The Financial Conduct Authority (FCA) has updated its proposals to better protect consumers within the funeral plan market to provide continuity for customers should a provider fail.
The new rules are in addition to measures already introduced in July this year to enhance consumer protection from 29 July 2022, according to the FCA. "Our new rules will provide continuity for customers where their plan provider fails, by allowing plans to be transferred to a new provider on the same terms as the original contract. The rules will also ensure that consumers can receive compensation from their firm if a transfer to another provider is not possible," the FCA said. The regulator added that where a regulated provider fails and the Financial Services Compensation Scheme (F...
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