14th April 2025
Tim Hogg, director at Fairer Finance, responded to the FCA's announcement on banks' treatment of bereaved customers by stressing that families often face emotionally draining and overly complex banking processes after losing a loved one, marked by delays, repetition, and unnecessary steps.
In response to FCA announcement on banks’ treatment of bereaved customers, Tim Hogg, director at consumer group Fairer Finance said: “Losing a loved one is always traumatic—but for many, it can also be the beginning of a bureaucratic banking nightmare, as relatives are left to close accounts and reconcile the affairs of their loved one. These journeys are often too hard and emotionally draining, with repetition, delays, and unnecessary steps.
“This kind of ‘sludge’ has no place in a modern banking system, especially when it hurts some of the most vulnerable consumers. Banks should make bereavement journeys as clear, smooth, and compassionate, as possible. Indeed, the best banks are making these journeys quicker and simpler for grieving families.” In 2022, Fairer Finance published a report with Life Ledger called The Cost and Bureaucracy of Dying – see the full report here