A recent change in the law, spotted by one of our Wills and Probate Solicitors in Today’s Wills and Probate, has outlined new compliance standards for those in the Funeral Plans sector. 

The move, which will see new regimes set in place by the Financial Conduct Authority, will change the way funeral planners market themselves, set out plans with customers and outlaw the use of commission. 

According to the article: “Under a new regulatory regime, funeral plan providers will need to register with the FCA and will be subject to a range of new rules including

  • funeral instalment plan products will always deliver a funeral (after a moratorium period) as we will be banning those that don’t guarantee this
  • cold calling will be banned and new standards on advertising will be implemented to ensure plans are sold fairly
  • commission payments to intermediaries will be banned to ensure products represent fair value
  • those selling funeral plans are subject to full checks on their fitness to operate to improve governance standards and oversight”

Else Solicitors do not provide funeral services, so why are we writing about it? Well, it is thought that the new regime for funeral planners may be extended or a similar regime applied to enact more compliance in Will writing services. 

There is a concern that, due to professionalism in the will writing sector being down to the individual integrity of each provider, and a lack of substantial oversight, it is an area of business and advice in which it is possible for ingenuous actors to exploit their customers.  

It is for this reason that Else Solicitors would always encourage readers to go to professional and reputable Wills and Probate providers. Else Solicitors already operate to the highest ethical standards, so we welcome regulation in other areas of the industry. However, as this regulation is not yet in place, we advise readers to be wary of offers and prices which seem too good to be true, to seek professional guidance and to always demand above-board practice when writing wills. 

If you need professional guidance on Wills and Probate services, contact Else’s Kathryn Caple via email Kathryn.Caple@elselaw.co.uk

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