The Financial Services Compensation Scheme (FSCS) has clarified that it does not provide protection for individuals who have a funeral plan with a provider that fails.
This applies whether the plan was purchased by paying a lump sum or by paying a monthly amount to the (funeral plan) provider. James Daley, managing director at Fairer Finance, said: "We're delighted to see FSCS bringing some clarity to where its coverage lies and doesn't lie around funeral plans." Funeral plan providers can be regulated by the Financial Conduct Authority (FCA) but the vast majority of providers choose to use exemptions available to them which means they are not. In addition,...
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