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From implementing best practice record-keeping and disclosure procedures to training your team on Consumer Duty – Cosegic advisors seamlessly integrate compliance into the core of your funeral planning operations.
Funeral plan providers have faced increased regulatory pressure since coming under the remit of the FCA in 2022. And fast growth across the funeral planning sector, combined with historic cases of financial mismanagement, is exposing the industry to ever-increasing regulatory scrutiny.
From mandatory authorisation and conduct standards to capital adequacy requirements, compliance relies on a comprehensive grasp of the latest regulations. Our funeral planning sector specialists provide this know-how, guiding you through the complexity of the regulated environment with clarity and conviction.
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Funeral plan providers came under FCA regulation in July 2022, following historic cases of financial mismanagement and growing concerns about consumer protection in the sector. FCA regulation introduced mandatory authorisation requirements, conduct standards, capital adequacy requirements, and enhanced consumer protections, significantly raising the compliance bar for all firms operating in the funeral planning market.
FCA-regulated funeral plan providers must meet a comprehensive set of obligations, including FCA authorisation, Consumer Duty requirements, capital adequacy standards, transparent disclosure procedures, robust record-keeping practices, and fair treatment of vulnerable customers. Firms must also ensure their staff are appropriately trained on conduct standards and their governance frameworks meet FCA expectations.
Consumer Duty requires funeral plan providers to demonstrate that their products deliver fair value, that customers receive clear and transparent information about what their plan covers, and that vulnerable customers — who make up a significant proportion of the sector's customer base — are treated with appropriate care and sensitivity. Embedding Consumer Duty into product design, sales processes, and ongoing customer communications is essential for regulatory compliance.
FCA-regulated funeral plan providers must hold sufficient capital to meet their obligations to customers, including the ability to deliver the funeral services committed to in their plans. Capital adequacy requirements are designed to protect customers from the financial risks that have historically affected the sector, and firms must be able to demonstrate compliance with these requirements on an ongoing basis.
Cosegic's funeral planning sector specialists provide clear, practical guidance on navigating the FCA's regulatory framework, from mandatory authorisation and conduct standards to capital adequacy requirements and Consumer Duty. From implementing best practice record-keeping and disclosure procedures to training teams on their regulatory obligations, we integrate compliance into the core of funeral planning operations so providers can focus on delivering the sensitive, high-quality service their customers depend on.
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