Distinct Cremations removes cancellation fee ahead of FCA regulations

Distinct Cremations has announced it will remove its cancellation fee completely, effective immediately, as it aims to “reassure” customers following FCA regulation changes.

The FCA changes are set to come into force from late July this year, which aim to “ensure that people can buy pre-paid funeral plans with confidence, as only authorised providers will be able to sell plans after that date”.

This transformation, however, could leave thousands of people out of pocket due to cancelled funeral plans as a result of their suppliers either not applying for authorised status, or withdrawing applications.

It’s estimated that 30 providers are yet to submit an application to be authorised, and the FCA is working with those firms to understand their intentions going forward.

It also revealed it applied to the FCA last year, and said it “anticipates being granted authorised status in advance of the July deadline”.

Steve Wallis, managing director at Distinct Cremations, said: “Millions of people up and down the UK will be surprised to hear that the industry is not currently regulated, so for many years, people have bought plans in good faith to ensure their loved ones do not face hefty bills upon their death.

“We’re delighted this change is finally coming into force; it’s been a long time coming, and it means that a number of providers will no longer be allowed to trade and sell these plans to trusting consumers.”

He added: “We want to reassure our customers that they have nothing to worry about; our business has been set up by experts in the field with decades of experience, who are fully aware of the FCA rules and standards as well as best practices for consumers.”