Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of urgently bringing forward legislative proposals for the regulation of the sale of pre-paid funeral plans under the remit of the Financial Conduct Authority.
The government launched a call for evidence on the regulation of pre-paid funeral plans in June 2018, having concluded that the current framework of self-regulation is not sufficient to ensure the fair treatment of consumers, and a more robust regulatory regime is needed.
The call for evidence was launched in order to aid in the design of a more appropriate regulatory framework and noted that government’s initial preferred approach is to bring all funeral plan contracts into the scope of FCA regulation.
HM Treasury has now analysed the submissions to the call for evidence on pre-paid funeral plans and is currently reviewing the available policy options.