Co-op welcomes legislation to introduce FCA regulation of funeral plans
11 March 2020
“We welcome confirmation in today’s Budget that the Government is to legislate to bring the pre-paid funeral planning market within the remit of the Financial Conduct Authority (FCA) and provide protection to consumers.
As the UK’s leading funeral provider, over the last two years we have been outspoken in calling for greater direct regulation of this market. We have worked closely with HM Treasury to share our expertise as a reputable provider and outline why the best model for funeral plans is under the remit of the FCA.
Funeral plans have and continue to play an important role in helping consumers to ensure their final wishes are acted upon, and when sold responsibly they also ensure that funeral costs can be met without placing financial stress on the next of kin.
With regulation still being some time away, we would strongly encourage consumers to continue to exert caution when looking for a plan. Our advice is to seek a reputable and quality provider that is open about how funds are invested, shares what it does to protect customer money and who is also responsible for providing a high standard of care for the eventual funeral.”