Phillips & Cohen Associates (PCA) a global leader in deceased account management, has today welcomed the publication of UK Finance’s updated Bereavement Principles, praising the significant industry-wide collaboration and consensus achieved while calling for further progress on digital validation methods and processing timelines.
The updated principles represent a major step forward in supporting bereaved families navigating the complex process of managing a deceased person’s financial accounts.
PCA, which specialises in helping organisations handle deceased customer accounts with sensitivity and efficiency, has expressed strong support for the initiative while offering constructive recommendations for future development.
Nick Cherry, divisional CEO at Phillips & Cohen Associates, said: “We applaud the marked progress UK Finance has achieved with these updated principles. The industry-wide collaboration and consensus reached here are significant wins in themselves and the industry deserves huge credit for putting good outcomes at the heart of their bereavement processes.
“As global specialists in deceased account management, this issue is incredibly close to our hearts, and it is terrific to see UK Finance taking the lead on driving industry standards.”
While endorsing the updated principles, PCA has highlighted two areas where the industry could consider going further to support grieving families.
The first opportunity for improvement is regarding the continued reliance on hard copy, certified death certificates to validate a death. PCA has observed this requirement causing material detriment to consumers, significant processing delays, and unnecessary cost burdens on families during an already difficult time.
Cherry continues: “For many years, we have been championing the use of electronic copies of death certificates and data validation of a death, of which there are numerous sources available. These changes would offer significant process improvement opportunities in order to truly put grieving families first.”
PCA has also praised the new principles for establishing an aspirational processing timeline of 15 days from receipt of all required documentation, describing this as representing “huge progress on many fronts.’’
However, as a global business PCA has drawn attention to international best practice such as Australia, where mandating a 14-day processing time for bereavement cases has been instrumental in driving positive change.
“Difficult as this is to achieve as a trade association, I do believe that mandating response times is necessary if there is truly a desire to transform service levels for consumers at this most sensitive moment in the account life-cycle”, said Cherry, who previously served as deputy chair of the Credit Services Association (CSA) and sat on that board for twelve years.
“PCA brings significant expertise to discussions around bereavement processes, with its leadership having extensive experience in industry governance. Having been involved in trade association governance for over a decade, I understand how tricky these initiatives can be to achieve. I hope our suggestions are taken in the spirit of collaboration in which they are intended.”
PCA remains a long-standing member of the CSA and similar associations globally, positioning the organisation as a subject-matter expert on deceased account management. The company has expressed its willingness to participate in any future conversations regarding bereavement processes or principles.
“We would be very happy to be part of any future discussions should UK Finance and its members feel it would add value”, Cherry concludes. “Supporting families at their most vulnerable moments requires continued innovation and collaboration across the industry.”
This article was submitted by The Estate Registry as part of an advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the advertiser and not those of Today’s Wills and Probate.
