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Treasury

Answer

Ms Lawrence: To ask the Chancellor of the Exchequer when the consultation document on pre-payments for funerals is to be published. [66317] Ms Hewitt: The consultation document entitled "Regulation of Pre-paid Funeral Plans" is published today. Copies have been placed in the Libraries of both Houses of Parliament. In my announcement of 29 July 1998, Official Report, column 300, I said that the Government would be looking at ways of excluding from direct regulation under the Financial Services and Markets Bill pre-paid funeral arrangements that offer sufficient protection to consumers. The consultation document explores how to meet that objective without the need for regulation by the Financial Services Authority. It discusses two possible exemptions: plans backed by a life insurance policy (either whole of life or investment-backed); and where a provider has set up a trust arrangement which has sufficient safeguards. The proposals apply to new plans, but the document asks for views on how existing plans could be enhanced to provide the types of safeguard set out in the document. Responses should be sent by 30 April to Mrs. Raminder Sandhu, Financial Services Team, HM Treasury, Room 111/G, Parliament Street, London SW1P 3AG.

Secondary information

Type

Written question

Reference

66317; 323 c283-4W

Session

1998-99

Subjects

Consumers Funerals Protection Regulation Consultation papers Pre-payment