In May, the Financial Conduct Authority (FCA) issued guidance to retail banks on how they should manage the bereavement process—part of a broader campaign to address consumer vulnerability. While the regulator’s efforts are commendable and clearly centred on consumer care, guidance alone rarely drives meaningful change. Incentives may nudge behaviour, but it’s often the threat—or reality—of enforcement that compels real action.
The issue with guidance is twofold: it’s easy to overlook, and it’s open to interpretation. Too often, the boundaries of “fair treatment” only become apparent after a complaint is made. Some organisations will wait for formal mandates before they act. Others, however, already recognise the importance—and value—of handling bereavement with compassion and efficiency.
Within the FCA’s scope, some banks have established clear policies for addressing vulnerability, including defined timeframes for processing bereavement and Power of Attorney (PoA) cases. Among those leading the way, best practices are evident: internal policies are well-understood, customer anxiety is reduced, and support is consistent and reliable. The way staff acknowledge and respond to visibly distressed customers directly impacts trust—not just in that institution, but in the financial services industry as a whole.
Many of these leading organisations have adopted digital death-notification platforms like NotifyNOW or Settld, helping to eliminate the burden of notifying multiple departments—or group companies—individually. These institutions are not only prioritising the needs of bereaved customers; they’re also acting in the best interest of their shareholders.
Digitising bereavement processes increases operational efficiency and reduces costs—benefits that resonate with any CFO. The business case is clear: getting it right is no longer a “nice to have,” but a strategic imperative. So it remains perplexing that some organisations still fail to prioritise it.
Our recent report, Probate or Pro-wait: How to Make the Hardest Part of Life Easier, reveals how poor the probate experience remains for many. The process is often needlessly complex, and the outcome, unfair. One woman we spoke to had to contact over 20 separate organisations just to inform them of her husband’s death.
Nearly three in four UK adults (72%) surveyed agreed that every company should offer a dedicated death notification service, akin to the Government’s “Tell Us Once” initiative. While we welcome the FCA’s guidance, we believe it doesn’t go far enough. Digital notification platforms should be mandated—not just for retail banks, but for all consumer-facing entities, even those outside the FCA’s regulatory scope.
The value of getting it right—for customers, for staff, and for the bottom line—is simply too great to ignore.
By Phil Hickson – SVP, Global Partnerships at The Estate Registry
This article was submitted to be published by The Estate Registry as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
