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1668087

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what action they took in respect of Safe Hands Funeral Plans following concerns raised in 2017 by Fairer Finance and the Funeral Planning Authority.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL35
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>The government recognises the difficulty and challenges facing those who have lost money because their funeral plan providers have been shown to be unable to fulfil the promises they made to their customers.</p><p> </p><p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.</p><p> </p><p>The two largest providers that have gone into administration since the government legislated are Safe Hands, with approximately 46,000 customers and One Life, with approximately 14,000 customers. We also understand that some smaller providers have entered administration.</p><p> </p><p>During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands funeral plans were raised with HM Treasury.</p><p> </p><p>In response, officials advised that such concerns should be reported to the FCA, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL34 question first answered 21/11/2023 12:10:32 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1653371

registered interest
date	17/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he received a report from the Financial Conduct Authority on the collapse of the Safe Hands funeral group.
tabling member constituency	Leeds Central
tabling member printed	Hilary Benn
uin	194338
answer	answer is ministerial correction date of answer 20/07/2023 answer text <p>Throughout the process of bringing the pre-paid funeral plan sector into regulation, the government has worked closely with the FCA to ensure that the regulation of the sector is proportionate and effective.</p><p> </p><p>As part of regular engagement with HM Treasury, the FCA made officials aware in March 2022 that Safe Hands would enter administration.</p><p> </p><p>The government and the FCA continue to engage regularly as we monitor the impact of regulation in this sector.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/07/2023 14:30:51 answering member 4874 label Biography information for Andrew Griffith
tabling member	413 label Biography information for Hilary Benn

1611258

registered interest
date	17/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department was aware of concerns about the solvency of Safe Hands funeral plan prior to that company going into administration.
tabling member constituency	Leeds Central
tabling member printed	Hilary Benn
uin	180887
answer	answer is ministerial correction date of answer 25/04/2023 answer text <p>During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands Plans were raised with HM Treasury.</p><p> </p><p>In response, officials advised that such concerns should be reported to the Financial Conduct Authority, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/04/2023 12:53:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	413 label Biography information for Hilary Benn

1608250

registered interest
date	28/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 7 December 2022 to Question 101719 on Safe Hands Plans: Insolvency, whether the Government plans to provide financial support to people who lost money as a result of the collapse of the Safe Hand Funeral plan group.
tabling member constituency	City of Durham
tabling member printed	Mary Kelly Foy
uin	175714
answer	answer is ministerial correction date of answer 17/04/2023 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation as they seek to put their affairs in order.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be very concerning for customers of Safe Hands.</p><p> </p><p>It would not be appropriate for the Government to set the precedent or expectation that it will use taxpayer money to compensate consumers for the misconduct of unregulated firms or products which were not sold as FCA regulated at the time. The Government’s role is instead to ensure that the appropriate regulation is in place to guard against such failures happening.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 17/04/2023 11:23:30 answering member 4874 label Biography information for Andrew Griffith
tabling member	4753 label Biography information for Mary Kelly Foy

1547632

registered interest
date	02/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Government plans to help support those people affected by the collapse of the Safe Hand Funeral plan group.
tabling member constituency	Wirral South
tabling member printed	Alison McGovern
uin	101719
answer	answer is ministerial correction date of answer 07/12/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation as they seek to put their affairs in order.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be very concerning for customers of Safe Hands.</p><p> </p><p>While the detailed investigation being carried out by the administrators is ongoing, the government continues to work closely with the FCA to monitor the implementation of regulation in this sector.</p><p> </p><p>The government has been supportive of steps taken by the sector to provide assistance to Safe Hands customers. Dignity and Co-op – two of the largest providers in the country – have recently offered Safe Hands’ customers new funeral plans at a substantially discounted price, which may be helpful to some affected planholders.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 07/12/2022 11:36:15 answering member 4874 label Biography information for Andrew Griffith
tabling member	4083 label Biography information for Alison McGovern

