Today the Government announced new plans to impose stricter regulations for pre-paid funeral plan providers. The pre-paid funeral plan industry is not currently regulated by the Financial Conduct Authority (FCA), but that may change in the near future.
Plans are being brought into place to protect grieving families from being exploited at their time of need. Many of these companies have been accused of contentious cold-calling and telesales, offering very little protection to the customer.
At Ready4Retirement, we welcome the new regulations which the Government are set to put in place. Ready4Retirement are against the practice of selling over the phone. We do not pressure, or hard sell our customers, as we believe the quality of our products and our customer service speak for themselves.
Unlike other providers, who tend to hold customer funds in trusts with little to no protection, Ready4Retirement place all customer funds in their own dedicated insurance policy. This ensures that all customer funds can not be used for any other purpose. All our insurance providers are Financial Conduct Authority (FCA) regulated. This again ensures our customers are fully protected.
Due to the voluntary nature of the Funeral Planning Authority’s (FPA) membership, they cannot offer the same level of protection. The FPA is largely funded by three big players in the industry, who are focused on maximising the income for funeral directors.
The prices of funeral plans are not rising, like some FPA members have been suggesting. As an independent plan provider we have been focusing on meeting family needs with additional customer benefits, rather than jumping on the bandwagon with promoting a “beat the rising cost” marketing message.
Have a look at how you can avoid being mis sold a funeral plan here