Your “Money Is Safe” With A Fosters Funeral Plan
Speaking on the BBC’s Morning Live programme James Daley of Fairer Finance said that your “Money Is Safe” with a Funeral Plan purchased from a company regulated by the FCA.
For many, purchasing a funeral plan is a way to give peace of mind knowing that their family will not be left with an enormous funeral bill after they have passed. But until recently, the whole industry has not been regulated, leaving millions of people’s money unprotected.
However, last July, the Financial Conduct Authority brought in new regulations for funeral plans meaning that customers’ money will be protected, and all companies selling plans must be approved by the FCA.
BBC’s Morning Live programme, which aired on the 8th of February 2023, explored the consequences of regulation coming in for those companies who went out of business as they did not meet the high standards set by the FCA. This left thousands of their customers out of pocket, causing much emotional stress on top.
James Daley of Fairer Finance, speaking on the Morning Live programme, said, “I don’t think this will happen again as the regulations are very tight.” Speaking about funeral plan companies, he went on, “They have to have enough money put aside to cover the costs of those funerals at all times, and there are very strict rules about when money can be taken out that pot which there weren’t before. So as long as the company is regulated by the FCA, that money is safe”.
At Foster’s, we feel for those people who not only lost their money but lost their funeral plans. However, we are keen to reassure our customers or those thinking about purchasing a funeral plan with Fosters that we are authorised and regulated by the Financial Conduct Authority therefore, their money is safe. Customers also have access to the Financial Services Compensation Scheme, which provided further protection from day one of the regulations coming into force.
Speaking about the benefits of buying a funeral plan over other ways to pay like using savings, James continued “Buying a funeral plan protects you from rising funeral costs. For example, if you buy today and the cost of funerals goes up 50%, then you’ve paid at today’s prices and removed the financial burden from your loved ones.”
If you are thinking about taking out a funeral plan with us you can see our authorisation FRN 966550 for The Independent Family Funeral Directors Ltd, of which Fosters is a trading name: