Upheld: Account administration errors complaint against National Savings and Investments

Decision detail

Summary

The estate of Mr H complained that National Savings and Investments refused to provide seven years of transaction statements and information for a joint account, citing the need for the surviving account holder's consent. The executor needed this information to calculate the estate's assets and identify gifts made within seven years for inheritance tax purposes. The ombudsman upheld the complaint, reasoning that the information relates to transactions when Mr H was alive and he would have been entitled to access it without the other holder's consent. The firm was required to provide the requested information as the estate is entitled to the same access Mr H had during his lifetime.

The Ombudsman's reasoning

The ombudsman reasoned that although the joint account passed to the surviving holder under right of survivorship, the information requested relates to transactions that occurred when Mr H was alive. When Mr H was alive, he would have been entitled to request information about the joint account without needing the other account holder's consent, as holding a joint account inherently means accepting that the other party is entitled to information about the account and dealings with it. The estate is simply requesting the same information Mr H could have requested himself, and has a legitimate purpose - calculating the estate's assets and identifying gifts made within seven years for inheritance tax purposes. Therefore, the firm cannot refuse on the basis that the surviving account holder's consent is required.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website