Following its consultation earlier this year, the FCA has published its final rules on the regulation of pre-paid funeral plans which will take effect from 29 July 2022. The latest policy statement sets out additional rules including:
- requirements relating to the resolution of regulated funeral plan providers;
- FSCS protection for consumers;
- requirements for the structure of funeral plan providers’ trust and insurance arrangements; and
- notification requirements on the transfer of plans.
The FCA has also announced plans to conduct a post-implementation review of the new regime in 2026, giving industry time to adapt to the changes.
Funeral plan providers should now be preparing for the new regime. Our article looks at how firms can get ready for change.