FCA Application Status for Funeral Plans

The FCA is continuing to cause chaos in the Funeral Plan world, with a clear lack of usable guidance. They are making their regressive (good for the rich, bad for the rest of us) regime up as they go along, with the ultimate intention of ensuring that only people who don’t need Independent Advice can afford it, just as they have restricted Independent Financial Advice to the well off.  The FCA still don’t understand the funeral plan market, as they haven’t bothered to read the evidence supplied in their original Market Review. That is the trouble with many highly intelligent people; they are convinced that cleverness is all that is needed, and forget common sense.  Their mission needs Parliament to redefine it and stop then restricting 90+% of the population to GUIDANCE which is pointless as it is only about the company you have contacted, which might be the worst in the market! Their mission should be to HELP people get proper advice, which by its’ nature is INDEPENDENT.  They tell me that just 6 people have applied to be Independent Funeral Plan Advisers, and none of the dozens I know considers that enough people will be willing to pay significant fees to get advice, as it will ONLY be available on a fee-paying basis when the FCA take over in July 2022. We do not believe that the folk who need advice will be willing to pay £250 or so for proper independent advice, and the cost of remaining independent is likely to exceed £25,000 in the first year, and £10,000 a year thereafter, which is unafordable.

Consumer choice will be restricted, even if you have the time and knowledge to research the market as the FCA puts firms out of business.  Tens of thousands of people will continue to buy the appalling whole of life no profit plans which the FCA is allowing to continue to pay LARGE commissions.  I can’t think of a better way to damage consumer interests than putting the elitist, regressive FCA in charge of anything on their fat salaries, they don’t live in the same world as the rest of us!

What your provider’s application status means for you:

Find out what your provider’s status means for you if you have a plan, or if you’re thinking about buying one.

Firms which have withdrawn their applications, or been refused

We advise that you do not buy a new funeral plan from these providers. If you have an existing plan with them, and haven’t heard from them, get in touch with your provider as soon as possible.

There is more information about each provider below.

If you need to get in touch with your provider, here are some questions you might want to ask:

  • What are my options? Can you send these to me in writing?
  • When can I expect to hear more from you?
  • Will you still be able to deliver on my funeral plan?

Existing plan holders can ask for their plan to be cancelled and request a refund of any money paid into the plan. However, customers should be aware there may be a cancellation fee and should check the terms and conditions of their contract with the firm.


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