Most advisers have said they do not set out to charge deceased clients ongoing advice fees but sometimes a lack of communication between front and back offices means 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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