FCA reveals 24 funeral plan providers likely to be authorised

The Financial Conduct Authority (FCA) has revealed 24 organisations likely to be authorised when the pre-paid funeral plans industry comes under its regulation next month.

Together these companies make up around 87 per cent of existing customer plans.

The authority said that until the new rules come into play, all of these providers are unregulated. This means customers using the service don’t have access to a compensation scheme.

“As this sector approaches regulation, we want to provide holders of pre-paid funeral plans with some reassurance, which is why we have published a list of the firms we intend to authorise,” said Emily Shepperd, executive director of authorisations at the FCA. “Our regulation will lead to higher standards in the market and boost consumer protection. We want to see an improvement in the way customers are treated, with better value products, better sales practices and better controls in place so consumers can be confident they will receive the funeral they expect.” 

From 29 July, all funeral plan providers will need to follow new FCA rules, which include a ban on cold calling and commission paid to intermediaries, and high standards on governance and financial resilience.

Funeral plan holders will be able to refer complaints about a firm to the Ombudsman and will be covered by the FSCS if their provider goes out of business.

The full list of providers that the FCA plans to authorise:-

o Alternative Planning Company Limited
o Avalon (Europe) Limited
o Avalon Trustee Company Limited
o Celebration Of Life Planning Ltd
o Central England Co-Operative Limited
o Co-Op Funeral Plans Limited
o Crystal Cremations Ltd
o Dignity Funerals Limited
o Distinct Funeral Plans Limited
o Ecclesiastical Planning Services Limited
o F A Albin & Sons Limited
o Family Funerals Trust Limited
o Freeman Brothers
o Golden Charter Limited
o Golden Leaves Limited
o Haven Personal Funeral Plans Ltd
o Independent Funeral Planning Services Ltd
o Low Cost Funeral Limited T/A Affordable Funerals
o Peace Burials Limited
o Plan With Grace Limited
o Pure Cremation Planning Ltd
o Southern Co-Operative Funerals Limited
o The Independent Family Funeral Directors Ltd
o William Alty & Sons Limited

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