12 November 2021
IFoA Members involved in providing advice to funeral plan trusts will be aware that the UK’s Financial Conduct Authority (FCA) will assume responsibility for the regulation of funeral plan providers (including trust based pre-paid funeral plans that are not currently regulated by the FCA) from 29 July 2022 .
As part of the new FCA regulatory environment, there will be a need for the production of Solvency Assessment Reports (SARs).
The Funeral Plans MIG Management Committee are hosting a roundtable with interested Members to discuss the SARs requirement, including:
- how consistency in SARs can be achieved
- FCA expectations around the SAR
- how SARs can be made accessible for the public
- existing professional standards and guidance
Members may also be interested in the IFoA’s Risk Alert on Funeral Plan Trusts that was published on 15 January 2021, which can be found on the IFoA’s website.
The MIG invites and encourages all IFoA members with an interest in this subject to participate in the roundtable discussion. The roundtable is proposed for Friday 26 November at 2pm (GMT).
If you are interested in contributing, please contact the Funeral Plan MIG Chair, Graeme Muir.