You can read more about funeral plans and alternative products, including over-50s plans, from the Money Advice Service. Contact us by web chat, email, phone or post: Receive the latest FCA news and publications in a daily email. In July 2022, we’re taking responsibility for regulating the pre-paid funeral plans sector. 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… 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. The FCA said it will ensure that all pre-paid plans meet the needs of vulnerable consumers. Although the sector has been and remains for the time being supervised by the Funeral Planning Authority (FPA) the supervision has taken the form of self-regulation. Michael Parkinson and a bunch of others in their twilight years trying to persuade us to invest our hard-earned in a funeral plan. See our Prepaid Funeral Plans guide for more information on how these work. What will new funeral plan regulations mean to your business? A password will be e-mailed to you. The FCA’s new rules will apply to future deals sold, rather than impose requirements on existing plans. An alternative to becoming directly authorised by us is to become an Appointed Representative (AR) of an appropriately authorised firm (Principal). However, there is more to this than meets the eye. As a result, the FCA is well placed to develop an Author : Jessica Hanson . A funeral plan is a contract under which a customer makes one or more payments to a provider, who subsequently arranges or pays for a funeral … The FCA will add provisions for funeral plans to its handbook of rules and guidance, namely a new sourcebook called ‘Funeral Plan: Conduct of Business sourcebook’ (FPCOB). You will need to be authorised to carry out funeral plan contracts, to administer the plans previously sold. Copyright © 2021 FCA. In January, the Treasury made legislation bringing the sale and administration of funeral plans within the FCA’s remit, following concerns raised in the media and by consumer groups about the conduct and financial soundness of some pre-paid funeral plan providers. The FCA's plans mean that providers will need to apply for authorisation in order to operate. In addition, there is information on future action you will need to take if you provide or sell funeral plans. The FPA have provided a sound framework within the sector and have helped to ensure that families can access funeral plans. By Tom Winnifrith | Tuesday 2 March 2021 . FCA slams prepaid funeral plans, for once it is bang on the money By Tom Winnifrith | Tuesday 2 March 2021 We’ve all seen the adverts on TV. The consultation paper proposes that the Financial Conduct Authority (FCA) will become responsible for the regulation of the sale and administration of prepaid funeral plans. Rip-off pre-paid funeral plans outlawed: New deals must cover a send-off service – and cold calling is banned under plans revealed by FCA Pre-paid deals are meant to allow people to lock into a funeral price in advance The cost of a basic funeral rose to £4,184 on average last year The FCA … The FCA is asking for feedback on the draft rules and is asking for responses by 13 April 2021. 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