Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1698319

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what regular reviews of the funeral plan market his Department undertook between 2001 and 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20319
answer	answer is ministerial correction date of answer 18/04/2024 answer text <p>The government works closely with the FCA to continually review the regulatory perimeter to ensure that the right balance is struck between proportionately protecting consumers, minimising costs on business, and ensuring consumers have access to useful and affordable financial products and services.</p><p> </p><p>Once made aware of consumer detriment in the pre-paid funeral plans sector, the government investigated and confirmed these reports through its 2018 call for evidence. The government then consulted widely with industry and passed legislation in January 2021 to bring all pre-paid funeral plan providers and intermediaries within the FCA regulatory perimeter.</p><p> </p><p>This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/04/2024 14:23:36 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698320

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many times a breach of the Regulated Activities Order by a funeral plan company was reported to the Financial Conduct Authority in the last three years.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20320
answer	answer is ministerial correction date of answer 18/04/2024 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent from Government.</p><p> </p><p>The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 18/04/2024 14:25:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698322

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority made of the implications for their policies of the speed of growth of the funeral plan market between 2001 and 2022.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20322
answer	answer is ministerial correction date of answer 18/04/2024 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, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20323 20326 20327 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698323

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the proportion of funeral plan companies that failed to gain regulation following the new regulatory regime in the funeral plan market.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20323
answer	answer is ministerial correction date of answer 18/04/2024 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, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20322 20326 20327 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698326

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he made of the implications for his policies of changes in the number of funeral plan companies following the announcement of regulatory change in 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20326
answer	answer is ministerial correction date of answer 18/04/2024 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, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20322 20323 20327 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1698327

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential merits of requiring the immediate regulation of funeral plan companies that (a) were founded and (b) changed ownership after the announcement of regulatory change in 2018.
tabling member constituency	Dundee West
tabling member printed	Chris Law
uin	20327
answer	answer is ministerial correction date of answer 18/04/2024 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, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 20322 20323 20326 question first answered 18/04/2024 14:32:11 answering member 4639 label Biography information for Bim Afolami
tabling member	4403 label Biography information for Chris Law

1663798

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential impact of the requirement for funeral plan companies to be regulated by the FCA by 9 July 2022 on the number of those companies (a) entering and (b) likely to enter administration.
tabling member constituency	Kilmarnock and Loudoun
tabling member printed	Alan Brown
uin	201651
answer	answer is ministerial correction date of answer 18/10/2023 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 protected by compulsory and robust regulation.</p><p> </p><p>The government consulted widely on the regulation of pre-paid funeral plans. Most notably, it published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 14:11:45 answering member 4874 label Biography information for Andrew Griffith
tabling member	4470 label Biography information for Alan Brown

1625410

registered interest
date	02/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
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 adequacy of the Financial Conduct Authority's regulation of the funeral care plan sector.
tabling member constituency	Rother Valley
tabling member printed	Alexander Stafford
uin	183615
answer	answer is ministerial correction date of answer 09/05/2023 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.</p><p>The FCA is an operationally independent regulator. As such it must operate within the framework of statutory duties and powers agreed by Parliament and is therefore accountable to Parliament for how it discharges its statutory functions.</p><p>There are also a number of mechanisms in the UK’s domestic framework which allow the Treasury to hold the regulators to account. In addition, Ministers and officials meet regularly with the regulators to discuss policy issues and areas of joint work or interest, while recognising the regulators’ operational independence.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 09/05/2023 11:00:08 answering member 4874 label Biography information for Andrew Griffith
tabling member	4866 label Biography information for Alexander Stafford

1608539

registered interest
date	29/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on regulation of the funeral plans sector.
tabling member constituency	Rother Valley
tabling member printed	Alexander Stafford
uin	176716
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.</p><p> </p><p>Throughout this process, the government has worked very closely with the FCA to ensure that the regulation of the sector is proportionate and effective. The government and the FCA continue to engage regularly as we monitor the implementation of regulation in this sector. <strong> </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 17/04/2023 12:23:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	4866 label Biography information for Alexander Stafford

1457604

registered interest
date	14/04/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department plans to introduce new regulations for funeral plan providers, in response to Safe Hands Plans entering administration in March 2022.
tabling member constituency	North Durham
tabling member printed	Mr Kevan Jones
uin	153773
answer	answer is ministerial correction date of answer 26/04/2022 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 means that by 29 July 2022 all funeral plan providers must be authorised by the FCA.</p><p> </p><p>Safe Hands Plans has recently gone into administration. I am aware that the current situation will be distressing for customers of Safe Hands and can assure you that the Treasury continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>While the FCA does not yet regulate funeral plan providers, it is currently supporting the industry and administrators to see if a longer-term solution is possible for Safe Hands’ customers.</p><p> </p><p>It is regrettable 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 and impacting more consumers.</p><p> </p><p>The Government’s legislation has allowed for an 18-month transition period before the new regulatory regime comes fully into force on 29 July 2022. This transition period was intended to give existing providers sufficient time to prepare for the new regulatory requirements. The FCA’s guidance is clear that providers who are not seeking or not able to obtain authorisation should either transfer their existing plans to a provider which is seeking authorisation, or wind down in an orderly way before regulation starts.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 153771 153772 154138 question first answered 26/04/2022 13:47:31 answering member 4051 label Biography information for John Glen
tabling member	1438 label Biography information for Mr Kevan Jones