In recent years, there has seemingly been an increase in the number of people having their Wills written in England and Wales (based on an increasing population and the decreasing percentage of people without a Will), with individuals seeking to safeguard their assets and ensure their loved ones are adequately cared for after they are gone. However, concerns surrounding the regulation and standards of Will writing services have also been on the rise, prompting a much-needed investigation by the Competition and Markets Authority (CMA). SLS Wills and More wholeheartedly welcomes this investigation as a crucial step towards instilling trust and reliability in the profession.
Current State of Affairs: The Need for Regulation
As of the current state of affairs, Will writing in England and Wales remains largely unregulated. Unlike other legal professions that undergo rigorous oversight and monitoring, Will writing has not seen substantial regulatory scrutiny. This has led to variations in service quality, and unfortunately, instances of unscrupulous practices by certain providers have caused distressing outcomes for clients. The CMA study has been partially brought about by firms who promises Wills at rock-bottom prices to create demand who then ‘lump-on’ additional services to increase their prices. Even worse, some firms are ‘selling’ services which are not even necessary!
The lack of comprehensive regulation in the Will writing sector makes it difficult for clients to differentiate between trustworthy professionals and opportunistic entities and fly-by night traders, thereby compromising the integrity of this crucial legal process and ruining trust in practitioners who have supported clients successfully for years.
The Last Review: Assessing the Past
Traditionally, Will writing was often handled by self-regulated Estate Planning Practitioners or solicitors, guaranteeing a certain level of expertise and adherence to ethical standards. However, it was in 2013 when the Lord Chancellor decided not to regulate the profession, despite many thinking he would, the door was metaphorically opened to invite various Will writing providers, some of whom lacked the requisite expertise or accountability into the profession. Since then, the sector has undergone significant changes, notably in the funeral planning sector, where pre-paid plans now fall under the FCA. Authorities clearly recognised the need to protect consumers from potential financial and emotional distress. While this was a positive step in the right direction, it also highlighted the importance of revisiting the regulation of Will writing to ensure the protection of clients’ interests and areas like pre-paid probate are now under scrutiny (rightfully so in our opinion).
Reasons for Review: Safeguarding Clients’ Interests
The primary motivation behind the CMA investigation is to safeguard the interests of clients who seek professional Will writing services. The investigation aims to assess whether adequate protection and fair treatment are being provided to clients during the creation of such critical legal documents. By delving into the industry’s practices, the CMA aims to identify any potential issues and pave the way for improvements that foster greater trust between Will writing professionals and their clients.
SLS Welcomes the CMA Investigation
As a practitioner who has supported clients with Wills for over 35 years and as someone reputable within the legal industry, SLS Wills and More and Sara Sheppard TEP is committed to ensuring the highest standards of service and ethics in Will writing. We firmly believe that all clients deserve documents produced by providers they can trust. As such, we wholeheartedly welcome the CMA’s investigation and support their efforts to introduce much-needed regulation.
SLS Wills and More recognises the importance of safeguarding our clients’ interests and providing them with peace of mind during this sensitive process. We have consistently adhered to strict ethical standards laid out by the Society of Will Writers and Sara has joined the Professional Standards Board to ensure that we drive best practice throughout the membership, and the CMA investigation will further reinforce our commitment to maintaining transparency, reliability, and client satisfaction.
In conclusion, the introduction of the CMA investigation in Will writing in England and Wales is a significant step towards ensuring that clients receive trustworthy and reliable services. By addressing the current gaps in regulation, we hope that the CMA aims to enhance the credibility of the profession, making it more accessible and dependable for all. SLS Wills and More fully supports this initiative and remains dedicated to serving our clients with the utmost professionalism and integrity.
