Regulating pre-paid funeral plans

People who buy pre-paid funeral plans should have the same right to expect that they are given accurate and impartial advice about whether such plans area a good investment that people who are buying any other financial product are entitled to receive.

So I welcome the announcement at the weekend by the City Minister setting out new plans to regulate the pre-paid funeral sector to ensure those who are at a vulnerable stage in their life get the information they need. 

Key facts: 
  • The government will end the use of high pressure and misleading tactics in the sale of funeral plans.
  • The legislation governing the oversight of the sector has not changed since 2001 and needs to be updated to address disreputable practices, such as the misleading sales tactics currently used to pressure people into buying plans. 
  • The regulation of the sector will now be overseen by the Financial Conduct Authority, who will design a framework to bring regulation in line with other financial products and ensure that providers are clear and fair. 
  • Under these new plans, anyone found breaching the regulations can have their authorisation revoked, face fines and even criminal charges. 

Why this matters:

Putting pre-paid funeral plans under the supervision of the Financial Conduct authority will enable customers to have more confidence in the products they’re being offered and peace of mind that their affairs will be handled correctly

Comments

Jim said…
Is this justified, how many people who took out a pre-paid funeral plan have complained afterwards that they did not get the service they were expecting?
8:42 pm
Chris Whiteside said…
There is quite literally a fatal flaw in that argument, Jim.
11:09 pm
Jim said…
:o) nice answer.
3:25 pm
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