The Financial Conduct Authority (FCA)
is reviewing how consumer investment firms support bereaved
customers and whether they're getting it
right.
Fewer than half of bereaved
customers (47%) felt they received the support they needed from
financial firms, according to research.
What the
FCA is looking at
The review will focus on firms
that advise, manage, or administer investments - including
platforms, advisers and wealth
managers. The FCA will examine
the experience customers have from the
moment the firm is told about a bereavement,
through to settlement or transfer of
investments.
It will assess how firms
communicate, how they support vulnerable customers, their service
standards, and how fees are handled on bereaved
accounts.
Kate Tuckley, Head of
Department, Consumer Investments, at the FCA,
said, “When someone loses a loved one, the last thing they need
is confusing letters, delays and poor service
from their financial provider.
“We want firms to design
bereavement processes with people, not paperwork, at
their centre. These processes are a real test of a
firm's culture and key to consumer
trust.”
Why this
matters
This follows similar FCA reviews in
retail banking and insurance, where it found bereaved
customers regularly faced unclear processes, repeated
information requests and avoidable delays. Good
practice existed but
it wasn't consistent.
What happens
next
From May 2026, the FCA will contact
selected firms as part of the review. It will publish
findings later this year, highlighting good practice and areas
for improvement.
This is a priority
under its Consumer Investments Regulatory
Priorities and forms
part of its broader consumer duty
work.
Notes to
Editors
