Action by Scott Morrison

I received a letter from the Treasury following their working group looking into our issue. I'm pleased to share the letter with you here and some good news of a great first step... The hon. Scott Morrison has acknowledged the lack of rules and regulations in this area. He has formally requested the Australian Bankers' Association modify the Code of Banking Practice to set a minimum standard for the handling of deceased estates. This code, which is independently compliance monitored, applies to all major banks in Australia. Specifically he asks the code be clarified to; Allow next of kin access to information on a deceased estate within 14 days of notifying a bank of the death, and Allow repayments of debts in whole or part, WITHOUT a grant of representation such as Probate. He has requested the ABA amend the Code by 31 December, else the government intends to introduce legislation during the first half of next year. This is a vast improvement to the current situation whereby next of kin must present evidence of Probate in order to access any information about their loved ones affairs. Remember, Probate can take many months to obtain, potentially allowing banks to exploit the estate through applying interest and fees while next of kin are totally unaware. I intend to speak with the Treasury further to understand whether this code or legislation could go one step further and prevent ALL financial institutions from profiting from the period of time between date of death and Probate being granted. I still believe that no Australian should be penalised financially during that "Probate pending" period of time when they don't yet have the legal powers to manage their loved ones estate. THANKS ALL for your continued support, messages and interest in the progress of this issue. It affects every one of us eventually!