FCA reviews investment firms' support for bereaved customers
FCA launched a review of how consumer investment firms support bereaved customers, after research showed only 47% felt adequately supported.
The review covers advisers, platforms and wealth managers, examining the end-to-end bereavement journey. Firms with weak processes face conduct findings under Consumer Duty given documented customer dissatisfaction.
Direct supervisory review with potential remediation, redress and Consumer Duty enforcement implications for wealth and investment firms.
Action Required
Audit bereavement handling processes across advisers, platforms and wealth managers; ensure Consumer Duty outcomes are evidenced.
Targeted thematic review with sector-wide implications for investment platforms and advisers.
Bereavement servicing now a Consumer Duty hotspot. Map customer journey, train staff, measure outcomes and benchmark against FCA expectations to mitigate conduct risk.
“FCA is reviewing how consumer investment firms support bereaved customers. Fewer than half (47%) felt they received the support needed. Review focuses on platforms, advisers and wealth managers.”