FINANCIAL CONDUCT AUTHORITY ‘INTENDING TO AUTHORISE’ FOSTERS FUNERAL DIRECTORS

Fosters Funeral Directors Becomes First Scottish Firm to Achieve Status

Fosters is delighted to announce that the Financial Conduct Authority (FCA) is “intending to authorise” us to continue to sell and manage funeral plans ahead of regulation coming to the sector on the 29th of July this year.

Fosters, the first and only Scottish company to date to have achieved this milestone, had previously welcomed the move to regulate the industry as they felt many companies were taking advantage of customers and falling far short of what should be expected in a sector where compassion and fairness should be at the fore.

This morning, Managing Director Nick McLaughlin said: “It is a fantastic achievement for Fosters and all our colleagues as it demonstrates that good governance and treating customers fairly are core foundations that underpin our service.”

Nick added: “First and foremost we are a bricks and mortar funeral company – not some remote online marketing business – and our objective has always been to ensure our funeral plan customers get the funeral they planned for. Our customers can be confident we will continue to act in their best interests so they can have the peace of mind knowing they will receive the full benefit of having a funeral plan with us.”

We recognise that this isn’t the case for customers of those providers that have failed to meet the requirements set out by the FCA or chosen not to apply who will lose out through no fault of their own and as a leading Scottish funeral director we are ready to assist them where we can.

Sheena Beckwith, CFO and head of compliance, said: “We are delighted to have received confirmation that the FCA is ‘intending to authorise’ Fosters in recognition that we have met their rigorous standards. Our customers can be reassured that our funeral plans are properly protected meaning Fosters will look after their money and their funeral wishes.”

If you are considering purchasing a funeral plan from Fosters you can do so with the confidence that their plans are sold fairly, offer great value and the company meets the high standards of conduct demanded by the FCA. If you are an existing customer, then you have peace of mind that your plan and wishes are in the safest of hands.
If you have any questions you can get in touch with Fosters on 0800 121 8090.


Footnote:
From 29 July 2022, the Financial Conduct Authority (FCA) will regulate funeral plan providers, following a change in the law. This process is to ensure:  

  • firms sell products which offer fair value, meet consumer needs and are sold fairly  
  • firms are well run, adhere to high conduct standards and have sufficient resources and risk transfer arrangements so they can deliver funeral services 
  • consumers have time and all the information they need to make better informed decisions when choosing between different products and whether a funeral plan is right for them at all

In addition to assessing firms for authorisation, the FCA is imposing new rules to make sure consumers are properly protected, including banning cold calling and all commission payments to intermediaries to make sure products offer fair value.