The simple answer to ‘Are Funeral plans regulated’ is they are not regulated. However, there is more to this than meets the eye.
Since 2019 the government has been investigating whether the funeral plan industry should fall under the FCA (financial conduct authority) and their conclusion is the industry should be under the jurisdiction of the FCA, you can read their full findings ‘Regulation of pre-paid funeral plans, response to consultation here’.
This means the pre-paid funeral plan with now to be regulated providing consumers with the same consumer financial protections as other financial insurance markets which is great news for all consumers.
At the moment and until the FCA starts implementing the new authority the industry has been self-regulated by Funeral planning authority who have been regulating providers of pre-paid funeral plans since 2002.
The Funeral Planning Authority who is not a paid membership body meaning the people they regulate don’t have any real power or sway on the decisions the body makes was established to check and make sure funeral plan providers looked after consumers money and ensuring the funeral can be provided when needed.
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There are currently 28 companies that are regulated by the Funeral Planning Authority, these include;
Please note in some instances we have listed the trading name and not the ltd company name.
With the Financial Conduct Authority changes in the industry consumers can feel more confident that there money is safe and secure.
Some consumers will be forgiven to wondering why these changes or why the industry have been operating outside of the FCA regulation for circa 20 years, however change is coming and that can only be a good thing.
As with any financial product, conducting your research is absolutely crucial and pivotal, and you should, in most instances, seek financial advice.
Each company we have listed above works in different ways; they offer different pricing structures, so understand which package is right for you is essential before you proceed with any plan.
There is also another way of getting a quote. Most financial brokers throughout the UK now have dealings with a percentage of the listed funeral plan companies. In more instances, they can quote based on your circumstances and requirements from the entire market.
There are huge positives in getting a quote from a broker that covers the whole market instead of going direct to one company:
Now, you might be thinking, what is in it for the broker? Will I have to pay the broker an additional fee?
Well, the answer in most cases is no. You see, brokers have relationships with the Funeral Plan companies and in most cases, these funeral plan companies pay them a finder’s fee meaning the broker is not associated with one particular company.
The Financial Conduct Authority is on the cusp of regulating the industry, which can only be a good thing for the Pre-Paid Funeral Plan industry and good for consumers. Funeral plans are good for consumers based on individual circumstances, and it’s always wise to do your research and best to speak to a broker who can quote the whole market.
Here at Money Savings Advice, we have partnered with some of the UK’s leading Funeral Plan brokers. They have already helped thousands of people get the best Funeral Plan deal and they can do the same for you.
Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to one of these brokers who can provide you with a ‘whole market quote’ then click on the below and answer the very simple questions.
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