Golden Charter reacts to Funeral Planning Authority statistics

Following news from the Funeral Planning Authority that funeral plan sales dropped slightly in 2017 as the industry reviews the sales practices of third parties, Golden Charter CEO Suzanne Grahame believes this represents a good opportunity for providers and advisers to help reinforce the good practices being implemented across the market.
“The slight drop in the number of funeral plans sold by registered providers shows that the industry is prepared to distance itself from third parties where there are concerns around their sales practices and approach when selling funeral plans. Consumer demand clearly remains and if you look back at where the industry has come from five years ago, it is clear funeral plans are here to stay and fulfil a very important need for an IFA’s clients.
“As a result, financial advisers can no longer ignore funeral plans, though there are two things they must bear in mind. First they need to be talking to their clients about funerals and death, ensuring that all their affairs are looked after and that no unnecessary burden is left on their loved ones. Secondly, advisers must ensure they have done the correct due diligence on any provider they are considering, ensuring that any client money is held within a well-funded and transparent trust and that plan holders have the choice of their funeral director at purchase.
“We want to make sure the industry is there for both the intermediary and the consumer, so we are pleased to see high standards being adopted across the market. This can only be a positive thing for advisers too as it should help give them confidence to recommend funeral plans to their clients and realise the benefits they bring, as well as uphold the good practice we are striving to deliver.”