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Written question asked by Alexander Stafford (Conservative) on Tuesday, 2 May 2023, in the House of Commons. It was due for an answer on Tuesday, 9 May 2023. It was answered by Andrew Griffith (Conservative) on Tuesday, 9 May 2023 on behalf of the Treasury.

Funerals: Pre-payment

Question

To ask the Chancellor of the Exchequer, if he will make an assessment of the adequacy of the Financial Conduct Authority's regulation of the funeral care plan sector.

Answer

In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.

The FCA is an operationally independent regulator. As such it must operate within the framework of statutory duties and powers agreed by Parliament and is therefore accountable to Parliament for how it discharges its statutory functions.

There are also a number of mechanisms in the UK’s domestic framework which allow the Treasury to hold the regulators to account. In addition, Ministers and officials meet regularly with the regulators to discuss policy issues and areas of joint work or interest, while recognising the regulators’ operational independence.

Secondary information

Type
Written question
Reference
183615
Session
2022-23
Subjects
Funerals Regulation Pre-payment
Link
View this Written question on www.parliament.uk