As all Funeral Plan Providers will already know, there are a number of codes of practices from Funeral Planning Authorities that can give customers comfort around the operational practices, ethics and conduct of the provider they chose to manage their plan and money.
These providers may be subject to review or audit by the authorities to ensure the standards of their codes of practice are being met.
However, it is fully anticipated that the Funeral Plan Providers will imminently be bought under the oversight of the Financial Conduct Authority (FCA). This will bring about a step change in the regulatory compliance requirements that the Funeral Plan Providers will need to adhere to. For example, they will need to provide that they are in compliance to a number of the FCA source books with additional requirements to ensure they are treating customers fairly, transparent with fees and charges, are segregating customers money from their own, to name but a few!
Whereas previously a provider may have been able to manage and demonstrate compliance to their codes of practice without the need for a software solution, the additional requirements under the FCA will make this increasingly complex, time consuming and expensive.
At 1RS, we have built ERIC- low cost, effective software to automate all you operational risk, conduct risk and regulatory compliance activity. In addition, we provide the know how of which FCA rules apply to you and provide best practice controls you should have in place to comply. For more info, talk to 1RS.