Funeral plans

We will start regulating pre-paid funeral plans in 2022. Find out what this will mean for you.

From July 2022, we will start regulating firms that provide and arrange pre-paid funeral plans. 

A pre-paid funeral plan allows you to pay upfront or in instalments for a funeral. These plans may help protect you against rising funeral costs and help relieve the financial burden on your family. 

What FCA regulation will mean for you

We will aim to achieve good outcomes for all customers who hold funeral plans. 

We want to make sure that:

  • you get the plan you’ve paid for
  • your money is looked after and used responsibly 

When we start regulating funeral plans, if you have a complaint against a funeral plan provider or intermediary, you'll be able to refer it to the Financial Ombudsman Service.

If the issue happened before July 2022, you'll still be able to refer it to the ombudsman service, as long as the firm was registered with the Funeral Planning Authority at the time the issue occurred. 

We also want to make sure that you have access to the Financial Services Compensation Scheme (FSCS) from the first day of regulation, so your money is protected if the firm fails. 

Funeral plans before July 2022 

Until July 2022, firms involved in the pre-paid funeral plan market don't have to be regulated by us.

This means you don't have access to the Financial Ombudsman Service if you have a complaint against a funeral plan firm. You also don't have protection from the FSCS if your provider or intermediary fails. If this happens, you may not get all your money back. 

Funeral Planning Authority (FPA)

The Funeral Planning Authority (FPA) is the current industry-established regulator of funeral plan providers. As a registered member, funeral plan providers must follow the FPA’s rules and Code of Practice. 

Until we take over the regulation of the sector in July 2022, we expect that the FPA will continue to regulate their registered providers. This means that you may be able to complain to the FPA, if the provider is registered with them.

Not all funeral plan providers are registered with the FPA. You can find a list of registered providers on their website.

More information

You can read more about funeral plans and alternative products, including over-50s plans, from the Money Advice Service.