Two years on from funeral plan regulation

How the funeral plan market has evolved

The pre-paid funerals market has had a huge shake-up over the past two years with a number of former players leaving the industry as a result of financial regulation. So, what does this mean for consumers?

Regulation by the Financial Conduct Authority (FCA) in July 2022 has brought about positive change, says our Chief Marketing Officer Mark Hull.

“After the shock waves caused by the collapse of providers like Safe Hands and Unique Funeral Plans, trust amongst the public towards funeral plan providers is once again returning because of FCA regulation now being a requirement to trade.

“Those providers unwilling or unable to meet the tougher regulatory requirements have exited the market and their plans were mostly acquired by larger, more established companies.

“The new rules have contributed to industry consolidation and reduced the number of players in the market, but ultimately ensure consumers’ plans are safe now and in the future because providers are now held to a higher standard.

"Cold calling has been outlawed, as has the payment of overblown commissions.

“People now have peace of mind. If the worst were to happen, they are now protected by the Financial Services Compensation Scheme (FSCS) – meaning their plan and money are protected in the event a provider fails.”

Our funeral plans

At Distinct Cremations, we're one of the country’s leading providers of direct cremation services. We have seen sales of our direct cremation funeral plan – rated 5-stars by consumer champion, Fairer Finance, – increase by over 300% over the past two years.

“People increasingly want less fuss and would prefer to leave money to loved ones, so it’s easy to see why pre-paid direct cremation schemes have become more popular.”

To give people planning their future funeral arrangements the greatest amount of choice possible, all our unattended, small attended and full-length cremation services are available as funeral plans.