The FCA is reviewing how consumer investment firms support bereaved customers and whether they're getting it right.
Fewer than half of bereaved customers (47%) felt they received the support they needed from financial firms, according to research (PDF)[1].
What the FCA is looking at
The review will focus on firms that advise, manage, or administer investments - including platforms, advisers and wealth managers. The FCA will examine the experience customers have from the moment the firm is told about a bereavement, through to settlement or transfer of investments.
It will assess how firms communicate, how they support vulnerable customers, their service standards, and how fees are handled on bereaved accounts.
Kate Tuckley, head of department, consumer investments, at the FCA, said:
'When someone loses a loved one, the last thing they need is confusing letters, delays and poor service from their financial provider.
'We want firms to design bereavement processes with people, not paperwork, at their centre. These processes are a real test of a firm’s culture and key to consumer trust.'
Why this matters
This follows similar FCA reviews in retail banking and insurance, where it found bereaved customers regularly faced unclear processes, repeated information requests and avoidable delays. Good practice existed but it wasn't consistent.
What happens next
From May 2026, the FCA will contact selected firms as part of the review. It will publish findings later this year, highlighting good practice and areas for improvement.
This is a priority under its Consumer Investments Regulatory Priorities (PDF)[2] and forms part of its broader consumer duty work.
Notes to editors
- Read more in the vulnerability review (PDF)[1].
- Find out more about the FCA[3].