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Consultation outcome: Regulation of pre-paid funeral plans: consultation on a policy proposal

Hm Treasury

November 26
13:48 2020

Detail of outcome

Secondary legislation to bring pre-paid funeral plan firms within the remit of the Financial Conduct Authority was laid before Parliament on 26 November 2020.

The government has carefully reviewed the responses to the consultation. This document sets out the governments final policy approach to amending the regulatory framework which will bring funeral plan providers within the remit of the FCA. The government will shortly lay before Parliament the necessary secondary legislation and will publish a de minimis impact assessment.

The full FCA regulatory framework will come fully into force 18 months after the legislation is made.

Original consultation

Summary

This consultation seeks views on the governments proposed regulatory framework for bringing funeral plans within the remit of the Financial Conduct Authority.

This consultation ran from
to

Consultation description

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.

Documents

Regulation of pre-paid funeral plans: consultation on a policy proposal

Funeral plans Statutory Instrument: Annex A

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