Regulation of the funeral plan market
On 29 July 2022, funeral plans became regulated by the Financial Conduct Authority.
Our Firm Reference Number is 962119. You can check this on the Financial Services Register by visiting the FCA’s website.
When you arrange a funeral for a loved one who has died, this is taken out directly with Funeral Services Limited, who carries out funerals and is not required to be regulated by the FCA.
Who is the Financial Conduct Authority (FCA) and what does it do?
The Financial Conduct Authority (FCA) is the conduct regulator for around 51,000 financial services firms and for financial markets in the UK. On 29 July 2022, the FCA replaced the Funeral Planning Authority as the regulator for funeral plans.
Why is the funeral plan market being regulated?
The FCA want to achieve good outcomes for consumers. What this means is the FCA want to make sure that anyone who has a funeral plan, or is looking to buy one, gets a plan that meets their needs for a fair price.
The FCA also want to make sure that firms look after consumers' money and use it to deliver funeral services.
What changes has Co-op Funeralcare made?
In preparation for FCA regulation which came into effect on 29 July, we took the following steps:
- We created a new legal entity, Co-op Funeral Plans Limited (CFPL), to sell, provide and manage our funeral plans;
- We transferred our funeral plan business from Funeral Services Limited (FSL) (the Co-op business who existing plan holders had a funeral plan contract with) to CFPL; and
- We organised and prepared CFPL for FCA regulation on 29 July 2022.
This now means that we have two Co-op funeral businesses:
1. CFPL, which is an FCA regulated entity with permissions to sell, provide and manage pre-paid funerals; and
2. FSL, which is not a FCA regulated entity and carries out funerals.
How does regulation affect you if you already have a Co-op funeral plan?
Your funeral plan and your funeral plan terms and conditions remain the same. You’ll also still be able to get in touch with us in the same way as you’ve always done.
How are my funeral plan payments protected?
To make sure your money is safe, we invested the money required to pay for your funeral into a trust (if you bought a funeral plan before 2002) or an individual whole of life insurance policy with The Royal London Mutual Insurance Society Limited (if you bought a funeral plan from 2002 onwards). This means that, regardless of regulation coming into force on 29 July 2022, your money is protected. In addition to this, as Co-op Funeral Plans Limited is now authorised by the FCA, your plan is now protected by the Financial Services Compensation Scheme (FSCS). This means if CFPL goes out of business, you may be able to claim compensation with the FSCS.
What if I want to make changes to my plan?
Now that we’re a regulated business, there are new rules we need to follow if you want to make changes to your funeral plan. For example, if you want to change your payment terms, or if you have a Bronze Plan and you want to upgrade to a Silver Plan.
This is to make sure the new plan or payment term meets your needs and is suitable for you. If you need to contact us about making changes or inform us of a change in your contact details, call 0800 289 120, 7 days a week between 9am – 5pm.
If I pay by Direct Debit, will this change?
Your agreed payment dates and amounts have not changed, but instead of saying Co-op Funeralcare, your bank statement will now say Co-op Funeral Plans Limited.
Can I talk to somebody about this?
If you want to talk to somebody about this or anything about your plan, you can contact us on 0800 289 120, Monday-Friday between 9am and 5pm.
Questions about our funeral plan statements
We’re sending all our funeral plan holders (who purchased a funeral plan before 1 August 2022, when we became regulated) a funeral plan statement for the first time.
What is the statement and why did I receive it?
We’ll be sending you a funeral plan statement every 3 years. The statement is a reminder of what’s included and not included in your funeral plan. If there is an outstanding balance on your funeral plan, the statement will show how much and how long is left to pay.
Should I have received a statement before?
No, this is the first funeral plan statement you’ll have received. In 2022 funeral plans became regulated by the Financial Conduct Authority (FCA) and it’s an FCA requirement for plan owners to receive a statement at least every 3 years. You’ll receive your next statement within 3 years.
I have more than one funeral plan with Co-op Funeralcare. Will I get a statement for each one?
Yes, you’ll get a statement for each funeral plan you have with us.
I’ve received my funeral plan statement but my partner hasn’t. Why is this?
We’re sending out statements over several months so it’s more than likely that your partner’s statement will arrive soon.
Why haven't I received my funeral plan statement yet?
We're sorry that you haven't received your funeral plan statement yet. Unfortunately, there are some statements which we haven't been able to send yet as we need to make sure that all information on the statement is up to date and accurate. For the statements which are yet to be sent out, we'll send these as soon as we can do and we appreciate your patience while we work through the details.
I live in Northern Ireland and don't have a local Co-op funeral home. How does this affect my plan?
Co-op Funeral Plans Limited is the Co-op Funeralcare business which manages your funeral plan. As there are no longer any Co-op Funeralcare operated funeral homes in Northern Ireland, a third-party Funeral Director called Funeral Partners will provide your funeral when the time comes. This may have been a Co-op Funeralcare funeral home when you bought the plan but has since been transferred to Funeral Partners. Find a list of Funeral Partners Funeral Directors in Northern Ireland.
Why does my statement mention referring to original paperwork?
Our oldest funeral plans relied on paperwork given to you in our funeral homes. Only you and your funeral home have the details of the plan. It’s important that you read your statement together with the original plan documents which you received.
My outstanding balance isn't quite right, why is this?
If you made a payment after we printed your statement, the outstanding balance shown will not be up to date.
I have cancelled my funeral plan, why have I received a statement?
The statement shows your funeral plan as it was on the date of the letter. Any changes that happened after this have not been taken into account.
Why have we received a statement when the plan holder has recently died?
We need to allow a period of time for the statement to be created and then posted to you. Unfortunately at the time the statement was created, the plan was active in our system. We're very sorry for any distress this may have caused.
What is a nominated funeral home?
This is the Co-op funeral home which you’d like to take care of your funeral arrangements.
What is a nominated representative?
This is the person who you want to tell about your funeral arrangements.
Who do I contact if something on my statement isn't as I'd expected, or if I want to speak to somebody about my plan?
If you want to contact us about the statement you’ve received, or anything about your plan, you can:
- email us at customercfpl@coop.co.uk
- call us on 0800 289 120. We’re here between 9am-5pm Monday-Friday
