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Reasonable timeframe for release of funds from an Investment wrap account after probate?
Hi, would appreciate the view of any IFAs here on whether the delay we are experiencing is reasonable and normal.
After a long wait we (my sister and I, co-executors) received probate for our mum's estate in February and quickly sent certificate and forms to mum's former IFA to send to the wrap account administrators (used to be James Hay but recently moved to Nucleus). This was now 6 weeks ago and we have heard nothing. After we chased, the IFA told us that a) the wrap account moving might have delayed things and b) that they needed my ID and proof of address. I provided this right away - they already had this for my sister as she is also a client of the IFA.
We asked the IFA to chase mum's funds again and they came back with a shrug, pretty much.
My questions:
- How long does it normally take a wrap account to release funds, after getting the probate certificate?
- Why do the wrap administrators need proof of my identity and address, legally, if they have our signatures and the beneficiary bank account details which is in both executors names?
- What obligation does the wrap fund have, if any, to liquidate funds promptly on receiving the probate certificate? Since we sent everything, a war has started and stocks have tanked.
- Does the IFA have any responsibility - moral or legal - for any loss because of this delay? Shouldn't they have been chasing it hard, at the least?
Thanks in advance.
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