Some banks ‘adding to stress’ of bereaved, warns regulator

The potential consequences for customers when firms do not respond adequately can include having their distress compounded by a lack of empathy from staff, getting ‘lost’ in firms’ systems, and not being able to access money to pay essential bills quickly enough (PA) - (PA Archive)

Banks and building societies should do more to support customers affected by bereavement or registering a power of attorney, according to the City regulator.

Since the introduction of the Consumer Duty, some firms are making a difference with clear policies and procedures and actively using data to better identify needs and support their customers, the Financial Conduct Authority (FCA) found.