FCA Regulate Funeral Plans

This time last year the Competition and Markets Authority (CMA) confirmed its provisional conclusions about the funeral services sector.

Their final report set out further detail on the remedies, which they saw were needed to support the industry, these being

• an obligation for all funeral directors and crematorium operators to disclose prices in a manner that will help customers make more informed decisions;
• that information must be provided in advance of a customer committing to purchase a service so that people know the price they will be charged and the key terms of business – for example if a deposit is required;
• that customers should be made aware of any relevant business, financial and commercial interests of the funeral director, and that certain practices – such as payments which may incentivise hospitals, care homes or hospices to refer customers to a particular funeral director – will be prohibited;
• a recommendation to government to establish an independent inspection and registration regime to monitor the quality of funeral director services as a first step in the establishment of a broader regulatory regime for funeral services.

Following on from that funeral plan providers came under scrutiny and proposals were put forward to regulate the industry and after months of discussions it has been agreed that the funeral plan industry will be regulated by the FCA (Financial Conduct Authority) from the end of July next year.

The new rules being introduced will ensure high standards in the funeral plans market and require firms to ensure that their plans are sold fairly, perform as expected and provide value for money.

These rules mean:

• funeral instalment plan products will always deliver a funeral (after a moratorium period) as the FCA will be banning those that don’t guarantee this
• cold calling will be banned and new standards on advertising will be implemented to ensure plans are sold fairly
• commission payments to intermediaries will be banned to ensure products represent fair value
• those selling funeral plans are subject to full checks on their fitness to operate to improve governance standards and oversight

Golden Leaves, the company whose plans we provide and having been doing so for the past 15 years, have been instrumental in getting regulation for the industry in order to weed out those less reputable companies and to put an end to cold calling and pressurised selling of funeral plans.

Whilst I firmly believe in funeral plans and have one myself, they are not for everyone. For that reason, I have produced a short and free report on the pros and cons of funeral plans  If you want the report you can download it here no questions asked,. I will not even be asking you for your name or email address!

If you are unsure as to whether a funeral plan is right for you, download a report on the pros and cons here

or copy this link into your browser

www.ccep.london/dwnloads/funeralplans.pdf

.A living funeral is where someone attends their own funeral before they die so that they may say goodbye to loved ones and celebrate their life and the end of it

Today a living funeral is most commonly held by those who are expecting to pass away soon, such as those with a serious illness and the person will write their own eulogy and participate in a funeral-like ceremony during which they can silently meditate and reflect upon their life and the end of it.

Holding a ‘living” funeral can help to get a fresh perspective on life, face up to the inevitability of death and, in the case of those suffering from a terminal illness, give people a chance to say goodbye to loved ones.

In a culture like Britain’s, which is traditionally quite emotionally reserved, living funerals can free people up to let their emotions out without feeling embarrassed or awkward.  It wasn’t all that long ago, that all mourners had to wear black and widows were expected to stay in black clothes for at least a couple of years.  Queen Victoria famousely mourned the loss of Prince Albert by wearing black from the moment he died until her passing some 40 years later!

So, does the advent of living funerals suggest we’re getting more comfortable with the idea of our own mortality? Not necessarily so.  It might be down to a mixture of a freer culture and a more open conversation around end-of-life issues, but living funerals are more common than you might think.

Whether or not the thought of attending your own funeral appeals, perhaps some people will be comforted simply by having the option. There’s an expectation that a funeral needs to be quiet, religious and solemn.  But if you’ve organised your own funeral you could ditch the religious side of things in favour of a brighter and more party atmosphere.

While living funeral therapy may seem extreme – and it may not be for everyone – it might be one way for us to start considering our options and make plans that will help our loved ones after we are gone. Even something as simple as a funeral plan can be an important step.

I’m not sure it’s something I’d like to do as I really don’t want to hear the eulogies of what people might say about me when I’m gone!

We all hold on to more than we truly need, from the “it might come in useful one day” to “I might fit into it one day”.  We all have clothes we haven’t worn for months if not years or open a cupboard or drawer and are surprised by what’s in it that we had completely forgotten about.  So why hold on to these things if we don’t really need to as it only leaves others to deal with it when we die.

In her book, “The Gentle Art of Swedish Death Cleaning : How to Free Yourself and Your Family From A Lifetime of Clutter by Margareta Magnusson (now in her 80’s) she says a good time to start is when you reach 65.  You can give things to friends and family, you can sell things you don’t think others would want to hold onto, then of course you could give items to charity shops and help the homeless

It’s not easy to start but when you do, you’re on a roll and you feel better in yourself, knowing you are making life easier for those left behind.  If you can’t answer the question “Will anyone be happier if I save this?” with a “yes” then that’s something to consider in your decluttering process!

I’m sure we either know someone or it’s happened to us, that we’ve had to deal with a person’s Estate, that’s involved us in hours and hours of our time to empty the contents of a house or flat.  It’s not only distressing, but going through someone else’s things can feel like prying or even worse things you come across trigger memories which can bring us to tears.

So there it is.  Swedish death cleaning isn’t morbid nor sad, it’s just a thoughtful way to de-clutter your home and life for practical and caring reasons.

Our Wills are as individual as you are