14 / 06 / 21

Welcoming the benefits of new FCA regulation

Introduction

From September 2021 all prepaid funeral plan providers must demonstrate to the FCA how they plan to meet regulatory standards for businesses in our sector. Funeral plans are not currently regulated by the FCA. Regulation of our industry is very welcome indeed.

As a prepaid funeral plan customer, the FCA regulations will expect Firm’s to ensure compliance with Treating Customers Fairly outcomes. It is that simple. The application process runs from September 2021 until the end of July 2022 and after that date, any plan providers who have not successfully submitted their application, or who do not meet the new operating criteria, will be closed under the authority of the FCA.

What is the FCA?

The Financial Conduct Authority (FCA) is the public regulatory body set up in 2013 to ensure that the UK’s finance markets and products are honest, fair and effective so that consumers get a fair deal.

Under the supervision of HM Treasury and the Government, the FCA regulates the conduct and operations of nearly 60,000 businesses in the financial sector across the whole of the UK to protect consumers and promote fair competition.

Prosperous Life fully supports the FCA

Prosperous Life welcomes the new FCA regulations and we see this as extremely positive news for the industry. As a business, we are committed to being fully supportive of the FCA. Our promise is that our customers are at the heart of everything we do.

Still have a few questions?

If you are unsure of next steps, have any questions or just want more information on the FCA regulations then call us today on 0800 046 5903 to have relaxed, friendly chat with one of our customer services team. Alternatively, you can email hello@prosperous-life.co.uk and one of the team will get back to you with answers to your questions.

How to get in touch

If you wish to take out a prepaid funeral plan or enquire about any of our other services, such as estate planning, then why not get in touch today on 0800 046 5903 or email hello@prosperous-life.co.uk

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