Statutory regulation with FPA best way to protect consumers, says CEO

The Funeral Planning Authority (FPA), regulator for the pre-paid funeral plan industry has launched its latest annual report (for 2017/18), which articulates the depth of their industry interaction, and highlights their track record in driving up standards and supporting customers.

The association said that its report set out the FPA’s strategy for educating consumers and stakeholders on its role, reviewing its Rules and Code of Practice to ensure optimum relevance and robustness, and for raising awareness of what FPA registration actually means; notably why it is so important for customers to buy a funeral plan from an FPA registered provider.

The annual report reiterates that around 95 percent of the UK funeral planning market is currently registered with the FPA and the body said it was committed to making FPA regulation statutory for all.

Graeme McAusland the FPA chief executive said: “We welcome the government consultation into the prepaid funeral plan market, and naturally we are actively participating, and information sharing given our market expertise and position.

“Our focus is, and always has been on protecting customers, and we believe that FCA regulation, which has been suggested as a solution, is not what is best for them.”

McAusland added: “We want a future where customers are sold reliable products from providers they can trust, and the FPA regulatory model already offers this, but we want 100 percent market registration. We have a dedicated and singular focus and we are passionate about ensuring constant scrutiny which offers only benefits to customers.”