Today the Competition and Markets Authority (CMA) released their interim report on the Funeral sector since launching a Market study 6 months ago.
Ready4Retirement welcomes the major funerals probe by the CMA. We are strongly against all misleading practices that industry leaders are currently using to exploit vulnerable people at their time of need.
“The CMA is the UK’s primary competition and consumer authority. It is an independent non-ministerial government department with responsibility for carrying out investigations into mergers, markets and the regulated industries and enforcing competition and consumer law.” CMA Website
“This is something Ready4Retirement have been discussing with our customers for the last few years. Our mission is to eradicate funeral poverty across the UK, working with partner funeral directors such as Fosters who can offer a fully guaranteed funeral at the lowest price.”
The CMA also said :
“In parallel to the CMA’s market study, the Government (HM Treasury) has been seeking evidence to aid in the design of a more appropriate regulatory framework for the pre-paid funeral plan sector. Because of this, the CMA is not looking at the pre-paid sector.”
“The average price of the core elements of a funeral is now £4,271 (2018) and the average cremation fee is £737 (2017). Funeral director prices increased by 68% and crematoria fees rose by 84% over the most recent 10-year periods for which we have data. By comparison, inflation (CPI) increased by around 25% over this time.”