On 1 September, the FCA updated its webpage on applications for authorisation by providers of pre-paid funeral plans.
The webpage summarises the steps which providers of pre-paid funeral plans (and intermediaries) must take before the 29 July 2022 deadline on which the Senior Managers and Certification Regime (SM&CR) comes into force.
Funeral plan providers must become directly authorised before the deadline. Intermediaries can either apply for direct authorisation or become an appointed representative.
Applications for authorisation are now open. The FCA is clear that firms seeking direct authorisation should be preparing and submitting their application now via the FCA’s “Connect” system – warning that applications will take time to consider. The FCA is equally clear that if a firm is not authorised by 29 July 2022, it will have to stop selling or administering funeral plans until its application for authorisation is approved. So, you must act now.
As part of the application process, you will be expected to have completed fit and proper testing and prepared Statements of Responsibilities for all proposed Senior Managers. You will also be expected to be able to demonstrate that you have the necessary processes and systems in place to ensure that you can comply with the SM&CR. This is a big undertaking for those new to SM&CR – but we can help you. Download our comprehensive guide to the SM&CR as it pertains to funeral plan providers and intermediaries to find out more.
Corterum is a comprehensive SM&CR solution. It’s everything you need to achieve and maintain SM&CR compliance. And the best thing? For many, it’s absolutely free.
Finally, be aware that the application fee (£10,000 for funeral plan providers and £2,500 for funeral plan intermediaries) will increase by 40% for applications made after 1 November 2021. If for no other reason than this, drop us a line to see how Corterum may be able to help you get organised in time to avoid that extra cost.