Asked by: Marion Fellows (Scottish National Party - Motherwell and Wishaw)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps his Department has taken to (a) help support and (b) provide assistance to the customers of Safe Hands Funeral Plans.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation as they seek to put their affairs in order.
Safe Hands Plans went into administration in March 2022. The government understands that this will be very concerning for customers of Safe Hands.
While the detailed investigation being carried out by the administrators is ongoing, the government continues to work closely with the FCA to monitor the implementation of regulation in this sector.
The government has been supportive of steps taken by the sector to provide assistance to Safe Hands customers. Dignity and Co-op – two of the largest providers in the country – have recently offered Safe Hands’ customers new funeral plans at a substantially discounted price. This may go some way towards supporting affected planholders.