West Lancashire MP Rosie Cooper has called on the Government to provide protection for customers of the recently collapsed funeral plan provider Safe Hands.
In the midst of incoming Funeral Plan regulation, ‘Safe Hands’ has gone into administration leaving around 46,000 customers unclear as to what will happen to the large amount of money they had spent.
At least two of these customers are constituents of Rosie’s. John Weedall and Beverley Robinson contacted their MP as they are now concerned that the thousands of pounds they thought was safely invested in a Funeral plan may be lost.
Prior to the incoming regulation, which will be carried out by the Financial Conduct Authority (FCA), the funeral plan industry was unregulated and was found to be exploiting customers through aggressive sales practices and a lack of financial transparency.
There are now fears that other providers will go into administration or fail to meet regulations, leaving more customers at risk.
West Lancashire MP Rosie Cooper commented:
“The Government have finally taken the step to regulate the Funeral Plan industry after I and many others spent years fighting for more protection for its vulnerable customers.
“It was expected when these regulations were announced that some Funeral Plan providers might go out of business, which is why I have repeatedly asked the Government to put a plan in place to protect all funeral plan customers.
“Sadly, not enough was done by the Government leaving my constituents John and Beverley and many others across the UK terrified that the thousands they thought was safely invested may now be lost. At a time when funeral poverty and the cost of living are both soaring this is simply unacceptable!
“I have written to the Chancellor and the FCA directly to say that The Government must step in to protect my constituents, and all of ‘Safe Hands’ customers. It is also essential that a robust plan is put in place to protect this situation from repeating.”