FCA takes aim at bereavement and PoA policies

Good and bad practices released

Cameron Roberts
clock • 3 min read

The Financial Conduct Authority (FCA) has released guidance for retail banks in dealing with vulnerable customers, highlighting bereavement and power of attorney (PoA) as key areas for improvement.

As part of the regulator's ongoing focus on vulnerable customers, it examined the policies, customer needs, outcomes and customer journeys that banks provide to bereaved customers. It highlighted several positive points for the sector, including clear customer policies and procedures; evidence of firms proactively identifying vulnerability; analysis of customer behaviours; and dedicated bereavement teams. It did however say that there were numerous areas for improvement for retail banks. The improvement areas included: customers having to repeat information when speaking to differe...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

IPT exceeds £1bn in July 2025

IPT exceeds £1bn in July 2025

£123m extra in first four months of FY25/26

Cameron Roberts
clock 21 August 2025 • 2 min read
IHT receipts continue to climb

IHT receipts continue to climb

But government likely to ‘stubbornly stick’ with proposals, expert says

Jen Frost
clock 21 August 2025 • 3 min read
Strategies for added value in protection advice

Strategies for added value in protection advice

Impact of the FCA market study

Ben Heffer
clock 19 August 2025 • 4 min read