Pure Cremation, a provider of funeral plans in the UK, received confirmation that the Financial Conduct Authority (FCA) is ‘minded to approve’ its application for authorisation and provide regulated funeral plans from 29 July 2022.
The direct cremation is one of 24 companies to have so far reached this stage in the approval process.
As part of the move to regulation by the FCA, all funeral plan providers have had to submit applications for approval, supported by detailed scrutiny to ensure they comply with the stringent regulations being imposed.
The final announcement will be made on July 29 2022. All funeral plan providers will be required to provide far stronger consumer protection. All promotions will need to be “clear, fair and not misleading, with funding of funerals based on a dedicated trust ensuring there is sufficient solvency to ensure a customer can be confident their funeral will be funded whenever it is needed”.
Paul Thilo, managing director of Pure Cremation Financial Planning Ltd, said: “As the market leader for new funeral plan sales in 2021 we are delighted to have received the “minded to approve” confirmation from the FCA.
“This is important for both our customers and us as a company. We are now continuing to work with the FCA to ensure all necessary requirements are met as we enter the final stages of the approval process for final approval on the 29 July.”