New crackdown on funeral plans
04/06/2019

The government has announced new plans to crackdown on high pressure and bullying tactics to sell pre paid funeral plans. These tactics are often used to target those who are old and vulnerable and unaware exactly what they are buying. In some cases, the funeral plans are sold with misleading promises and to maximise the salesperson's commission.

Demand for funeral plans has grown significantly over recent years and last year over 177,000 plans were sold and cost on average between £2,500 and £5,000. A regulator does currently exist to oversee these plans, which operate on a purely voluntary basis and firms are not required to sign up to the rules. Under new proposals published earlier this month the regulation of the sector would be moved to the Financial Conduct Authority (FCA).

The FCA will seek to ensure that funeral plan providers are clear and fair in their treatment of customers and will also offer access to the Financial Ombudsman Service, enhancing consumer protection. Under the new plans, anyone found breaching the regulations can have their authorisation revoked, face fines and even criminal charges. The consultation on the proposed changes is open for comment until 25 August 2019.


About Us

Established in 1991 based in Epsom Surrey, CWM use technology to its fullest extent enabling us to work with clients based anywhere, with maximum efficiency resulting in lower costs.

Accreditation

 icaew logo 

   

    

sage1   xero transparent

Contact Us

1a High Street
Epsom
Surrey
KT19 8DA
Phone: 01372 727333
Email: info@cwmaccountants.com

Newsletter Sign Up

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login