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To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of giving protection to funeral plan policy holders who have bought funeral plans from firms who might enter into administration before the change to the regulatory regime on 29 July 2022.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of giving protection to funeral plan policy holders who have bought funeral plans from firms who might enter into administration before the change to the regulatory regime on 29 July 2022.
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). This means that by 29 July 2022 all funeral plan providers must be authorised by the FCA.
Safe Hands Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
While the FCA does not yet regulate funeral plan providers, it is currently supporting the industry and administrators to see if a longer-term solution is possible for Safe Hands’ customers.
It is regrettable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The Government’s legislation has allowed for an 18-month transition period before the new regulatory regime comes fully into force on 29 July 2022. This transition period was intended to give existing providers sufficient time to prepare for the new regulatory requirements. The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
To ask the Chancellor of the Exchequer, whether his Department plans to introduce new regulations for funeral plan providers, in response to Safe Hands Plans entering administration in March 2022.
To ask the Chancellor of the Exchequer, whether his Department plans to introduce new regulations for funeral plan providers, in response to Safe Hands Plans entering administration in March 2022.
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). This means that by 29 July 2022 all funeral plan providers must be authorised by the FCA.
Safe Hands Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
While the FCA does not yet regulate funeral plan providers, it is currently supporting the industry and administrators to see if a longer-term solution is possible for Safe Hands’ customers.
It is regrettable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The Government’s legislation has allowed for an 18-month transition period before the new regulatory regime comes fully into force on 29 July 2022. This transition period was intended to give existing providers sufficient time to prepare for the new regulatory requirements. The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
To ask the Chancellor of the Exchequer, what support he is providing to members of the public whose funeral plans are with Safe Hands Plans.
To ask the Chancellor of the Exchequer, what support he is providing to members of the public whose funeral plans are with Safe Hands Plans.
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). This means that by 29 July 2022 all funeral plan providers must be authorised by the FCA.
Safe Hands Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
While the FCA does not yet regulate funeral plan providers, it is currently supporting the industry and administrators to see if a longer-term solution is possible for Safe Hands’ customers.
It is regrettable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The Government’s legislation has allowed for an 18-month transition period before the new regulatory regime comes fully into force on 29 July 2022. This transition period was intended to give existing providers sufficient time to prepare for the new regulatory requirements. The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of Safe Hands Plans entering administration on members of the public with existing policies with the company.
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of Safe Hands Plans entering administration on members of the public with existing policies with the company.
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). This means that by 29 July 2022 all funeral plan providers must be authorised by the FCA.
Safe Hands Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
While the FCA does not yet regulate funeral plan providers, it is currently supporting the industry and administrators to see if a longer-term solution is possible for Safe Hands’ customers.
It is regrettable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The Government’s legislation has allowed for an 18-month transition period before the new regulatory regime comes fully into force on 29 July 2022. This transition period was intended to give existing providers sufficient time to prepare for the new regulatory requirements. The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
The collapse of funeral plan provider Safe Hands has left 46,000 people facing the loss of their funeral prepayment plan. Moneys that should have been safely ring-fenced in a trust have been distributed to directors and shareholders in the form of loans and dividends. That amounts to financial misconduct. Can...
The collapse of funeral plan provider Safe Hands has left 46,000 people facing the loss of their funeral prepayment plan. Moneys that should have been safely ring-fenced in a trust have been distributed to directors and shareholders in the form of loans and dividends. That amounts to financial misconduct. Can...
I thank my hon. Friend for her question on this important matter. The Treasury continues to monitor the implementation of regulation in the sector closely, to ensure that the transition to regulation is smooth. Dignity, one of the largest funeral plan providers, has committed temporarily to provide funerals to Safe...
I thank my hon. Friend for her question on this important matter. The Treasury continues to monitor the implementation of regulation in the sector closely, to ensure that the transition to regulation is smooth. Dignity, one of the largest funeral plan providers, has committed temporarily to provide funerals to Safe...
To ask Her Majesty's Government what assessment they have made of the viability of the funeral plans industry following the financial collapse of Safe Hands; and what plans they have, if any, to assist plan holders to recover the amounts they have invested.
To ask Her Majesty's Government what assessment they have made of the viability of the funeral plans industry following the financial collapse of Safe Hands; and what plans they have, if any, to assist plan holders to recover the amounts they have invested.
Safe Hands Funeral Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
I welcome the commitment from Dignity to provide funerals to Safe Hands’ customers for four weeks.
It is regrettable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The Government’s legislation has allowed for an 18-month transition period before the new regulatory regime comes fully into force on 29 July 2022; one of the aims of creating this transition period was to give existing providers sufficient time to prepare for the new regulatory requirements. The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
To ask the Chancellor of the Exchequer, what steps he is taking to safeguard the customers of (a) Safe Hands and (b) other prepaid funeral providers that may not abide by FCA regulations.
