Treasury has published the outcome of its consultation on pre-paid funeral plans. Respondents to its consultation were concerned at current consumer detriment, and called for compulsory regulation for the sector. The Government has decided:
- to extend FOS jurisdiction to enable it to deal with complaints relating to funeral plan providers previously regulated by the FPA; and
- that FCA can allow providers to seek permission solely to administer plans, if they are no longer writing new ones.
It now plans to publish draft legislation to amend the statutory framework, and that the new framework should take effect 18 months after the legislation is made.