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...

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