1519286

registered interest
date	10/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent steps his Department has taken to (a) help support and (b) provide assistance to the customers of Safe Hands Funeral Plans.
tabling member constituency	Motherwell and Wishaw
tabling member printed	Marion Fellows
uin	59872
answer	answer is ministerial correction date of answer 18/10/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation as they seek to put their affairs in order.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be very concerning for customers of Safe Hands.</p><p> </p><p>While the detailed investigation being carried out by the administrators is ongoing, the government continues to work closely with the FCA to monitor the implementation of regulation in this sector.</p><p> </p><p>The government has been supportive of steps taken by the sector to provide assistance to Safe Hands customers. Dignity and Co-op – two of the largest providers in the country – have recently offered Safe Hands’ customers new funeral plans at a substantially discounted price. This may go some way towards supporting affected planholders.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2022 14:48:27 answering member 4874 label Biography information for Andrew Griffith
tabling member	4440 label Biography information for Marion Fellows

1485118

registered interest
date	30/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to ensure that customers of Safe Hand Funeral Plans are (a) compensated and (b) transferred to new funeral plans from approved funeral providers.
tabling member constituency	Hemsworth
tabling member printed	Jon Trickett
uin	28383
answer	answer is ministerial correction date of answer 05/07/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This will ensure that, for the first time, consumers are protected by compulsory and robust regulation. To address broader risks posed by providers not obtaining authorisation, on 21 April the government made a supplementary statutory instrument which will make it easier for regulated funeral plan providers to take on the customers of providers that are exiting the market. This will protect consumers – particularly during the transition to regulation – by ensuring that more funeral plan holders benefit from continued plan coverage.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers until November 2022 is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>While the FCA does not yet regulate funeral plan providers, it is supporting the administrators and the wider industry as they look to find a longer-term solution for Safe Hands’ customers.</p><p> </p><p>It is unfortunate but unavoidable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.</p><p> </p><p>Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/07/2022 13:06:53 answering member 4051 label Biography information for John Glen
tabling member	410 label Biography information for Jon Trickett

1473115

registered interest
date	24/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to support people who bought funeral plans from Safe Hands Plans in the context of the closure of that business; and if he will undertake a review of the reasons for the closure of Safe Hands Plans.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	24589
answer	answer is ministerial correction date of answer 30/06/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA). This will ensure that, for the first time, consumers are protected by compulsory and robust regulation.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers until November 2022 is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>The administration process for Safe Hands is an ongoing legal process under the general control of court. This process may provide further information about what has happened at the firm, and the government awaits the outcome with interest.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/06/2022 13:02:11 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1472876

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to funeral plans coming under the the Financial Services Compensation Scheme as of 29 July 2022, whether previous Safe Hands Funeral Plans policy holders will be retrospectively awarded compensation equivalent to what they would be due under the Financial Services Compensation Scheme.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	23776
answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This will ensure that, for the first time, consumers are protected by compulsory and robust regulation.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers until November 2022 is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>Prior to the firm going into administration, Safe Hands Plans was not an authorised financial services firm. The Financial Services Compensation Scheme (FSCS) is the UK’s compensation scheme of last resort and pays compensation to consumers in respect of claims made in connection with regulated activities when authorised financial services firms fail. Extending the protection of the FSCS – which is funded by a levy on financial services firms – to unregulated firms would send an inappropriate and unhelpful message.</p><p> </p><p>When the pre-paid funeral plan sector comes into regulation on 29 July, FSCS protection will apply for customers of firms that have obtained FCA authorisation, customers whose plans are transferred to such firms, and customers who buy funeral plans from such firms in the future.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:22:13 answering member 4051 label Biography information for John Glen
tabling member	4482 label Biography information for Owen Thompson

1463682

registered interest
date	17/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of setting up an emergency fund to support the customers of the failed Safe Hands Funeral Plans who may fall into funeral poverty as a result of that company's collapse.
tabling member constituency	Hemsworth
tabling member printed	Jon Trickett
uin	3473
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. When FCA regulation takes effect, funeral plan providers will need to be authorised by the FCA in order to enter into or carry out funeral plan contracts.</p><p> </p><p>Safe Hands Plans has recently gone into administration. The government understands that this development will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers for the next six months is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>It is unfortunate but unavoidable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.</p><p> </p><p>Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 07:49:15 answering member 4051 label Biography information for John Glen
tabling member	410 label Biography information for Jon Trickett