Funeral services group Dignity said on Friday that it was “delighted” by its inclusion in the Financial Conduct Authority’s list of authorised funeral plan providers ahead of tighter regulatory scrutiny on the sector set to come into effect in late July.
Dignity was included on a list of firms the FCA said it was “likely” to authorise from 29 July. Following that date, funeral care providers will be required to be regulated by the FCA in order to continue selling or carrying out funeral plans.
“The statutory oversight follows several years of campaigns, government calls for evidence, and formal consultation with the funeral industry,” said Dignity. “Dignity has engaged with the FCA throughout its process and supports the regulatory framework implemented across the market.”
The FCA’s new rules include the ban of cold calling and commission payments to intermediaries, ensuring that funeral instalment plan products will always deliver a funeral, and that companies selling funeral plans be subject to full checks on their fitness to operate as part of an effort to improve governance standards and oversight.
As of 0925 BST, Dignity shares were down 0.36% at 412.50p.
Reporting by Iain Gilbert at Sharecast.com
