IFA gone AWOL. Help!

Monitor53

Longtime lurker but really need advice please, especially from IFAs.
My grandmother died last week. I am Executor, together with my sister and my grandmothers solicitor
All her investments and assets were handled by an IFA who seems to have gone AWOL. He's part of a regulated firm but despite me and the solicitors firm who are co-executors emailing him twice and phoning the company numerous times, there is no response. I live more than 200 miles way from the IFA and solicitor.
There should be a substantial amount of money in her SL WRAP but SL say that they cannot release any information without authority from IFA. They have accepted her death certificate and proof that I am executor...but say they can do no more until they hear from IFA.
Can this be true?
Trying to get started on probate without final figures is impossible. What can I do? Who can I complain to? Any suggestions please?
Thanks

jimjames

When you say "no response" are the firm not answering the phone at all? Is the documentation recent? Have you checked that the firm is still in existence?

tacpot12

You can find out If the firm been dissolved and details of the directors from Companies House. The solicitor may have someone they can send to the form's address if they are local to them.

SL's contract with the IFA might prevent them talking to you but if you can provide evidence the firm has stopped trading them they should be able to talk to you.

Monitor53

Yes, firm is still in existence. They are located in a business centre and according to Companies House they are still trading. Latest accounts not due till end of May.

When I phone it's answered automatically in the companies name and says that I am in a queue but they will be with me shortly. After about 5 mins of this, the voice then says it cannot be answered and to try again later. I've tried early morning, mid morning, lunchtime, afternoon and get the same recorded message each time.
Solicitors are saying they're not sure what to do next and say they will ask the boss man who is back on Monday if he had another number for them...grrrr. v. frustrating.
I've checked on Twitter, Linkedin and Facebook and the IFA isn't personally active on any- neither is his firm.
I was wondering whether to call one of the other IFAs in his local town to see whether they knew anything about where he is and any gossip/mutterings in the local IFA community about what has happened to the firm. To leave your firm for 5 working days with no-one to answer calls and no automatic response to emails is odd, isn't it?

lovinituk

Post a letter 1st class tomorrow asking them to contact you urgently and it should be there Friday morning.

Monitor53

The reason for trying to get things moving is because probate fees go up from £155 to £1000 on 1st May. Solicitor told me that it should be achieveable before May 1st as no property to sell and all assets in one place- with IFA!

Monitor53

Thanks lovinituk,
When I tried to do some digging to find out what on earth was going on, I found a number for the business centre and spoke to the main receptionist in there who just sees people coming and going into the foyer, she told me that no-one goes into the IFA's office any more. But yes, I will try this approach as well.

Really, I need an IFA to tell me what SL should be doing after I told them about IFA going AWOL.

HappyHarry

Do you mean Standard Life WRAP?

If so, there should be no trouble releasing information to you as executor regardless of the IFA.

I would send a letter to them and ask for holdings at date of death. You will need to include the death certificate.

Edit - sorry crossed with lovinituk above.

Monitor53

Thanks. That's what I thought which is why I was confused when they said they couldn't release info except through ifa.
So you're saying SL should release info if all other ID criteria met?

HappyHarry

Yes.

.............

dunstonh

There should be a substantial amount of money in her SL WRAP but SL say that they cannot release any information without authority from IFA. They have accepted her death certificate and proof that I am executor...but say they can do no more until they hear from IFA.

Whilst Std Life will keep the IFA informed and will often request forms that need to be completed are done via the IFA (i.e. Std Life will send them to the IFA, the IFA gets them filled in an returns them) there is nothing stopping SL from dealing direct on the initial notification.

I have dealt with many death claims over the years, as you can imagine, and the platform has never had any issues with me supplying docs, the executor supplying the docs directly or a combination of the two (which often happens). Indeed, there isnt a lot an IFA can do at this point about from co-ordinate the administration.

The week before tax year end is hectic. IFAs are often travelling all over the place picking up last minute ISA and pension contributions. So, if its a small firm, they may not have anyone in their office as they could be out and about. Do they have mobile phone numbers?

I would try SL platform again and let them know the IFA hasnt been contactable this week.

To leave your firm for 5 working days with no-one to answer calls and no automatic response to emails is odd, isn't it?

Not really. If your number is a direct line rather than the office line, then if they are away from desk (out on appointments, on holiday, in hospital or whatever) then you may just get the answerphone. If its one man band adviser then same again.