The Financial Conduct Authority has published a list of 14 funeral plan providers who will not be authorised to sell new funeral plans once the new regulatory changes take effect on 29th July 2022.
Reiterating the forthcoming changes, the FCA stated that “only funeral plan providers that we’ve authorised, or their Appointed Representatives (intermediaries who can distribute and sell their plans) may sell new funeral plans [as of 29th July]”.
Following this date, the FCA said that the 14 firms in question “will not be authorised to sell new funeral plans” and that consumers “should not buy a new plan from them”.
Reasons for not authorising a provider comes as a result of an inability to demonstrate compliance with the FCA’s regulatory standards, which may include things like poor sales practices.
The full list is as follows:
- Bristol Memorial Woodlands FP
- Capital Life Funeral Planning Ltd
- Empathy UK Funeral Plans Ltd
- Eternal Peace Funeral Plans Ltd
- Fox Milton and Co Ltd, trading as Unique Funeral Plans
- Iberian Funeral Plans
- Mairi Urquhart & Son Ltd
- Maplebrook Funeral Plans Limited
- Pride Planning Limited
- Rest Assured Funeral Plans Limited
- Seasons Personal Funeral Plans limited
- Silver Clouds Later life planning Limited
- SJP Lichfield Limited
- Sovereign Lifecare
The FCA also noted:
“If you already have a plan with one of these firms, you should get in touch with them to find out what is happening to your plan. Your options might include receiving a refund, or your plan may be transferred to another provider.
Certain firms that applied for authorisation before 1st March 2022 can continue to administer existing plans until 31st October 2022. This is to give these firms more time to wind down their business or find an authorised provider to take on their funeral plans.”
On 17th June, the FCA published a provisional list of 24 providers that are proposed to be regulated. It said that the 24 providers make up c. 87% of the market.
Emily Shepperd, Executive Director of Authorisations at the FCA, said that upcoming 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.”
The full list of providers proposed to be regulated includes:
- 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
