FCA publish statement on funeral plan provider applications


INSIGHT
Published
Feb 17th '22
Share
Facebook

On 29th of July 2022, the Financial Conduct Authority (FCA) will undertake the regulation of funeral plan providers. Unlike previous regulatory transitional periods, there is not a temporary permissions regime in place for funeral plan providers. Application for authorisation for funeral plan providers opened in September 2021.

 

Funeral plan providers that have submitted their application for authorisation to the FCA are being assessed to ensure that:

 

  • Firms are selling products which offer fair value, sold fairly and meet consumer needs.
  • Firms maintain high conduct standards and have sufficient resources and risk transfer arrangements so they can deliver funeral services.
  • Consumers have time and provided with all of the information they need to make well informed decisions.

 

Firms must furnish the FCA with documentation to evidence its proposed business processes to demonstrate that it will have appropriate systems and controls to satisfy and, once authorised, continue to satisfy that the firm holds high conduct standards.

 

In addition to assessing firms for authorisation, the FCA is imposing new rules to make sure consumers are adequately protected. This includes:

 

  • A ban on cold calling
  • A ban on commission payments to intermediaries.

 

Once funeral plan providers are regulated by the FCA, consumers will be able to make a complaint to the Financial Ombudsman Service and will have protection from the Financial Services Compensation Scheme (FSCS) should their provider go out of business.

 

Read: FCA statement on funeral plan provider applications

 

For more information, see pages for consumers and firms.

 

Download: FCA authorisation – the basic process

 

Contact us

 

About us

At LS Consultancy, we offer a number of distinct products and services which can be deployed individually or combined to form a broader solution including Compliance support.

 

When you face business or regulatory challenges, we provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.

 

Explore our full range today.

 

Contact us

 

Call Us Today on 020 8087 2377 or send us an email.

 

We welcome individual bloggers / Professional Writers / Freelancers to submit high quality contents. Find out more…