Treasury consultation into the prepaid funeral market: FPA response
The Funeral Planning Authority welcomes the government consultation into the regulation of funeral plans, and will actively participate given our market expertise and position.
We believe the consultation will demonstrate the effectiveness of the current regulatory regime operated by the FPA, and show that this provides a sound base for future regulation. In our view, the alternative regulation approaches suggested will result in a reduction in competition, and a less dedicated oversight of the market. This will impact negatively on customers, who will face increased costs, and far less choice.
Instead, the government should look to enforce statutory regulation; making funeral plan providers register with the FPA.
In the meantime we continue to raise awareness amongst customers about how important it is to buy a funeral plan from an FPA registered provider. Only these providers will have undergone stringent checks and will be operating to an agreed set of standards, designed to protect the customer.