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Written question asked by Alan Brown (Scottish National Party) on Friday, 13 October 2023, in the House of Commons. It was due for an answer on Tuesday, 17 October 2023. It was answered by Andrew Griffith (Conservative) on Wednesday, 18 October 2023 on behalf of the Treasury.

Funerals: Pre-payment

Question

To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential impact of the requirement for funeral plan companies to be regulated by the FCA by 9 July 2022 on the number of those companies (a) entering and (b) likely to enter administration.

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 protected by compulsory and robust regulation.

The government consulted widely on the regulation of pre-paid funeral plans. Most notably, it published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.

Secondary information

Type
Written question
Reference
201651
Session
2022-23
Subjects
Insolvency Funerals Regulation Pre-payment
Link
View this Written question on www.parliament.uk