FCA: Staying on the front foot
Through each stage of the regulatory journey, we have been on the front foot, working closely with the FCA and our independent funeral director partners. We intend to meet the FCA’s expectations that we will be one of the first funeral plan providers to apply for direct authorisation and are preparing to submit our application this month.
While we understand that this type of regulation is, of course, new to many, we have every confidence that we can successfully navigate this journey together and deliver the protections for customers the FCA has set out.
As part of our application, we’re drawing on expertise from a range of professional advisors, including a leading compliance consultancy, to ensure our proposition meets FCA requirements and offers the best possible journey for you.
We also continue to engage closely with independent funeral directors, including through a dedicated SAIFCharter Regulatory Working Group. This involvement is allowing us to develop straightforward guidance and processes to allow you, our valued funeral director partners, to continue offering funeral plans under FCA oversight.
Most funeral directors do not need to take action right now, but we will be in touch over the following months with the next steps.
For now, I would encourage you to familiarise yourself with our updated Guide to FCA Regulation – Part 2, which talks through the key areas that will impact funeral directors after 29 July 2022. We have made this guide available to our partners at mygoldencharter.co.uk.Tags: Alison Wilson, FCA, Financial Conduct Authority, funeral plans, Golden Charter, legislation, pre-need, providers, regulation