As part of a drive towards improving governance standards and oversight, the FCA intends to apply the Senior Managers and Certification Regime (SM&CR) to the pre-paid funeral plan industry.
The new rules will apply from 29 July 2022. All funeral plan providers that wish to conduct regulated funeral plan activities after this date must apply for FCA authorisation.
Firms that are not authorised (or exempt) will not be permitted to carry out regulated activities for funeral plans. More specifically, beyond this date, it will be a criminal offence to enter into new funeral plan contracts or for plan providers to carry out existing funeral plan contracts without authorisation.
The guide sets out what you need to do to be ready for the July 2022 deadline, but the SM&CR requires ongoing management and evidencing of compliance – both for your firm and your employees at an individual level. There’s a lot to do, but we can help. Download the guide to find out more.