NAFD Webinar: Thursday 17 February 2020
17.30-18.30
In the FCA webinar hosted by the NAFD with the Financial Conduct Authority in December, concerns were raised over what happens if plan providers, or funeral firms, do not become authorised in time for the introduction of regulation on 29 July 2022. During the session, the FCA emphasised that authorisation can take some time to achieve and whether funeral firms are planning to apply for direct authorisation, become an authorised representative of a plan provider, or become an introducer to a plan provider, leaving it late to get the process underway risks having to cease selling funeral plans, from 29 July, until authorisation is secured.
Having spoken to members and plan providers, it’s clear that not all member firms who currently sell or introduce funeral plans have begun the process of securing authorisation, either directly with the FCA or via their plan provider – and that many unanswered questions remain.
Indeed, feedback from some providers is that less than half of the funeral firms they work with understand, or are fully engaged in, the imminent prospect of additional regulation – or taking the necessary steps.
There are many good reasons for this – not least the challenges posed by the pandemic and the recent implementation of the CMA Funerals Market Order. However, if you are not authorised, you cannot continue to offer funeral plans from 29 July and the process does not happen overnight, so members who are not already engaged in the process of preparing for the regulation of funeral plans should take urgent steps to do so.
To assist members, the NAFD has invited plan NAFD supplier member plan providers to form a panel, for a webinar which will take place on Thursday 17 February, to answer questions on the next steps members should take, emphasise the key issues for firms to consider – and highlight the risks of inaction.
Members are urged to attend the webinar to ensure they are aware of the key decisions they need to take and the process they will need to follow.
Join the NAFD webinar
Details to access the webinar will be emailed to members, or can be requested by emailing [email protected].