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Funeral Plan Regulation

Funeral plan regulation

At Golden Charter we’re proud to have supported almost 900,000 people* make funeral provisions over the last 30 years. Our customers have the security and peace of mind of working with a trusted, reputable funeral plan provider.  

Financial Conduct Authority (FCA) regulation of the pre-paid funeral plan market delivers additional protections, and ensure all funeral plan customers in the market can have confidence in their provider. 

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What is regulation?

The Financial Conduct Authority (FCA) has introduced a number of new rules which came into force on 29 July 2022.  These ensure high standards and provide further protection for customers. The FCA requires all businesses operating in the market to make sure plans are sold fairly, provide value for money, and deliver the expected product benefits. 

FCA regulation aligns closely with many of the customer-focused principles we already have in place at Golden Charter and we’re confident the changes represent a positive step forward for the market.

Ensuring our funeral plan customers are protected

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Our plan holders' funds are held securely in the Golden Charter Trust*, and ring-fenced for future funerals to provide additional protection. The Golden Charter Trust is one of the largest and most transparent trusts in the sector. 

The most recent full valuation of the Trust confirms that the assets were over 100% of the funds required to meet the projected future funeral costs covered by the plans in the Trust. Full details of funds held and how they are managed are available here

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Our plan holders can be reassured that their funds are safe. Depending on how you choose to pay for your plan, your funds are either held in the Golden Charter Trust or paid into a life assurance policy.  

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We hope this provides reassurance your funeral plan and the money you have paid towards it are safe with us. Over the past 30 years, we’ve already delivered over 300,000 funerals for our customers. 

Our FCA status

We’re delighted to share that Golden Charter is authorised and regulated by the Financial Conduct Authority (FCA) FRN 965279. All funeral plan providers are now required to obtain FCA authorisation to sell plans.

The full list of companies the FCA has authorised as regulated funeral plan providers can be found here.

Further reassurance

Each year we publish important information about the Golden Charter Trust and its performance as part of our Annual Review. The FCA requires each plan provider to provide an analysis of how the assets held in the Trust compare to the expected liabilities that will arise in the future from providing funerals to our customers. The report shows that at the latest valuation, the Golden Charter Trust held assets totalling 121% of the future liabilities associated with providing a funeral to our customers. 

The report also considers the ability of the Trust to meet the total sums that would be due if all customers were provided with the amounts due under their plan on cancellation. The report shows that at the latest valuation, the Golden Charter Trust held assets totalling 121% of the potential liability if all customers cancelled their plans*.

Contact us

If you have any questions or concerns you’d like to discuss, please call us on 0800 833 800.