Firms urged to build 'fit-for-purpose' processes amid FCA bereavement review

Announced this month, the FCA set out the review will focus on firms that advise, manage or administer investments – including platforms, advisers and wealth managers – examining the experience customers have from the moment the firm is told about a bereavement, through to settlement or transfer of investments. The FCA plans to assess how firms communicate, how they support vulnerable customers, their service standards and how fees are handled on bereaved accounts.   It follows research undertaken by Critical Research for the FCA, which found that less than half of bereaved customers ...