Funeral plans play an important role in helping consumers to ensure their final wishes are acted upon. When sold responsibly, these plans also ensure that funeral costs can be met without placing financial stress on the next of kin.
The government has proposed bringing funeral plan providers within the remit of the Financial Conduct Authority (FCA) to strengthen the regulation of the market.
This proposal follows a call for evidence on the regulation of the sector in June 2018.
It has since been found that grieving consumers need greater protection as plan providers and their intermediaries are using high-pressure sales tactics.