The Financial Conduct Authority has published examples of good and poor practice from a multi-firm review of banks’ and building societies’ approaches to bereavement and registering a power of attorney, highlighting that firms can do more to support customers in these circumstances in line with the Consumer Duty. The FCA found that, since the Consumer Duty was introduced, some firms have improved outcomes through clearer policies and procedures and by using data to identify customer needs and provide support. However, it also identified cases where staff were unclear about the actions required and the speed of response, which in some instances left customers or their representatives unable to access funds to pay essential bills; the FCA also cited examples where customers struggled to get support during emergencies, including mental health crises. The review informs the FCA’s wider work on how firms treat vulnerable consumers and includes findings specifically relevant to banks and building societies. The FCA has written to individual firms involved in the review with specific feedback.
Financial Conduct Authority 2025-04-10
Financial Conduct Authority publishes good and poor practice on banks’ bereavement and power of attorney processes
The Financial Conduct Authority (FCA) published findings from a review of banks' and building societies' handling of bereavement and power of attorney, noting improvements in customer support since the Consumer Duty's introduction. However, the FCA identified issues with staff clarity and response times, affecting customer access to funds and support during emergencies. The review contributes to the FCA's focus on treating vulnerable consumers.