Investment platforms collaborate to enhance support for bereaved clients

The Platforms Association has brought together a group of investment platforms to launch a new Bereavement Working Group.

The group is aiming to improve support for bereaved clients and their representatives, and build greater consistency across the investment platform sector.

It is co-chaired by Fidelity International Bereavement Team associate director, Nino Sheikh-Thompkins, and Hargreaves Lansdown senior operations manager (bereavement), Liz Fitzgerald.

The group brings together specialists from across The Platforms Association’s membership firms.

The Financial Conduct Authority (FCA) is currently reviewing how consumer investment firms provide support to bereaved customers.

It is assessing how firms, including platforms, advisers, and wealth managers, communicate and support vulnerable customers, as well as their service standards and how fees are handled on bereaved accounts.

Following consultation with member firms, the working group has outlined three initial priorities.

It will explore opportunities for improved consistency around death certificates, probate documentation and certification of evidence, aiming to reduce unnecessary requests and friction.

The group will also look to address delays in the bereavement journey by mapping the end-to-end process to find bottlenecks and develop more consistent approaches, and tackle issues around settlement, transfers, and residual assets by examining issues such as fractional and illiquid holdings, unpaid distributions, residual balances, and difficulties locating beneficiaries.

The association said these priorities reflected the group’s focus on practical operational changes that can make a measurable difference to those dealing with financial affairs following a bereavement.

Work has already begun 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 also engage with the FCA during its review and work with other industry bodies to share learning, with Consumer Duty considerations to be embedded throughout its work.

“Bereaved clients shouldn’t have to navigate complicated processes and paperwork while coming to terms with their loss,” said Fitzgerald.

“The working group gives key players across the industry a forum to develop a more consistent approach to documentation, service expectations and settlement.

“This can help reduce delays and remove repeat requests while keeping the safeguards that protect clients and their estates.

“Our focus is on changes that can make a real difference to the families and executors dealing with an estate.”

The Platforms Association independent senior consultant, regulatory and government affairs, Rick Borges, added: “Bereavement is a moment when the quality of a firm’s customer service really matters.

“Across the platform sector there is a strong commitment to making these journeys as straightforward and supportive as possible, while meeting the regulatory and operational requirements firms must manage.

“Our working group will complement the FCA’s regulatory focus by bringing platforms together to identify practical solutions, share good practice and raise standards across the sector.”

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