Trees with blossom against a blue sky

Regulation of the funeral plan market

From 29th July 2022, funeral plans will be regulated by the Financial Conduct Authority. Find out what this means for you.

Why is the funeral plan market being regulated?

The Financial Conduct Authority (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.

They'll make sure that any plan provider meets their rules about selling plans, including making sure your money is looked after and used responsibly, and that you get all the information you need to make an informed decision on what plan you buy.

Has Co-op Funeralcare applied to the FCA for authorisation to sell plans?

Yes, we've put an application in with the FCA to be an approved provider of funeral plans. On 17th June 2022, we received notification from the FCA that they 'intend to authorise' our application to continue to sell funeral plans from the 29th July 2022.

How does regulation affect you if you already have a Co-op funeral plan?

If you already have a plan with us, you won't be affected by any of the changes being brought in by the FCA. 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.

Should you wait until 29th July to buy a Co-op funeral plan?

Our plans won't be changing on 29th July, but the process of buying one is. We'll ask you questions to help you decide which plan best meets your needs, and make sure it's suitable for you.

Co-op Funeral Plans Limited receives ‘intending to authorise’ status from the FCA

17th June 2022

Co-op Funeral Plans Limited, has today received notification from the Financial Conduct Authority (FCA) that it’s ‘intending to authorise’ its application to be regulated.

As the UK’s leading funeral provider, Co-op Funeralcare has, for a number of years, been outspoken in calling for greater direct regulation of this market to make sure customers are protected and can feel confident in their choice of funeral plan provider.

Funeral plans have and continue to play an important role in helping consumers to ensure their final wishes are acted upon, and when sold responsibly they also ensure that funeral costs can be met without placing financial stress on the next of kin.

Sam Tyrer, Managing Director Co-op Funeralcare, said: “The new regulations offer greater financial security and protection to consumers and we’ve long called for their introduction. We’re delighted the FCA Intends to Authorise our application and we continue to work with them as we get ready for regulation on 29th July.

“We’ve been supporting the bereaved in communities across the UK for over 150 years and we remain committed in ensuring that people can take control of their end of life wishes with access to affordable funeral plans that meet their needs and alleviate any financial pressure on family and loved ones.”

An open letter from our Managing Director, Sam Tyrer

16th March 2022

Our pre-paid funeral plans exist to remove any uncertainty about a person’s final wishes when they die and to give them peace of mind that their loved ones will be protected against unexpected costs. In recent weeks, the media has raised some concerns about the future of the funeral plan market which understandably may have given rise to consumer concerns.

Whilst we understand that members and customers who have a Co-op Funeralcare funeral plan might feel worried about the security of that plan, we want to be clear that their money is, and will continue to be safe, when invested with us as we protect our customers by investing the cost of each funeral plan with a regulated insurer, which is only released once the funeral has taken place

We believe regulation of the funeral planning market will mean that all consumers buying a funeral plan in the future will be provided with the same levels of financial protection that the Co-op offers today.

We remain committed to ensuring that people can take control of their end of life wishes with access to affordable funeral plans that meet their needs and alleviate any financial pressure on family and loved ones.

We want to reassure all Co-op Funeralcare funeral plan customers that their money is safe and secure with us and that we are committed to carrying out funerals in accordance with their wishes when the time comes.

Yours sincerely,

Samantha Tyrer, Managing Director, Co-op Funeralcare

Sam Profile Picture