In recent years there have been reports of different issues with pre-paid funeral plans sold by some providers, including cases of fraud, poor sales and marketing practices and inadequate product design. All of which have created negative outcomes and concerns for the affected customers and their families.
Increased regulation brings higher standards and increased protection for customers. It requires firms to operate fairly and with customer interests at their core. Firms must deliver the expected product benefits and provide value for money and information must be fair, clear and not misleading. Customers also have access to the Financial Services Compensation Scheme, so their money is protected if their provider fails.
The results of this survey revealed that 33% of respondents were aware of negative news stories pertaining to pre-paid funeral plans. For the providers that have always tried to do the right thing, this news is disheartening. At Ecclesiastical Planning Services, we have always put transparency and fairness at the heart of our approach, and we strive to be the most trusted pre-payment provider for funeral directors and their customers.
The same poll also asked if respondents considered regulation of providers of pre-paid funeral plans to be a good or a bad thing. Perhaps unsurprisingly, results revealed that 50% thought it was a very good thing, and a further 22%, quite good. This is encouraging and suggests that these respondents recognise the benefits of funeral pre-planning. These include reducing the financial and emotional burden for loved ones, and being able to select your funeral director in advance.
For more information about pre-paid funeral plans and the benefits of planning ahead, please get in touch. Terms and conditions apply – please ask for details.
Source: OnePoll research of 1,000 UK residents aged 50 and above, on behalf of Ecclesiastical Planning Services, October 2022.