Fears funeral plan reforms could mean thousands lose money

Key Facts

Image source, Getty Images The very real problem for people like Lyn and Fred though is that whilst the regulation of funeral plan companies will be a good thing in future, getting to that point could mean some people lose out.
"There are around 65 firms that operate in this sector and not all of them will be able to demonstrate they can meet the standards that will ensure protection for consumers in the future" according to industry expert Kate Robinson from Avyse Partners, which specialises in regulatory consultancy.
"The point is - firms which don't go for authorisation will either choose not to be regulated or won't be able to meet the new standards because they present such a significant step change to what was in place previously.
"This means some providers may not be able to deliver the funerals they have sold because they have to either transfer the business to another firm or it may force firms into administration and if that happens customers will likely lose out."