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

Financial advice firms ‘lack a clear service strategy for bereaved clients'

Sophia Panayi
clock • 5 min read

The Financial Conduct Authority's latest review has been said to have centred bereavement ‘squarely under the Consumer Duty spotlight'.

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 ...

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

FOS outlines reforms to complaints process

FOS outlines reforms to complaints process

FOS/FCA joint thematic review to come later this year

Isabel Baxter
clock 11 August 2026 • 3 min read
John Healey's first Autumn Budget set for 28 October

John Healey's first Autumn Budget set for 28 October

Government looks to "kickstart growth in every postcode"

Isabel Baxter
clock 03 August 2026 • 2 min read
Just 12 firms recieved FCA bereavement survey: Professional Adviser

Just 12 firms recieved FCA bereavement survey: Professional Adviser

Covers advisers, platforms and wealth managers

Sophia Panayi
clock 30 July 2026 • 3 min read