Regulation of pre-paid funeral plans

Following concerns about the risk of consumer detriment in the pre-paid funeral plan market, HM Treasury launched a call for evidence on the regulation of the sector in June 2018. Responses to the call for evidence confirmed that consumer detriment was present in the market and that there was a need for compulsory regulation of the sector.

The UK government considered a range of options, including whether a new statutory regulator should be established, but concluded that bringing all funeral plan providers within the remit of Financial Conduct Authority (FCA) regulation would be the most effective and proportionate policy response for strengthening the regulation of the market. HM Treasury’s consultation, launched on 1 June 2019, sought stakeholder views on proposed amendments to the legislative framework to bring all funeral plan providers within the FCA’s remit. The government published its response to the consultation in March 2020, setting out its final policy approach

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