Charging deceased clients accidentally 'more common' than advice profession would like

‘The fee outlives the service because the records do not talk to each other’

Sophia Panayi
clock • 4 min read

While advisers may not set out to charge deceased clients ongoing advice fees, sometimes a lack of communication between front and back offices could mean that clients continue to be charged after death.

As part of the Financial Conduct Authority's bereavement review, the regulator is looking into whether firms charge deceased client fees. The FCA has sent a survey to a small number of firms of varying sizes to better understand bereavement services within the wealth management and advice sectors. The survey is made up of five sections, looking into firms' communication, bereavement processes, vulnerability training, governance and how they charge for their services. Charging deceased client fees accidentally is "more common than the profession would like", according to Pillar Clie...

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