Whilst nobody likes to think about death and dying, planning for the cost of funerals is an important personal finance issue. One option to consider is the use of a pre-paid funeral plan, but the sector hasn’t always had the best reputation, with families risking being ripped-off by unsuitable and largely unregulated arrangements. To tackle this potential problem, the government has started a consultation process which could result in the pre-paid funeral plan sector being regulated by the Financial Conduct Authority (FCA). These new plans are designed to stop grieving families from being ripped-off, with reports that people have been pressured, harassed and misled by some pre-paid funeral plan providers.
Regulating the funeral plan sector
This 754 word blog post reports on a new consultation by the government which could result in the pre-paid funeral plan sector being regulated by the Financial Conduct Authority (FCA), and the launch of a market study into the £2bn a year UK funerals market, from the Competition and Markets Authority. Written on 5th June 2018.