UK FCA to review investment firms' practices on supporting bereaved customers

The UK Financial Conduct Authority (FCA) has announced a review into how investment firms support bereaved customers, following research indicating that only 47% felt they received adequate support. The review will focus on firms advising on, managing, or administering investments (including platforms, advisers and wealth managers), and will assess the end-to-end customer experience from notification of a death through to the settlement or transfer of investments. In particular, the FCA will examine firms' communication practices, treatment of vulnerable customers, service standards and handling of fees on bereaved accounts. The initiative builds on previous FCA findings where bereaved customers experienced delays, unclear processes and inconsistent support, and forms part of the FCA's broader consumer duty and consumer investments priorities. The FCA will begin contacting selected firms this month and intends to publish its findings, including examples of good practice and areas for improvement, later in the year.

Return to main website.