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Written question asked by Chris Law (Scottish National Party) on Monday, 25 March 2024, in the House of Commons. It was due for an answer on Monday, 15 April 2024. It was answered by Bim Afolami (Conservative) on Thursday, 18 April 2024 on behalf of the Treasury.

Funerals: Pre-payment

Question

To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority made of the implications for their policies of the speed of growth of the funeral plan market between 2001 and 2022.

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, for the first time,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. 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
20322
Session
2023-24
Grouped for answer
Yes
Subjects
Funerals Pre-payment
Link
View this Written question on www.parliament.uk