Regulation of pre-paid funeral plans: consultation on a policy proposal
This consultation seeks views on the governments proposed regulatory framework for bringing funeral plans within the remit of the Financial Conduct Authority.
Following concerns about the risk of consumer detriment in the pre-paid funeral plan market, the government launched a call for evidence on the regulation of the sector in June 2018.
Responses to the call for evidence have confirmed that consumer detriment is present in the market and that there is a need for compulsory regulation of the sector.
In the light of the responses to the call for evidence, the government has maintained its position that bringing funeral plan providers within the remit of the FCA would be the most effective policy response for strengthening the regulation of the market.
This consultation document provides a summary of the responses to the call for evidence and seeks stakeholder views on proposed amendments to the legislative framework which will bring all funeral plan providers within the remit of the FCA.