Ahead of the deadline for regulation of the funeral planning market on 29th July, the Financial Conduct Authority (FCA) have released a provisional list of approved providers it intends to authorise.
As of Friday 17th June, just 24 firms are proposed to be regulated, making up c.87% of the market according to the FCA. It also reports that it is still assessing a “small number of providers’ applications and will give an update on these as soon as possible.”
In March of this year Today’s Wills and Probate reported that just 40% of pre-paid funeral plan providers had submitted applications to be regulated, while the well-documented collapse of Safe Hands Plans has hit the national headlines.
The regulation of the funeral plan market proposes to provide better safeguards for consumers, including a ban on cold calling and commission paid to intermediaries, and high standards on governance and financial resilience. Regulation will also provide a more formal redress scheme through the Financial Ombudsman Service and will be covered by the FSCS if their provider goes out of business.
Emily Shepperd, Executive Director of Authorisations at the FCA, said that regulation would better protect consumers:
“As this sector approaches regulation, we want to provide holders of pre-paid funeral plans with some reassurance, which is why we have published a list of the firms we intend to authorise.”
“Our regulation will lead to higher standards in the market and boost consumer protection. We want to see an improvement in the way customers are treated, with better value products, better sales practices and better controls in place so consumers can be confident they will receive the funeral they expect.”
Information about all applications is available on the FCA website. The full list of proposed providers is produced below
- Alternative Planning Company Limited
- Avalon (Europe) Limited
- Avalon Trustee Company Limited
- Celebration Of Life Planning Ltd
- Central England Co-Operative Limited
- Co-Op Funeral Plans Limited
- Crystal Cremations Ltd
- Dignity Funerals Limited
- Distinct Funeral Plans Limited
- Ecclesiastical Planning Services Limited
- F A Albin & Sons Limited
- Family Funerals Trust Limited
- Freeman Brothers (this includes Peter Christopher Freeman and Bridgid Mary Freeman)
- Golden Charter Limited
- Golden Leaves Limited
- Haven Personal Funeral Plans Ltd
- Independent Funeral Planning Services Ltd
- Low Cost Funeral Limited T/A Affordable Funerals (this includes Memoria Limited)
- Peace Burials Limited
- Plan With Grace Limited
- Pure Cremation Planning Ltd
- Southern Co-Operative Funerals Limited
- The Independent Family Funeral Directors Ltd (this includes Fosters Family Funeral Directors)
- William Alty & Sons Limited
