The Platforms Association has launched a Bereavement Working Group which aims to bring together investment platforms to offer greater support to bereaved customers and develop consistency across the sector.
The group unites specialists from across the association’s member firms.
It is co-chaired by Nino Sheikh-Thompkins, associate director, bereavement team at Fidelity, and Liz Fitzgerald, senior operations manager (bereavement) at Hargreaves Lansdown.
The launch comes as the FCA conducts a multi-firm review of how consumer investment firms - including platforms, advisers and wealth managers - support bereaved customers.
The regulator is examining the customer journey from notification of a death through to settlement or transfer of investments, including firms’ communications, service standards and support for customers in vulnerable circumstances.
Following consultation with member firms, the Working Group has agreed three initial priorities:
• Documentation and certification requirements – exploring opportunities for greater consistency around death certificates, probate documentation and certification of evidence, reducing unnecessary requests and avoidable friction.
• Delays across the bereavement journey – mapping the end-to-end process to identify bottlenecks and develop more consistent approaches to service expectations and measurement.
• Settlement, transfers and residual assets – examining issues including fractional and illiquid holdings, unpaid distributions, residual balances and difficulties locating beneficiaries.
The priorities reflect the Group’s focus on practical operational changes that can make a measurable difference to people navigating financial affairs following a death. It has already begun work on a baseline comparison of firms’ documentation requirements, an end-to-end bereavement journey map, and a review of approaches to residual and unclaimed assets.
The group will engage with the FCA as its work develops and coordinate with other relevant industry bodies to share learning. Consumer Duty considerations – including vulnerable customer outcomes, end-to-end customer journeys and identifying friction through data – will be embedded throughout its work.
Nino Sheikh-Thompkins said: “Bereavement is an incredibly difficult time, and dealing with investments and estate administration can add complexity when people are least equipped to deal with it.
“By bringing firms together, we have an opportunity to identify where unnecessary friction exists and develop practical approaches that make the journey simpler, clearer and more compassionate for customers and their families.”
Liz Fitzgerald, said: “Bereaved clients shouldn’t have to navigate complicated processes and paperwork while coming to terms with their loss. The working group gives key players across the industry a forum to develop a more consistent approach to documentation, service expectations and settlement.”