We are consulting on further proposals on the resolution of regulated funeral plan firms and FSCS protection along with further additional proposals in relation to our regulation of funeral plans.
Why we are consulting
Our proposals aim to lessen the impact of the failure of a regulated funeral plan firm on the customer. We want to ensure that customers are protected, while ensuring arrangements are proportionate and mitigate the impact on industry levy payers which fund the FSCS – this is in line with our objectives of ensuring consumer protection and market integrity.
Who this applies to
Who needs to read the whole document:
- firms that sell or carry out funeral plan contracts for funerals in the UK
- insurance firms who provide life insurance policies that back some funeral plans
- trustees of trusts and discretionary investment managers which manage the assets of trusts that back some funeral plans
- trade bodies representing firms that carry out or sell funeral plan contracts
- groups representing consumer interests
- FSCS levy payers
Who else will be interested in this consultation:
- consumers that have a funeral plan, or are thinking of purchasing one
- investment advisers who provide advice on funeral plan contracts
We are asking for comments on this Consultation Paper (CP) by 31 August 2021.
You can send them to us at [email protected] or by using our online response form
Or in writing to: Mark Andersen, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN
We will consider feedback and aim to make our final rules in quarter 4, 2021. However, rules relating to the FSCS which are dependent on the government's associated legislation being introduced will be finalised once the legislation is introduced.