Scotland’s largest independent funeral directors, William Purves, is fielding calls from several worried customers concerned about the implications of forthcoming funeral plan reforms.
From July 29th, organisations selling funeral plans will fall under the regulation of the Financial Conduct Authority (FCA) which will ensure that all plans are properly underwritten.
And while good news for customers in the long term, it is feared that many buyers will be out of pocket in the short term as some smaller funeral plan providers fold as they are unable to satisfy the FCA requirements.
Andrew Purves, Director of William Purves explains: “Customers who have purchased pre-payment plans designed to cover the cost of their funerals are naturally concerned about the implications of the reform.
“Thankfully we can put our customers’ minds at rest as in recent years our plans have been one of the big three providers. However, the stark reality is that some customers’ pre-bought funerals, particularly those bought from smaller providers, may not be honoured.“
A number of funeral plan providers have already decided to stop operating and have approached larger providers to take over their plans – sadly some are expected to fold as the July deadline looms.
Andrew continued: “My advice is if you have concerns or worries speak to the Funeral Director who you purchased the plan from, or the plan provider themselves, and ask what guarantees they can provide.
“We are in the process of contacting all William Purves pre-payment customers to update them on the situation.
“We welcome the regulation of pre-paid plans which are designed to protect customers and raise standards for plans sold in the future; however, this is of little comfort to those people who have taken steps to put their affairs in order and who may well be penalised.
“We will continue to keep our customers informed.”
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