The FCA has published a statement on assessing authorisation applications from funeral plan providers. The assessment process is to ensure that:
- firms sell products which offer fair value, meet consumer needs and are sold fairly;
- firms are well run, adhere to high conduct standards and have sufficient resources and risk transfer arrangements so they can deliver funeral services; and
- consumers have time and all the information they need to make better informed decisions when choosing between different products and whether a funeral plan is right for them at all.
The FCA has warned that it will not authorise firms that cannot demonstrate they meet these standards.