Dignity PLC "intending to authorise" status from the FCA (2697P)
17 Junio 2022 - 1:25AM
UK Regulatory
TIDMDTY
RNS Number : 2697P
Dignity PLC
17 June 2022
LEI: 21380049687CNAYKV483
FOR IMMEDIATE RELEASE 17 June 2022
Dignity plc
("Dignity")
FCA REGULATION OF THE FUNERAL PLANS SECTOR OUTCOME
Dignity receives "intending to authorise" status from the
FCA
Dignity plc, the UK's leading provider of end-of-life services
and one of the largest providers of funeral plans, is pleased to
announce that the FCA has confirmed that it is "intending to
authorise" Dignity Funerals Limited as a regulated entity under the
new regulatory regime for pre-paid funeral plans.
From 29(th) July 2022, funeral plan providers in the UK must be
regulated by the FCA to continue to sell or carry out funeral
plans. The statutory oversight follows several years of campaigns,
Government calls for evidence, and formal consultation with the
funeral industry.
The regulations set out by the FCA are designed to make products
work better for consumers, to create competition, and enable a
stable marketplace. Once the regulations come into force in July,
companies that want to continue to sell or carry out funeral plans
must be authorised by the FCA and conform to its rules, or risk
committing a criminal offence.
Dignity has engaged with the FCA throughout its process and
supports the regulatory framework implemented across the
market.
Kate Davidson, Chief Executive Officer , said: " We are
delighted to announce that Dignity has received confirmation that
the FCA is "intending to authorise" our company under the new
regime. We have long called for regulation of the funeral plan
sector. We believe it will deliver greater transparency and
protections for customers, whilst also paving the way for greater
confidence in funeral plans as a good product that helps people
plan and pay for their funeral in advance.
There has been a huge strategic and operational effort within
Dignity to deliver the comprehensive evidence required by the FCA
for us to achieve this authorisation. The regulation impacts almost
every corner of our business; from compliance and governance, an
enhanced focus on customer vulnerability and consumer redress
processes, training and people development, as well as a new
approach to how we market and sell our product.
We are proud of what we have achieved to date and recognise the
responsibility Dignity has as a market leader to ensure we not only
continue to deliver the high standards expected by the regulator,
but strive to exceed them. This includes an exciting and innovative
new proposition that we will be launching over the coming months
that will deliver a flexible, competitively priced and modernised
customer experience.
Today's announcement will provide Dignity's own customers with
reassurance that they hold a plan with a trusted and reputable
provider, backed by a secure and well-managed trust fund. We
recognise that this isn't the case for customers of those providers
that have failed to meet the requirements set out by the FCA or
have elected to exit the market. We stand by our commitment to help
customers of other plan providers where we can, and as we have with
the customers of Safe Hands, we will engage with those firms on a
case-by-case basis.
I would like to thank everyone who has helped secure this
result, in particular, our colleagues, stakeholders and
shareholders for their continued support. We look forward to
providing a further update after the 29(th) July when FCA
regulation commences."
ENDS
NOTES TO EDITORS
Dignity Funeral Limited, part of the Dignity plc group, will be
the regulated entity for the sale and administration of funeral
plans. The customers of Simplicity Cremations and AgeCo plans will
also be covered by this regulated entity.
For more information
John Castagno, Chairman
Tim George, Company Secretary
Dignity plc
+44 (0)20 7466 5000
Media contacts:
Buchanan
Chris Lane
Hannah Ratcliff
Verity Parker
Dignity@buchanan.uk.com
+44 (0)20 7466 5000
www.buchanan.uk.com
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END
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June 17, 2022 02:25 ET (06:25 GMT)
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