Motion to consider. Agreed to on question.

Motion to consider. Agreed to on question.

My Lords, I warmly welcome this order. It is perfectly fair to say that, in recent times, consumers have been bombarded by advertisements for these plans on television and radio and through other channels. As my noble friend said, people can be in a very vulnerable position in their lives...

My Lords, I warmly welcome this order. It is perfectly fair to say that, in recent times, consumers have been bombarded by advertisements for these plans on television and radio and through other channels. As my noble friend said, people can be in a very vulnerable position in their lives...

My Lords, this is a no-brainer. Funeral plans are clearly a form of life insurance and, just like mainstream life insurance, they should be subject to full regulation. Promises are made to policyholders and we, as legislators, have an obligation to ensure that those promises are met.

We also have a...

My Lords, this is a no-brainer. Funeral plans are clearly a form of life insurance and, just like mainstream life insurance, they should be subject to full regulation. Promises are made to policyholders and we, as legislators, have an obligation to ensure that those promises are met.

We also have a...

My Lords, I thank the Minister most sincerely for a very helpful introduction. I must declare a couple of relevant

interests as a former Labour and Co-op MP and as a former chair of Age Scotland. Both are, and indeed were, non-pecuniary interests. I know that that is an unusual...

My Lords, I thank the Minister most sincerely for a very helpful introduction. I must declare a couple of relevant

interests as a former Labour and Co-op MP and as a former chair of Age Scotland. Both are, and indeed were, non-pecuniary interests. I know that that is an unusual...

My Lords, I also congratulate the Minister on the eloquence of her introduction and the Government on bringing forward this timely statutory instrument. I suppose I should declare an interest of sorts in that I am almost certainly the only qualified gravestone topple tester in Parliament. I have taken quite...

My Lords, I also congratulate the Minister on the eloquence of her introduction and the Government on bringing forward this timely statutory instrument. I suppose I should declare an interest of sorts in that I am almost certainly the only qualified gravestone topple tester in Parliament. I have taken quite...

My Lords, as other noble Lords have mentioned, around 2016 and 2017 there began to be reports about the mis-selling of funeral plans. The concern mainly focused on the plans not covering the cost of a funeral, the magnitude of fees taken by introducers and plan providers, and the inflexibility...

My Lords, as other noble Lords have mentioned, around 2016 and 2017 there began to be reports about the mis-selling of funeral plans. The concern mainly focused on the plans not covering the cost of a funeral, the magnitude of fees taken by introducers and plan providers, and the inflexibility...

My Lords, I am grateful to the Minister for introducing the order. As she outlined, it amends the regulatory framework for providers of prepaid funeral plan contracts, generally requiring them to be authorised by the Financial Conduct Authority. Intermediaries need not be directly authorised but will be expected to become...

My Lords, I am grateful to the Minister for introducing the order. As she outlined, it amends the regulatory framework for providers of prepaid funeral plan contracts, generally requiring them to be authorised by the Financial Conduct Authority. Intermediaries need not be directly authorised but will be expected to become...

My Lords, I am grateful to all noble Lords who contributed to the debate and for their support for this measure. The noble Lord, Lord Empey, asked what triggered the Government’s decision to act in this area. As other noble Lords noted, there had been reports on issues with this...

My Lords, I am grateful to all noble Lords who contributed to the debate and for their support for this measure. The noble Lord, Lord Empey, asked what triggered the Government’s decision to act in this area. As other noble Lords noted, there had been reports on issues with this...

My Lords, this order, which we are here to discuss, brings prepaid funeral plan providers within the Financial Conduct Authority’s regulatory perimeter, subjecting them to compulsory, proportionate and robust regulation. This will ensure that consumers—often elderly and vulnerable—are adequately protected by proportionate but sufficiently robust regulation.

A funeral plan is a...

My Lords, this order, which we are here to discuss, brings prepaid funeral plan providers within the Financial Conduct Authority’s regulatory perimeter, subjecting them to compulsory, proportionate and robust regulation. This will ensure that consumers—often elderly and vulnerable—are adequately protected by proportionate but sufficiently robust regulation.

A funeral plan is a...

My Lords, I will repeat my last sentence in case it could not be heard due to the Division Bell. I can assure the Committee that the Treasury and the FCA will monitor the situation very closely and, subject to the facts at the time, stand ready to take any...

My Lords, I will repeat my last sentence in case it could not be heard due to the Division Bell. I can assure the Committee that the Treasury and the FCA will monitor the situation very closely and, subject to the facts at the time, stand ready to take any...

Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.