Today in Parliament, Lucy Allan MP held a debate in Westminster Hall on the Funeral Plan Industry.
In the wake of the collapse of plan provider Safe Hands, scrutiny has fallen on practices across the industry, which leave many customers exposed to the risk of losing their funeral plans, most of which are fully paid. Lucy has pushed for better practices across the industry.
The Government is bringing forward regulation of the industry this year, but this appears to have unsettled unscrupulous providers. Regrettably, this means that consumers whose providers failed before this date will be unable to make a complaint to the Financial Ombudsman Service, nor will they have protection from the Financial Services Compensation Scheme.
Lucy is determined to ensure plans and contributions are protected. Those who have funeral plans are often elderly, ill, or vulnerable. She is seeking a industry backed scheme to provide the funerals or compensate those who have lost money.
HM Treasury continues to monitor the implementation of regulation in this sector closely.
You can watch Lucy’s debate in full here, beginning at 15:00:00.
