The FCA has confirmed that from 29 July 2022, it will take on responsibility for regulating and supervising the pre-paid funeral plans market.
As a result of this announcement, companies selling funeral plans will have to comply with the FCA’s regulatory regime. As an example, there are several pre-contract disclosures requiring consumers to be provided clear information before they decide whether
to purchase a funeral plan
Key rules to remember:
The FCA will require firms to, amongst other measures:
stop cold calling and ensure advertising plans are sold fairly
stop commission payments to intermediaries, such as funeral directors, to ensure products represent fair value