Rob Ord, consulting partner, and Graeme Devlin, head of risk, regulation, and compliance – Wealth and Asset Management at global management and technology consultancy Capco, comment on the FCA review on how firms support bereaved customers.
Rob Ord, consulting partner said: “The FCA’s review is an important reminder that bereavement support is more than a policy issue – it is a test of how well firm support their clients when they are at their most vulnerable.
“In wealth and investment management, bereavement journeys can be particularly complicated. Many of the problems bereaved customers face are caused by fragmented systems, siloed product teams, manual processes and unclear ownership across the end-to-end journey at a time when the customer is most exposed.
“Firms should also recognise the commercial risk, as bereavement is often a key moment in intergenerational wealth transfer, and families may be deciding whether to retain or move assets based on their experience at a difficult time. For consumers, the test will be whether this review drives more focused support when they need it most.
Firms will need to equip teams with the training, tools and authority to move beyond generic servicing models and provide more personalised support. As Targeted Support reshapes advice and guidance models, trust, communication and service quality will become even more important.”
Graeme Devlin, head of risk, regulation, and compliance, added: “The firms that respond well are unlikely to focus only on compliance fixes. Instead, they will look at how to redesign the journey around the customer, simplify processes, improve communication, and give colleagues the ability to be more proactive. Dedicated bereavement teams, trauma-informed training and partnerships with specialist third-sector organisations are critical enablers at such a challenging time.
There is also a role for AI, provided the underlying data is reliable and the controls are strong. Used carefully, it could help reduce duplication, process documents, and support workflow management. Despite this, poorly designed vulnerability frameworks risk reinforcing disadvantage, particularly for older customers or those with lower digital confidence. This is a high-stress process, where customer interactions are amplified. Being good here matters more than elsewhere.”
