SAIF has received a reminder from the Financial Conduct Authority (FCA) about their consultation:

As you may already be aware, HM Treasury has recently published a consultation paper about the future regulation of the funeral plan sector. The consultation proposes that the Financial Conduct Authority (FCA) will become responsible for regulation of the sale and administration of pre-paid funeral plans and if the proposals are taken forward, the FCA would consult later this year on the rules that would apply.

To inform its thinking on the rules on which it would consult and to understand the cost to firms if those rules apply, the FCA has recently sent a survey to a number of funeral plan providers and intermediaries, including funeral directors. The data from the survey will help inform the FCA’s supervisory approach and strategy if it takes responsibility for regulating the market. The deadline for responding to the survey is 3 September 2019.

The survey is voluntary but we would encourage those who have received it to respond as the more information the FCA has about the market, the more tailored its approach can be. If you have any questions about the survey you can contact the FCA.

SAIF encourages our members to respond by the deadline of 3rd September. On the consultation paper, scroll to Page 28 with the summary of questions.