From 29 July 2022, the Financial Conduct Authority (FCA) will take on responsibility for regulation of the pre-paid funeral plan market. From this date, any company selling funeral plans must be either directly authorised by the FCA, or be an Appointed Representative of a company authorised by the FCA. At Golden Charter, we have already applied to become directly authorised.
We’re pleased that the market will soon be regulated, as it will bring additional comfort and security for customers, while also ensuring the high levels of quality and service that the vast majority of responsible funeral directors are already providing are maintained.
The FCA will be introducing a number of new rules, which are intended to ensure standards remain as high as possible, and provide further protection for customers. They’ll require businesses operating in the market to make sure plans are sold fairly, provide value for money, and deliver the expected product benefits.
As we are already a registered provider with the Funeral Planning Authority (FPA), the body that currently oversees the market, you have the reassurance of knowing that you’ll still be protected if you arrange a funeral plan before 29 July 2022.
FCA regulation aligns closely with many of the customer focused principles already in place under the Funeral Planning Authority. We’ve been preparing for regulation for some time and we’re confident the changes will be a positive step forward for the market.