Safe Hands Funeral Plans

Part of the debate – in the House of Commons at 5:02 pm on 12th May 2022.

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Photo of Peter Grant Peter Grant Shadow SNP Spokesperson (Europe), Shadow SNP Deputy Spokesperson (Treasury - Chief Secretary) 5:02 pm, 12th May 2022

The Minister is understandably focusing on the new regulatory regime—I think he is aware of some of my concerns about the adequacy of the FCA as currently set up—but there should have been other regulation. Who should have been regulating the activities of the trust? Who should have prevented it from engaging in wildly speculative, insecure investments, directly against the promises that were made? Safe Hands Plans Ltd’s first two years of accounts contained demonstrably and obviously false statements, which were never picked up on by Companies House. Who should have been regulating that? Does the Minister accept that regardless of the changes to the regulation of funeral plan companies, there appear to have been serious regulatory failures elsewhere, again?