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Walsall Council

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GLOSSARY

Funeral plan contract definition

Published by a LexisNexis Financial Services expert

What does Funeral plan contract mean?

This is a type of regulated investment as defined in article 87 of the regulated activities order.

The customer makes at least one payment to the funeral plan provider and the provider undertakes to provide a funeral in the UK for the customer or some other person, unless at the time of entering into the contract the customer and the provider intend or expect the funeral to occur within one month. Exempt professional firms are prohibited from being funeral plan providers.

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What does 'by way of business' mean?

What does 'by way of business' mean? An activity is only a regulated activity if it is an activity which is carried out by way of business in the UK. The Financial Services and Markets Act 2000 (FSMA 2000) does not define what is meant by the phrase which leaves it its natural meaning. Whether or not an activity is carried on by way of business is ultimately a question of judgment. There are however specific situations in which activities will be carried on by way of business which have been defined for a limited number of activities by the Treasury under its powers under FSMA 2000. This Practice Note explains how HM Treasury's interpretation of business applies to those groups of activity. For more information about whether or not an activity is a regulated activity, see Practice Note: What are regulated activities? For more information about the carrying on of regulated activities in the UK, see Practice Note: Territorial scope of the general prohibition. Treasury definitions of...

Discover our 1 Practice Notes on Funeral plan contract

19 The general prohibition

19 The general prohibition(1) No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—(a) an authorised person; or(b) an exempt person.(2) The prohibition is referred to in this Act as the general prohibition.

[22 Regulated activities]

(1) An activity is a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and—(a) relates to an investment of a specified kind; or(b) in the case of an activity of a kind which is also specified for the purposes of this paragraph, is carried on in relation to property of any kind.[(1A) An activity is also a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried

Funeral plan contract is referenced 2 in UK Parliament Acts