Consumer Confidence Continues to Increase Following FCA’s Regulation of Pre-paid Funeral Plan Sector

It is now three years since the biggest shake-up in the history of the UK’s funerals industry

Providers and consumers alike are still feeling the ripple effect of the regulation of pre-paid plans, brought about by the Financial Conduct Authority to raise the standards of the industry – promoting fairness to customers buying plans in good faith and ensuring their money is protected.

The review was called for following the collapse of schemes which saw 70,000 consumers lose millions of pounds.

Following this review, just 26 providers were initially authorised to sell plans, including COL which uniquely focuses only on direct cremation as they offer no other product or service.

Peter Shuttleworth, General Manager of Celebration of Life, said the high-profile review had resulted in increased consumer confidence, with increasing numbers investing their money in a plan year-on-year.

“Funeral plans – and the funeral industry as a whole – was getting a lot of publicity before the Financial Conduct Authority review. And often not for the right reasons,” he said.

“There was a lot of negative press and consumer confidence in providers was at an all-time low.

“We were all in favour of the review and since the FCA has taken over the regulating of the plans the industry has returned to a stable footing. The Financial Services Compensation Scheme protects the buyer against failure plus we guarantee that the price agreed on the day they sign up to the plan is the price they will pay – with no hidden extras to follow down the line.”

Figures from a new report published by Funeral Solution Expert show sales of funeral plans dipped to their lowest five-year average of 150,000 in 2023.

Last year that figure climbed to 185,000 showing the market is getting back on track as consumer confidence continues to increase since the Financial Conduct Authority was given the regulatory powers.

Established in 2019 Celebration of Life offers a fully inclusive pre-paid plan with no extra charges.  The team works with the family to keep them informed of the date and time of the cremation and to arrange the return of the ashes in a biodegradable urn ready to scatter in a special place.

Additionally, for every service carried out, Celebration of Life donates to plant a tree in memory and sends a dedication certificate to the family.