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Dignity PLC on Friday said it is ‘delighted’ to have been included in a UK watchdog list of authorised funeral plan providers, ahead of the implementation of tighter regulatory scrutiny on the sector next month.
Dignity, which said it has long been a backer of greater watchdog oversight in the sector, was included on a list of firms the Financial Conduct Authority is ‘likely’ to authorise from July 29.
From that date, funeral care providers must be regulated by the FCA to continue to sell or carry out funeral plans.
‘The statutory oversight follows several years of campaigns, government calls for evidence, and formal consultation with the funeral industry,’ Dignity explained.
‘Dignity has engaged with the FCA throughout its process and supports the regulatory framework implemented across the market.’
The new rules include: the ban of cold calling and commission payments to intermediaries; ensuring that funeral instalment plan products will always deliver a funeral; and that ‘those selling funeral plans are subject to full checks on their fitness to operate to improve governance standards and oversight’, according to FCA guidance.
Dignity added: ‘Once the regulations come into force in July, companies that want to continue to sell or carry out funeral plans must be authorised by the FCA and conform to its rules, or risk committing a criminal offence.’
Dignity shares were 1.2% higher at 419.00 pence each in London on Friday morning.
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