FCA's regulation of funeral plans comes into force

Boosting consumer protection

Julia Bahr
clock • 2 min read

The Financial Conduct Authority will regulate pre-paid funeral plans, effective from today (29 July), following legislation passed by parliament.

The regulator is authorising 26 providers. Together these firms hold about 1.6 million plans, which make up 87% of the market, it said. "To gain approval to operate in the regulated market, firms will be subject to rigorous assessment against our standards." The final rules, set out last year, introduce higher standards in the market and require firms to make sure plans are sold fairly. The watchdog said regulation of the sector would bring higher standards and boost consumer protection. It banned funeral instalment plan products that do not guarantee a funeral. It also banned cold...

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