Incompetence (or worse) by a will Executor - who to complain to?

br1anstorm

Thoughtful comments from Keep Pedalling and Malthusian.

Hindsight is a wonderful thing! It's true that in most cases PoA works well and people are trustworthy. It's just a pity that there seem to be so few checks and balances.

In this case, the financial adviser had advised my aunt (and before that her husband too) for decades; and during that period he was - it appears - registered as an IFA. No other relatives pried into what were 'private' financial affairs while aunt - and uncle - were alive, and there was no evident reason for suspicion.

The PoA appears to have been set up before my aunt declined into infirmity - so was not the result of a Court of Protection order on the basis of mental incapacity.

It appears that at some stage in my aunt's latter years, this adviser must have spotted an opportunity (or been tempted....) and set about cleaning up. Only after her death, when his administration of the will started to reveal odd behaviour, were questions and suspicions raised among the relatives. By then the adviser had ceased his IFA registration, deleted all online traces of his business or personal life, set up a 'brass plate' serviced office address, and left the country!

A sad tale, but we have to shrug and await the outcome of the police investigation. But it is a warning of how difficult it can be to monitor PoA arrangements. Also, we have learned to our slight surprise that will-confirmation by the court (= probate) is not subject to any kind of scrutiny or verification, but simply relies on the integrity of whoever is submitting the documents.

Yorkshireman99

br1anstorm wrote: »

Thoughtful comments from Keep Pedalling and Malthusian.

Hindsight is a wonderful thing! It's true that in most cases PoA works well and people are trustworthy. It's just a pity that there seem to be so few checks and balances.

In this case, the financial adviser had advised my aunt (and before that her husband too) for decades; and during that period he was - it appears - registered as an IFA. No other relatives pried into what were 'private' financial affairs while aunt - and uncle - were alive, and there was no evident reason for suspicion.

The PoA appears to have been set up before my aunt declined into infirmity - so was not the result of a Court of Protection order on the basis of mental incapacity.

It appears that at some stage in my aunt's latter years, this adviser must have spotted an opportunity (or been tempted....) and set about cleaning up. Only after her death, when his administration of the will started to reveal odd behaviour, were questions and suspicions raised among the relatives. By then the adviser had ceased his IFA registration, deleted all online traces of his business or personal life, set up a 'brass plate' serviced office address, and left the country!

A sad tale, but we have to shrug and await the outcome of the police investigation. But it is a warning of how difficult it can be to monitor PoA arrangements. Also, we have learned to our slight surprise that will-confirmation by the court (= probate) is not subject to any kind of scrutiny or verification, but simply relies on the integrity of whoever is submitting the documents.

Absolutely spot on particularly the last sentence. Much as I hate bureaucracy it does make me wonder if the probate fee should include mandatory insurance against executor fraud or incompetence.

br1anstorm

Just in case anyone is reading through this unfortunate story.....

Over a year has passed since I last posted into this thread. The police carried out their investigation. It seems to have been very thorough: they evidently got access to bank records etc. The result was that a file of evidence was passed to the Procurator Fiscal (Scottish equivalent of the Crown Prosecution Service) with the police recommending arrest on charges of fraud, embezzlement (of some £350,000) and - possibly - money laundering.

The PF's office had the file for many months - and apparently requested further detail from the police. But then in early 2018 the police officer dealing with the case notified us that the PF's office had decided not to proceed - apparently on the basis of insufficient evidence (which seems bizarre).

So is that to be the end of the story?

Well, not quite. There may be little chance of British law being brought to bear, or any of the missing money being recovered. But some recent searching online reveals that (after having left the country and deleted all previous online traces of his existence) the adviser in question has now recently resurfaced.

Not in UK, of course. He is now based in Hong Kong, and is describing himself on a new website as director of a firm of financial advisers which is "licensed in Hong Kong with the SFC, in Australia with ASIC, and in the United States with the SEC. [The group] also have numerous pensions schemes, administered in Hong Kong, Gibraltar, and Malta." They are seeking business as pension-investment specialists, and actively solicit transfers of UK pensions. Fancy that!

So it looks as if not only has this man fleeced my late relative, defrauded her legatees, and escaped arrest and prosecution in UK, he is now targeting other (possibly mainly British?) pensioners and expats elsewhere in the world. One wonders if the various licensing authorities quoted - or indeed his own new colleagues - are aware of the man's track record.

Regrettably it seems that unless there is an arrest warrant and an attempt to prosecute, the evidence won't become public. The risk remains that others may yet fall victim in the same way as my late aunt. I hate to use a cliche.... but this adviser has got away "Scot"-free with the money he embezzled, and now has the opportunity to do it again.

Sea_Shell

Just read your thread. What a horrible thing to have had happen, and with no justice at the end of the day. Like you say, it's also the worry that another family could end up on the receiving end of this *****'s "Financial help"

I agree, the system is very open to abuse from anyone who may seem openly "honest" on the outside (having gained the trust of the donor) but with either an ulterior motive, or just can't resist temptation to "have a dip", as no one will ever know!!!

Unfortunately, i wouldn't be at all surprised if this isn;t happening on a small scale to many donors up and down the country. Even "trusted" family can do strange things when the chance of access to money is waived under their noses!!!!