If you’re considering purchasing a funeral plan in Spain, you might be wondering if UK regulation applies to you. While it’s not mandatory to buy a plan from a UK-regulated company, here are some important points to consider:
It’s illegal for non-regulated companies to provide cover for funeral provision in the UK
As of July 29th, 2022, it is illegal for companies that are not regulated by the UK financial services regulator to provide funeral plan cover in the UK.
The law says that if you pay a company and they secure a funeral in advance in the UK then they must be regulated.
How to check if your funeral plan company is regulated:
You can visit the FCA register at https://register.fca.org.uk/ to verify the regulatory status of your chosen company. Avalon Europe’s registration number is 965286.
Why does funeral plan regulation matter… especially for expats
Regulation of the pre-paid funeral plan sector brings higher standards and boosts consumer protection. The UK regulator’s goal is to ensure good outcomes for consumers.
They want to make sure that the products offered by regulated firms meet consumer needs, offer fair value, and that firms handle consumers’ money responsibly to deliver funeral services.
I didn’t think a UK regulator would have jurisdiction in Spain?
Whilst the Spanish authorities don’t currently regulate funeral plans here, the UK does have jurisdiction over the provision of a pre-paid funeral in the UK. So, if someone is sold a funeral plan with the promise of a funeral in the UK, it’s under their jurisdiction. Anyone offering a UK funeral in advance anywhere in the world would need to be regulated in the UK.
What if I buy from an unregulated firm that promises to transfer to a UK funeral director?
That funeral director would be breaking the law if they accept it because you’ve paid in advance with a promise of a funeral in the UK. And as they are unregulated, you would not benefit from all the consumer protections provided by regulated providers.
You might never need it… But it’ll be there if you do
You might be shocked to learn 35% of Avalon Funeral Plans purchased in the EU are enacted in the UK, sometimes for
reasons not planned for. That’s why we’re passionate about allowing all customers to nominate a Funeral Director in both countries. Having protection in both Spain and the UK gives you twice the protection. And because it’s free, if you work with a regulated provider like Avalon, you get extra peace of mind for no extra cost. Seems like a no-brainer to us.
Why choose Avalon?
With 30 years’ experience, Avalon has over 100,000 customers and we believe it is absolutely right that each customer should have peace of mind knowing that their funeral wishes will be fulfilled. We have always safeguarded customers’ funds (which now exceed £150m), and we fully support the additional safeguarding brought by the UK regulation.
Experience
Avalon was founded in the UK in 1993, demonstrating our long-standing expertise and commitment to providing funeral plans our customers can rely on.
Secure trust fund
The money you pay into the plan is held separately in a UK trust fund, ensuring its security and proper management. Regulated firms must ensure that their trust funds are funded at least 100%, providing an extra layer of protection for you.
FSCS protection
In the unlikely event that a regulated UK firm like Avalon were not able to meet their liabilities then the Financial Services Compensation Scheme (FSCS) would arrange for a replacement funeral plan or compensation.
Avalon Promise
We promise to deliver your funeral plan if you pass away before your plan is fully paid, subject to terms and conditions.
Recognised excellence
We have been voted the Best Funeral Plan Provider by Personal Finance Awards every year since 2019.
Dual country cover
We are a UK regulated funeral provider offering funeral plans that can be legally enacted in the UK.
Trustpilot rating
We have over 4,000 reviews on Trustpilot and are rated ‘Excellent’ by our customers expressing their satisfaction with our services.
