11th March 2025
In response to the announcement today that the Complaints Commissioner has upheld a complaint against the FCA about the way it handled Safe Hands (funeral plan provider), James Daley, managing director of Fairer Finance, the consumer group and ratings provider, commented:
“The Complaints Commissioner has made it clear that the FCA missed opportunities to prevent the losses suffered by thousands of Safe Hands customers. As well as failing to act on tip-offs in 2021, the FCA also did not properly follow up concerns raised by Fairer Finance in 2017. The FCA has rightly now referred itself to the Treasury Select Committee - and we would expect Dame Hillier’s committee to carry out a full inquiry into how so many people lost money in the run up to funeral plan regulation.
“This should not just focus on the FCA. We believe the failings go back to the Treasury’s drafting of the Financial Services & Markets Act at the turn of the millennium. Multiple opportunities to prevent the losses suffered by thousands of Safe Hands and One Life customers were missed. After the facts have been uncovered, work must urgently begin to compensate customers. Sadly, for many, it is already too late. “
Fairer Finance has campaigned and fought on behalf of the c60,000 consumers that have lost millions of pounds when Safe Hands and One Life pre-paid funeral plan companies went bust after the industry became regulated by the FCA in 2022.
Fairer Finance’s 2017 report, “Is the prepaid funeral plan market working well for consumers?” was the catalyst for the Treasury’s decision to bring the sector under full FCA regulatory supervision.