Landmark’s financial asset search service presents active and inactive consumer credit data for probate professionals.
Landmark Information, the land, land and environmental data specialist, today announced that, for the first time, estates professionals can now access data from Experian CAIS (Credit Account Information Sharing consumption) as part of its trusted all-in-one LandmarkFAS (Financial Asset Finder Service). This means that LandmarkFAS now supports the reconciliation of active and inactive assets and debts, in one combined report, saving probate teams time and money; all from a single command.
With reports suggesting up to £15billion of unclaimed financial assets are present in bank accounts, pensions, life insurance and investments*1 and almost half of UK adults confirming they wouldn’t know how to find details of a loved one’s total financial situation active at the time of their death*2, the LandmarkFAS search service centralizes the daunting task of locating current, lost or forgotten financial assets by allowing attorneys to only seize the person’s information only once.
LandmarkFAS searches over 200 financial institutions in a single command, including Experian’s Unclaimed Assets Registry, and identifies personal pensions, life insurance policies, occupational pensions, mutual funds, investment bonds, investment bonds, national savings and investment accounts, building societies and dormant bank accounts, FTSE100 shares; also wills registered in the officially recognized national register of wills.
Caroline Alexander, Senior Partner (FCILEx), Michelmores LLP has been using the LandmarkFAS service for many years and is excited about the new data:
“The fact that LandmarkFAS now includes details of active and inactive assets and liabilities is transformative for legal professionals. This gives me the assurance that I have complete coverage regarding the financial affairs of the deceased, without having to sift through mountains of paperwork. It covers everything we need to move forward with probate and in my opinion is an essential service that I wouldn’t be without. »
Chris Loaring, Managing Director (Legal), Landmark Information said:
“In today’s world, where people don’t necessarily keep paper records of their financial affairs, our new LandmarkFAS service greatly helps probate professionals uncover a deceased person’s credit and debt; removing the need for time-consuming manual investigations.
“Estates professionals have a number of important obligations to fulfill, whether they act as executors or assist in personal representations. Our LandmarkFAS service gives legal professionals and their private clients confidence that thorough due diligence has been performed to support the process of administering a deceased person’s estate.
As part of the update, the LandmarkFAS online ordering platform has been revamped to speed up ordering through a new secure online portal, in addition to providing the ability to track status updates and comments from financial institutions.
By registering on the new secure LandmarkFAS platform, probate professionals receive service login details and can order a search by providing the details of the deceased. All results are consolidated into a single report, which is delivered within 28 days. The LandmarkFAS system will continue to monitor all additional responses for an additional 90 days after the initial search is ordered for complete peace of mind.
For more information about Landmark Information visit www.landmarkfas.co.uk or call 03300 366000.
This article has been submitted for publication by Landmark Information Group as part of their advertising agreement with Today’s Conveyancer. The opinions expressed in this article are those of the author and not those of Today’s Conveyancer.