Distinct Cremations has announced it fully supports the move to make the industry FCA regulated which is set to come into force from late July this year, and has reassured customers its funeral plans are “safe”.
The provider along with its parent company, Westerleigh, has worked with industry personnel and the Government to ensure people are “protected” when they need it the most.
Distinct Cremations has also revealed it applied to the FCA last year and anticipates being granted authorised status in advance of the July deadline.
Steve Wallis, managing director at Distinct Cremations was reportedly a “pivotal figure” in the change, lobbying for the new rules to happen over the last five years.
The changes proposed by the FCA mean people can buy pre-paid funeral plans “with confidence”, as only authorised providers will be able to sell plans after July.
However, Distinct Cremations revealed it is estimated that 30 providers are yet to submit an application to be authorised, and the FCA is reportedly working with those firms to understand their intentions going forward.
Wallis 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 practise for consumers.”