FPCOB 10.2 Transfers of funeral plans

1This rule applies to a funeral plan provider which has assumed the undertaking under a funeral plan contract to provide, or secure the provision of, a funeral as a result of a transfer of the contract.

The firm must notify the customer and nominated representative that a transfer of the funeral plan contract has taken place within 30 days of the completion of the transfer and, where an undertaking is given in accordance with FPCOB 10.2.2R(2), a copy must be provided.

The firm must ensure that arrangements meeting the requirements of FPCOB 10.1.3R are in place within 30 days of the completion of the transfer.

If, as a result of the firm’s compliance with this rule, there are any changes to the arrangements under the contract, the firm must notify the customer and the nominated representative in compliance with FPCOB 10.1.4R and FPCOB 10.1.5R.

This rule applies to a funeral plan provider in circumstances described in article 59(3) to (6) of the Regulated Activities Order who:

1. (a)

   intends to give an equivalent or substantially similar undertaking to a customer or a defined group of customers to replace an existing undertaking to provide, or secure the provision of, a funeral under a funeral plan contract between that customer and another person or funeral plan provider; and

2. (b)

   will not otherwise assume the existing undertaking by novation, assignment or operation of law.

On or before the date notified to the FCA under article 59(3)(e)(ii) of the Regulated Activities Order, where the receiving funeral plan provider’s undertaking will replace the existing undertaking under the funeral plan contract which the customer had with the transferring firm, the receiving funeral plan provider must give a written undertaking to the customer:

1. (a)

   to provide a funeral on equivalent or substantially similar terms to the existing undertaking; and

2. (b)

   which provides the customer with a legally binding claim against it without the need for customer acceptance or any other action on the part of the customer.

At the same time that the written undertaking is provided to the customer under FPCOB 10.2.2R(2), the funeral plan provider must notify the FCA that the undertaking has been given and provide a copy of the undertaking.

The funeral plan provider must:

1. (a)

   publish and maintain a copy of the written undertaking provided to the customer under FPCOB 10.2.2R(2) on its website; and

2. (b)

   maintain appropriate records, including records of the undertaking and the customers to whom it applies,

until such time as there are no longer any customers to whom the undertaking applies.

On request by the customer or their nominated representative, the funeral plan provider must promptly provide a further copy of the undertaking by post and/or by email.