From 29 July 2022, funeral plan providers in the UK must be regulated by the FCA to continue to sell or carry out funeral plans. The statutory oversight follows several years of campaigns, Government calls for evidence, and formal consultation with the funeral industry.
The regulations set out by the FCA are designed to make products work better for consumers, to create competition, and enable a stable marketplace. Once the regulations come into force in July, companies that want to continue to sell or carry out funeral plans must be authorised by the FCA and conform to its rules, or risk committing a criminal offence.
Dignity has engaged with the FCA throughout its process and supports the regulatory framework implemented across the market.
Kate Davidson, CEO, said: “We are delighted to announce that Dignity has received confirmation that the FCA is ‘intending to authorise’ our company under the new regime. We have long called for regulation of the funeral plan sector. We believe it will deliver greater transparency and protections for customers, whilst also paving the way for greater confidence in funeral plans as a good product that helps people plan and pay for their funeral in advance.
“There has been a huge strategic and operational effort within Dignity to deliver the comprehensive evidence required by the FCA for us to achieve this authorisation. The regulation impacts almost every corner of our business; from compliance and governance, an enhanced focus on customer vulnerability and consumer redress processes, training and people development, as well as a new approach to how we market and sell our product.”