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773540
star this property registered interest false more like this
star this property date less than 2017-10-19more like thismore than 2017-10-19
star this property answering body
HM Treasury more like this
unstar this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
unstar this property hansard heading Funerals more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they have any plans to strengthen the regulation of the funeral plan market in order to improve consumer protection. more like this
star this property tabling member printed
Baroness Burt of Solihull more like this
star this property uin HL2255 remove filter
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2017-10-30more like thismore than 2017-10-30
star this property answer text <p>The provision of a funeral plan is defined as a regulated activity and falls within the Financial Conduct Authority’s regulatory remit unless specific exemption criteria are met. This arrangement and these exemption criteria are set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.</p><p>This legislation exempts funeral plan providers from the Financial Conduct Authority’s regulatory remit where the following financial arrangements are conducted, which are designed to ensure that the customer’s payments are secure:</p><p> </p><ol><ol><li><p>the customer’s money is held in a trust fund, where more than half of the trustees are unconnected with the funeral plan provider. This trust must be managed by an authorised fund manager and be overseen by a Fellow of the Institute and Faculty of Actuaries; or</p></li><li><p>the customer’s money is placed in a life insurance policy, issued by an authorised insurer.</p><p> </p><p>HM Treasury sets the legislative framework for the regulation of financial services, including the provision of funeral plans, and continues to keep such exemptions under review to ensure the maintenance of effective prudential and conduct standards.</p></li></ol></ol>
star this property answering member printed Lord Bates more like this
star this property grouped question UIN HL2254 more like this
star this property question first answered
less than 2017-10-30T16:29:25.87Zmore like thisremove minimum value filter
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this