On 1st June 2019 the Government published the HM Treasury’s report on the funeral plan market and plans to bring the sector under Financial Conduct Authority (FCA) regulation.
The report highlighted the problem of some funeral plan companies using high-pressure sales tactics and discussed the proposed regulation of the funeral planning market.
Currently, the sector is not regulated by the FCA. Plan providers can register with the Funeral Planning Authority (FPA) and abide by its Code of Practice, but membership is not mandatory.
“At Avalon we welcome the introduction of FCA regulation and have been in discussions with HM Treasury and the FCA over the past year about the proposals,” said Susan Stevenson, CEO of Avalon Funeral Plans.
“Regulation will ensure that all prepaid funeral plan providers are operating on a fair and level playing field. Consumers will be able to make an informed choice that is right for them.
“The Government’s consultation makes it clear that the high-pressure tactics and malpractice discussed relates to the minority of providers who are not currently registered with the Funeral Planning Authority. Avalon has been an FPA-registered provider since 2015 and abides by the FPA Rules and Code of Practice.
“Furthermore, our processes are already benchmarked against FCA requirements and we are well-prepared for full FCA regulation of the funeral plan market.”
For more information about plans to regulate the sector, you can read HM Treasury’s report.
About the author
With a Masters from the University of Bristol, Jessica Hanson has worked in the funeral sector for several years, following the latest industry trends and writing about end of life planning. Jessica has previously written as a blogger for the Huffington Post, covering topics such as death positivity, understanding grief and how funerals are changing. You can find Jessica on LinkedIn and Twitter.