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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2022-07-29.

FPCOB 14.1 Application and purpose

Application

FPCOB 14.1.1R
  1. (1)

    1This chapter applies to a funeral plan provider in relation to the activity of carrying out a funeral plan contract.

  2. (2)

    This chapter applies in relation to subsisting funeral plans unless compliance would be contrary to a term of the subsisting funeral plan agreed with the customer prior to 29 July 2022.

Purpose

FPCOB 14.1.2G

1This chapter concerns the conduct of a funeral plan provider in relation to the redemption of a funeral plan contract upon the death of the covered individual.

Redemption

FPCOB 14.1.3R

1A funeral plan provider must:

  1. (1)

    handle the redemption of a funeral plan promptly and fairly;

  2. (2)

    provide reasonable guidance and appropriate information to help a customer or a nominated representative to make arrangements, in accordance with the funeral plan contract; and

  3. (3)

    not unreasonably reject a request to redeem a funeral plan (including by cancelling a funeral plan contract).

Services required for the funeral plan contract

FPCOB 14.1.4R

1Upon notification of the covered individual’s death, the funeral plan provider must ensure that the services required for the funeral plan contract are delivered:

  1. (1)

    to a satisfactory quality and standard by the appointed funeral services provider, or if that funeral services provider is unable to provide the required services, appoint another funeral services provider at no additional cost to the customer or covered individual’s estate; and

  2. (2)

    in a timely manner,

in accordance with the terms of the funeral plan contract.

FPCOB 14.1.5G

1In relation to FPCOB 14.1.4R, where a firm uses outsourcing arrangements to fulfil this obligation, it retains the regulatory responsibility for achieving the required outcome (FPCOB 2.1.5G).

FPCOB 14.1.6R

1Other than as set out in FPCOB 14.1.7R, a firm must not seek or obtain further payments from the customer or from the covered individual’s estate to secure the funeral services as set out in the funeral plan contract.

Outstanding payments

FPCOB 14.1.7R

1If upon the covered individual’s death, further payments are due to the firm under the funeral plan contract, the firm must inform the customer and covered individual’s estate within 24 hours of receiving notification of the covered individual’s death of the following matters:

  1. (1)

    that further payments are due to the firm under the funeral plan contract;

  2. (2)

    the sums received under the funeral plan contract; and

  3. (3)

    the amount of the shortfall.

FPCOB 14.1.8R

1FPCOB 14.1.7R does not apply where the effect of FPCOB 7.1.3R is that a funeral will be provided on the death of the covered individual even where payments are outstanding under an instalment payment funeral plan contract.