PRESS RELEASE: Fairer Funerals
Fairer Finance report calling for stronger regulation
At the Co-op we welcome the call for greater regulation and importantly transparency in the funeral planning market. This is something we have sought to increase by making clear everything that is included within our plans and also by developing our own online comparison tables.
Co-op is committed to providing a wide range of quality funeral plans and we also deliver the funeral through our national network of funeral homes. Our Gold funeral plan was recently awarded a five star Defaqto rating and as highlighted by this report our funeral plans are amongst the most comprehensive in the market, guaranteeing the funeral is paid for.
The findings and recommendations in this 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 also deliver the funeral.
To help drive a more consistent market, we are supportive of stronger and mandatory regulation of funeral plans by the FCA or by a reformed FPA. We will support these discussions in seeking to move to a better market overall for those looking to plan ahead.
Whilst not the case for all plan providers, our funeral planning range is backed and regulated by the Funeral Planning Authority and all Co-op colleagues are trained to adhere to their code of practice. We believe it would be in the best interests of consumers if all providers had to follow and adhere to the same standards.
All Co-op funeral plan funds are also securely invested in a whole of life insurance policy or trust fund. This is fully regulated and Co-op customers have the reassurance that their money is protected.