FCA sets out proposals to improve standards in funeral market

Better protect consumers

Sophie King
clock • 3 min read

The Financial Conduct Authority (FCA) has laid out plans to better protect consumers within the funeral plans market.

These rules, which will come into effect from 29 July 2022, will introduce higher standards in the market and will require firms to make sure plans are sold fairly. Under the incoming rules, the FCA will be banning funeral instalment plan products that do not guarantee a funeral. It will ban cold calling and will implement new standards on advertising, as well as banning commission payments to intermediaries to ensure products represent fair value. The FCA will also make sure that those selling funeral plans are subject to a full check on their fitness to operate in a bid improve gove...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

More than a third of advisers have not mentioned Consumer Duty to clients

More than a third of advisers have not mentioned Consumer Duty to clients

Only about a quarter of advisers have mentioned the regulation to clients

Sahar Nazir
clock 20 November 2024 • 2 min read
ISA reform 'under review' after absence in Budget and Mansion House

ISA reform 'under review' after absence in Budget and Mansion House

There are five different types of ISAs available on the market

Cristian Angeloni
clock 20 November 2024 • 3 min read
Half of industry rejects shift to four-day work week

Half of industry rejects shift to four-day work week

50% said a four-day work week would not work for them

Sahar Nazir
clock 20 November 2024 • 2 min read