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To ask the Chancellor of the Exchequer, pursuant to the Answer of 29 September 2021 to Question 52624 on the probate limit, what assessment he has made of the potential merits of increasing the probate limit of premium bonds.
To ask the Chancellor of the Exchequer, pursuant to the Answer of 29 September 2021 to Question 52624 on the probate limit, what assessment he has made of the potential merits of increasing the probate limit of premium bonds.
As required by legislation governing NS&I, NS&I will request a Grant of Probate for any holding over £5,000. Making payment without probate comes with some risk, as there could be a subsequent successful claim on the deceasedâs estate. The cost of having to pay out against a second claim would be borne by the taxpayer.
The Government will keep under review the effect of increasing the probate limit that applies to customer holdings in National Savings and Investments (NS&I).
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of further increasing the probate limit.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of further increasing the probate limit.
The Government has made no recent assessment in relation to the effect of increasing the probate limit. In most circumstances the provision of a bank’s services, including the administration around bereavement, are a commercial decision for the bank. The Government does not intervene in these decisions.
The treatment of customers by UK banks and building societies which are regulated by the Financial Conduct Authority (FCA) is governed by its Principles of Business. This includes a general requirement for firms to provide a prompt, efficient and fair service to all their customers, including those who have recently suffered a bereavement. The FCA does not have specific rules or guidance regarding probate in its rules. However, all firms regulated by the FCA are bound by its Principles which apply to the way banks and building societies conduct themselves. This includes how they handle probate.
The main current account providers also publish information about the additional services they offer consumers, including information on the bereavement services they offer. More information can be found on the FCA website: https://www.fca.org.uk/data/mandated-voluntary-information-current-account-services/providers-links#voluntary
The Government remains supportive of previous industry efforts to improve handling of these sensitive cases, including the implementation of the British Bankers’ Association’s (now known as UK Finance) Bereavement Principles. These Principles include a commitment from firms to provide support to meet individuals’ needs throughout the bereavement process and to work to resolve everything as quickly and simply as possible.
To ask the Chancellor of the Exchequer, what recent discussions he has had with his Chinese counterpart on debt relief for developing countries in response to the covid-19 pandemic.
To ask the Chancellor of the Exchequer, what recent discussions he has had with his Chinese counterpart on debt relief for developing countries in response to the covid-19 pandemic.
In April 2020, G20 Finance Ministers approved the Debt Service Suspension Initiative (DSSI) to pause debt repayments from the poorest countries in 2020. On 14 October the Chancellor met with his G20 counterparts, including China, to agree an extension of the DSSI for 6 months. The G20 also agreed in principle a Common Framework on future debt treatments beyond the DSSI which will ensure fair, timely and sustainable debt reductions on a case by case basis when needed.