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On 17 June 2022, the FCA published a list of providers it intends to authorise when pre-paid funeral plans come within the scope of FCA regulation from 29 July. There are 24 firms on the list, including the largest funeral plan providers. Together, these firms hold approximately 87% of existing customer plans.
From 29 July, all funeral plan providers will need to follow new FCA rules, which might include a ban on cold calling and commission paid to intermediaries, and high standards on governance and financial resilience. Furthermore, funeral plan holders will be able to refer complaints about a firm to the Financial Ombudsman and will be covered by the Financial Services Compensation Scheme if their provider goes out of business. However, until this date, all of the providers in this market remain unregulated.
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