Mansfield funeral directors welcomes new, rigorous regulation of pre-paid plans

From July 29, all funeral plan providers must be regulated by the Financial Conduct Authority in order for them to continue administering pre-paid funeral plans.

If providers fail to become authorised, they must stop administering funeral plans and have taken steps to either refund customers or transfer any existing plans to a regulated provider.

Similarly, all intermediaries must become authorised or an appointed representative of an authorised firm to continue offering pre-paid funeral plans after July 29.

FCA regulation is designed to give consumers greater protection and confidence when purchasing pre-paid funeral plans.

However, some customers have been left out of pocket due to cancelled funeral plans, because providers are either not applying for authorised status, or withdrawing applications.

As the deadline approaches, AW Lymn has witnessed an influx of enquiries from concerned pre-paid funeral plan holders.

Catherine Broome, AW Lymn’s pre-paid funeral plans manager for more than 25 years, said: “We are currently having to reassure a number of our customers when it comes to the security of their pre-payment plans.

“We are proud to have been working with what we believe to be one of the most robust and trusted of plan providers, Ecclesiastical Planning Services, since 2003. We are confident that by July 29, Ecclesiastical will be authorised by the FCA.

"We fully support the move to make the industry regulated.

“We hope that when regulation is in place, more people feel confident to buy a pre-arranged plan.

The company is currently participating in training as part of its application to become an appointed representative of Ecclesiastical Planning Services.

Ms Broome said: “While the funeral industry enters a new chapter, we will continue supporting and informing our customers each step of the way and look forward to playing our part in a regulated industry moving forward.”

AW Lymn operates 27 funeral homes throughout Nottinghamshire, including on Chesterfield Road South in Mansfield, Welbeck Road in Mansfield Woodhouse and Sherwood Drive in Ollerton, as well as Southwell Road East in Rainworth, Patchwork Row in Shirebrook and Station Road, Sutton.