CMA market study – funerals market

You may be aware that the Competitions and Markets Authority (CMA) recently announced that it will be launching a review into the funerals market.

In parallel to the CMA’s market study, HM Treasury has also opened consultation to help the government design a new framework for regulation in the prepaid funerals sector.

CMA has published responses received to the first stage of its review of the funeral market. The Co-op responded to this first stage, which focused mainly on the scope of the review.

Our response focuses on four key areas:

  • The need for greater transparency for clients so they understand the quality and standards of care they can expect when purchasing a funeral for their loved one
  • The role that regulation could play in achieving minimum standards of care across the industry
  • Extending the scope the CMA review to consider how Funeral Directors compete for the redemption of funeral plans
  • The market power exercised by crematoria and the impact of this on the fees charged

You can see a copy of our full response published on the CMA website.

We’ve introduced new products and initiatives to the market to help tackle funeral affordability and have been calling for regulation of the funeral planning sector by the Financial Conduct Authority (FCA).

We welcome any steps that protect our clients and help our families access high standards of funeral care and will continue to engage with the CMA and HM Treasury on their reviews.

Please get in touch with me or one of my team if you’d like to discuss this further.

Robert