Fairer Finance's Funeral Plan report
Consumer group Fairer Finance have recently reviewed the Funeral Plan market. As part of their wide ranging review, they have identified a number of key areas that they believe consumers should be aware of, before buying a Funeral Plan.
Their report has been widely debated in the media in over the past week.
The findings and recommendations in their report are consistent with our view of the funeral planning market and we believe this highlights a clear difference in the quality of plans offered by those organisations that not only provide the plan, but then also deliver the funeral, like the Co-op Funeralcare.
As the report also states, Co-op Funeralcare, along with the National Association of Funeral Directors of which we are a member, both support the regulation of Funeral Plans.
Here are the main points from the report and our response.
The report found that some families who believed their loved one’s funerals were covered by a Funeral Plan are asked to pay more to arrange the funeral.
The report found that not everyone is a member of the Funeral Planning Authority.
The report found evidence of high pressure sales tactics by third party intermediaries.
The report states that the sums paid into a funeral plan must either be placed in a trust or a whole of life plan by the funeral plan provider and that there's incredibly little transparency around how well funded these arrangements are or where they're invested.
The report states that some firms are taking very high administration fees and commissions out of the pot as soon as the policy is sold.
It’s important to note that the full report also stated that they found good practice too. In particular, the Co-op, along with a couple of other providers were highlighted as standing out from the rest as we are doing more to promote transparency and fair value for consumers.
Buying a Funeral Plan, directly from a reputable provider, that is registered by the Funeral Planning Authority, can provide good value for money and ensure that families are protected in the future against unexpected costs and the worry of planning a loved ones’ funeral.
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You can buy a Set Funeral Plan online, in one of our Funeral Homes or by calling us free on 0800 088 4872.Purchase a Set Funeral Plan
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