FCA intends to authorise Plan with Grace

FCA intends to authorise Plan with Grace to sell and administer funeral plans

The Financial Conduct Authority (FCA) has today confirmed that it intends to authorise Plan with Grace as a regulated provider of funeral plans from 29 July 2022, when FCA regulation of the funeral plan industry comes into force. This means that, provided the FCA confirms its authorisation, all Plan with Grace’s plans will come under the FCA’s regulatory regime from that date


What does this mean?

In January 2021, the UK Government introduced legislation to bring pre-paid funeral plans within the scope of FCA regulation from 29 July 2022. Under the new regulation, customers will be covered by the Financial Services Compensation Scheme, which will provide them with greater protection should their funeral plan provider fail.


How many providers is the FCA minded to approve?

Of the 66 UK funeral plan providers identified by the FCA, as of 17 June 2022 the regulator intends to approve 24 firms, including Plan with Grace.


Charles Rogers, chief executive of Plan with Grace, said:
“We’re delighted that the FCA intends to authorise us. We’ve argued for many years that the funeral plan industry is long overdue for regulation and this is great news for all our customers and partners


“We believe that FCA regulation will provide the peace of mind that our customers need when purchasing a funeral plan.

"At Plan with Grace, we’re proud to offer a range of twelve competitively-priced plans that guarantee payment of all third-party costs, including doctors’ fees. We’re committed to continuing to provide a great service and great value for money to everyone who takes out one of our plans."


For more information go to: https://www.fca.org.uk/consumers/funeral-plans/providers-list

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Once a plan is purchased, the money is held securely in the Plan with Grace Funeral Payment Trust, until such a time it is required to pay for the funeral.