

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