To ask the Chancellor of the Exchequer, what steps he is taking to safeguard the customers of (a) Safe Hands and (b) other prepaid funeral providers that may not abide by FCA regulations.
Safe Hands Funeral Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
I welcome the commitment from Dignity to provide funerals to Safe Hands’ customers for two weeks.
It is a regrettable fact that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
To ask the Chancellor of the Exchequer, what steps he is taking in preparation for the upcoming Financial Conduct Authority regulations for prepaid funeral plans to help ensure that people who have purchased plans from suppliers that do not apply for, or fail to receive, FCA approval will receive an...
To ask the Chancellor of the Exchequer, what steps he is taking in preparation for the upcoming Financial Conduct Authority regulations for prepaid funeral plans to help ensure that people who have purchased plans from suppliers that do not apply for, or fail to receive, FCA approval will receive an...
Safe Hands Funeral Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.
I welcome the commitment from Dignity to provide funerals to Safe Hands’ customers for two weeks.
It is a regrettable fact that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation.
Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse and impacting more consumers.
The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.
To ask Her Majesty's Government what representations they have made to the Palestinian Authority not to ban or disrupt funerals of Palestinian citizens who have been killed by Israeli forces.
To ask Her Majesty's Government what representations they have made to the Palestinian Authority not to ban or disrupt funerals of Palestinian citizens who have been killed by Israeli forces.
We continue to urge all sides to demonstrate respect for human rights and respect for the dead.
Motion that this House has considered the regulation of the provision of funeral director services. Agreed to on question.
Motion that this House has considered the regulation of the provision of funeral director services. Agreed to on question.
I beg to move,
That this House has considered the regulation of the provision of funeral director services.
It is a pleasure to serve under your chairmanship, Ms Rees, I think for the first time. Over recent years, I have had more to do with funeral directors and the service they provide...
I beg to move,
That this House has considered the regulation of the provision of funeral director services.
It is a pleasure to serve under your chairmanship, Ms Rees, I think for the first time. Over recent years, I have had more to do with funeral directors and the service they provide...
I congratulate the right hon. Gentleman on securing the debate. I spoke to him beforehand, and the case that he has outlined is absolutely horrific. It beggars belief what happened. There is a need for regulation, and not just for those who are not members of funeral directors organisations. Does...
I congratulate the right hon. Gentleman on securing the debate. I spoke to him beforehand, and the case that he has outlined is absolutely horrific. It beggars belief what happened. There is a need for regulation, and not just for those who are not members of funeral directors organisations. Does...
The hon. Gentleman’s intervention highlights how complicated this space is. There are competing interests trying to become the regulator of choice. I am not proposing, and do not intend to propose, the introduction of state regulation, but a strong indication from the Government on the direction of travel in relation...
The hon. Gentleman’s intervention highlights how complicated this space is. There are competing interests trying to become the regulator of choice. I am not proposing, and do not intend to propose, the introduction of state regulation, but a strong indication from the Government on the direction of travel in relation...
My right hon. Friend might not know that I am chairman of the all-party parliamentary group for funerals and bereavement. There are two things that I wish to draw to his attention. The first is to endorse and amplify what he has said about the funeral and bereavement sector during...
My right hon. Friend might not know that I am chairman of the all-party parliamentary group for funerals and bereavement. There are two things that I wish to draw to his attention. The first is to endorse and amplify what he has said about the funeral and bereavement sector during...
I thank my right hon. Friend for an excellent intervention. Picking up on both interventions, this is a very complicated space—the Department of Health and Social Care, of course, will have some input as well. In this sort of complicated space, things often get missed, so I hope that the...
I thank my right hon. Friend for an excellent intervention. Picking up on both interventions, this is a very complicated space—the Department of Health and Social Care, of course, will have some input as well. In this sort of complicated space, things often get missed, so I hope that the...
Would my right hon. Friend agree that we should celebrate best practice among funeral directors and the work that they do to serve their communities in very difficult times for families?
Would my right hon. Friend agree that we should celebrate best practice among funeral directors and the work that they do to serve their communities in very difficult times for families?
I absolutely agree with my hon. Friend. Everyone who has spoken today understands the brilliant work that the funeral and bereavement sector does on behalf of families, and it has been through a very difficult time. On the point about best practice, a form of industry-led regulation that people are...
I absolutely agree with my hon. Friend. Everyone who has spoken today understands the brilliant work that the funeral and bereavement sector does on behalf of families, and it has been through a very difficult time. On the point about best practice, a form of industry-led regulation that people are...