You are here: Home - Retirement - Retirement planning - News -

Competition authority to tackle funeral market

Written by:
The Competition and Markets Authority (CMA) has launched an in-depth investigation into the funerals sector, focusing on funeral director and crematorium services.

The CMA said it was concerned about the rising cost of funerals, which has increased by 6% each year – twice the inflation rate – for the last 14 years. Funerals typically cost several thousand pounds. It is also worried about the lack of choice, compounded by the vulnerability of many people when organising a funeral. It is concerned that some funeral directors have exploited this to charge high prices.

There has also been reluctance by firms to publish and disclose their pricing structure, including online, or to provide comprehensive information on quality and range, making it difficult for people to compare funeral directors. Often, there will be limited choice of crematoria providers in a local area, which leads to high prices – the largest private operators have implemented average price rises of between 6% and 8% each year for the past 8 years and some local authorities have also implemented large increases in fees.

The CMA said the investigation would examine the competition concerns identified and decide what action, if any, is appropriate.

Louise Eaton-Terry, funeral cost expert at Royal London, said: “High funeral costs have forced thousands of grieving families into debt so a market investigation into the funeral industry is long overdue and welcome. The costs of arranging a funeral are opaque and we have been calling for the industry to make their pricing clear and transparent to ensure those arranging a funeral fully understand the options available.”


Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

PayPal closing down Money Pools

The ability to create new Money Pools will be disabled from 30 September, while existing Money Pools will be s...
PayPal closing down Money Pools

How to a write a winning property offer letter

You’ve viewed the perfect property but there’s likely to be stiff competition from other buyers. Here are five...
How to a write a winning property offer letter

BLOG: Get a personal MOT with your work perks

Thinking about exercising more, eating less or starting a new hobby in 2022? Before anything else, consider wh...
BLOG: Get a personal MOT with your work perks

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week