Home Business NewsBusiness Here’s why: £2bn funeral market under watchdog scanner

Here’s why: £2bn funeral market under watchdog scanner

1st Jun 18 11:12 am

To prevent grieving families from overpaying

Competition and Markets Authority (CMA) has launched an investigation into the £2bn a year funerals market as the government believes that the sector is not ensuring fair treatment of consumers.

“I’m appalled by the lengths that some dishonest salesmen have gone to in order to sell a funeral plan,” said John Glen, economic secretary to the Treasury.

“There are thousands of pre-paid funeral plans bought each year, and most providers are fair and legitimate. But tougher regulation will ensure robust standards are enforced for all plan providers, and protect individuals and their families if things go wrong.”

The average cost of a funeral was nearly £3,800 in 2017, the CMA said, leaving many people concerned about taking on debt, with those on the lowest incomes potentially spending up to one third of their annual income on a funeral.

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