View more on these topics

BBA brings in bereavement code for members

Paper-People-Cardboard-Cutout-700.jpg

The British Bankers’ Association is bringing in a code of practice for its members to help support bereaved families.

The trade body says its new bereavement principles will help cut bureaucracy for relatives of its personal banking customers after a death and provide a more sensitive service to them. The Building Societies Association’s members have also signed up to the initiative.

The new code says banks and building societies will:

  • Allow payments from the deceased’s accounts to cover any funeral bill, probate fees, or inheritance tax
  • Improve empathy skills and knowledge training for staff
  • Trial a system that alerts a death to all relevant and participating financial firms

The groups and firms signed up are Royal Bank of Scotland, HSBC, Barclays, M&S Bank, Lloyds Banking Group, Santander, Nationwide Building Society and and the BSA’s others members.

The new code will come into force at the end of 2016.

BBA bereavement working group chair Mandy Griffin, from Nationwide Building Society, says: “The new bereavement principles will give greater support to families at the most distressing time and make the process of notifying financial organisations of the death of a loved one much easier.

“Our aim is to make sure we deal sensitively with bereaved families and help them deal with the deceased financial affairs as quickly as possible.”

BBA chief executive Anthony Browne says: “Following the death of a friend or family member, the last thing anyone wants to deal with is closing and settling bank accounts, but the new bereavement principles will help to further reduce stress and offer a more sensitive service to customers.”

Recommended

Andrew-Bailey-Conference-Alt-2013-700x450.jpg
1

PRA boss warns housing crash would hit retirement savings

PRA chief executive and incoming FCA boss Andrew Bailey has warned savers investing in property to fund their retirement could be at risk if house prices slump. Yesterday, the PRA proposed new minimum underwriting standards for the buy-to-let sector, arguing that the market is defined by short-term interest-only mortgages that leave consumers vulnerable to hikes […]

2014-George-Osborne-Holds-Budget-Box-700.jpg

Osborne unveils lifetime Isa for house purchase or retirement

The Government is to introduce a lifetime Isa to allow consumers to choose whether to fund their first property purchase or their retirement from next year. From April 2017, people under 40 will be able to contribute up to £4,000 a year into the new lifetime Isa.  The Government will top up savings by £1 […]

Andrea Rozario: Equity release lifeline for retirees who decide to divorce

Equity release is a lifeline for retirees who decide to divorce Divorce rates have dropped to historic lows in almost all age groups, but they remain stubbornly high among the over-60s. From 1990 to 2012, there was an 85 per cent increase in divorces within this demographic. The rise of what the International Longevity Centre […]

Newsletter

News and expert analysis straight to your inbox

Sign up