Safe Hands Funeral Plans

Part of the debate – in the House of Commons at 4:45 pm on 12th May 2022.

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Photo of Margaret Ferrier Margaret Ferrier Independent, Rutherglen and Hamilton West 4:45 pm, 12th May 2022

As the hon. Gentleman says, many constituents of Members have been affected, throughout the UK. It is very important for people to have that certainty, because uncertainty is an extra worry for them.

It is likely that a number of similar smaller funeral plan providers will soon exit the market before regulatory measures become effective. They may be unwilling, or even unable, to meet the requirements for regulatory approval, and that has the potential to leave customers of those companies in the same position as the customers who went with Safe Hands, with no plans and no guarantees about retrieving the money that they have put in. I know that the FCA is also looking at this issue pre-emptively, with the aim of minimising risk to people who have already invested in plans with such firms. Hopefully the work that it is already undertaking will mitigate any potential further harm to vulnerable consumers, but for customers of prepaid funeral plan companies that will shortly be exiting the market, the proof of the pudding will be in the eating.