The Funeral Planning Authority
Though there is no statutory regulation/governance of the funeral plan industry at the present time (meaning there is no official set of standards that funeral plan companies must, by law, conform to), here at Safe Hands Funeral Plans – as a company committed to ensuring customers’ best interests are served at all times – we fully advocate and support the idea of there being statutory regulation of the industry and we feel that the FPA, with its industry knowledge, experience and expertise should be given statutory regulatory status by the government (which would mean that all funeral plan providers, by law, would have to be registered with the FPA).
In May 2018, Safe Hands Funeral Plans submitted its formal application for registration with the Funeral Planning Authority. For any provider, the application, assessment and approval process can and does take several months to conclude – and here at SHFP we are as confident as we can possibly be that our all aspects of our operation will be found, by the FPA, to meet with their qualifying criteria, and that we will be successful in becoming registered with them well before the end of the 2018. In the mean time, customers should take great comfort from the fact that legislation exists, under the Regulated Activities Order (Financial Services and Markets Act 2000), that all funeral plan companies must, by law, abide by to ensure their customers’ monies are invested in trust funds that are independent (meaning the customers, not the company, are the beneficiaries of the trust fund), that the investment of the trust fund is independently managed, that the assets of the trust are independently analysed every 3 years to assess whether they are sufficient to cover the company’s liabilities (customers’ funerals, in other words), and that the company itself is independently audited. In all respects, Safe Hands Funeral Plans complies with this legislation.
Further details about the FPA and their registration process can be found at www.funeralplanningauthority.co.uk.