On Sunday 2 June, the Government announced plans to introduce statutory regulation to the pre-paid funeral plan market. This is the culmination of an enquiry by HM Treasury which began in June 2018.
The announcement confirmed pre-paid funeral plans will be directly regulated by the Financial Conduct Authority (FCA), and described the future direction of regulation.
SAIFCharter note that the new regulations support our view that the funeral director remains best placed to provide the customer with all the relevant information, and the new regulations will demand others selling funeral plans move up to that quality of conversation, or no longer market pre-paid plans.
To read HM Treasury’s formal consultation proposal on the regulation of pre-paid funeral plans, please click here.