Funeral Plans and Energy Credit
Money Box
BBC
4.2 • 825 Ratings
🗓️ 4 November 2023
⏱️ 26 minutes
🧾️ Download transcript
Summary
A funeral plan company with more than 13,000 customers has gone bust leaving thousands of people without the plan they paid for. One Life Funeral Planning Limited was just 1 of around 40 firms which were not approved by the Financial Conduct Authority in July 2022 when it took over regulation of funeral planners. Attempts to find a regulated firm to take over its customers failed and last November its directors put it into administration. What can its customers do?
Christine Farnish, a former non-executive director at the energy regulator Ofgem, has told Money Box the amount of credit held by energy companies is a "real problem" that needs looking at. It comes after we revealed last week that suppliers held more than £8bn of customers' money in the form of credit on their accounts in the first three months of this year. Ofgem said protecting customers is its top priority and that it encourages suppliers to help customers spread the cost of winter over a full year to help them manage their bills. Previously Energy UK have told us told us at the time this £8.1bn was being held as credit prices were extremely volatile and the level of government help was unknown.
Nearly half a million new 18 year olds have not claimed hundreds even thousands of pounds waiting for them in child trust funds the govt and parents set aside for them. Check here: findctf.sharefound.org And is there a way to tell if you really are investing ethically? A new database may be a step towards that.
Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle
(First broadcast, 12pm Saturday 7th October, 2023)
Transcript
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| 0:00.0 | You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one. |
| 0:06.5 | I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds. |
| 0:11.2 | I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects, |
| 0:16.0 | relationships, identity, comedy, even one that mixes poetry, music and inner city life. |
| 0:22.4 | So one day I'll be helping host develop their ideas, the next fact-checking, a feature, |
| 0:28.3 | and the next looking at how a podcast connects with its audience, and maybe that's you. |
| 0:33.6 | So if you like this podcast, check out some others on BBC Sounds. |
| 0:39.5 | BBC Sounds, music, radio podcasts. |
| 0:43.0 | Hello, welcome to this Moneybox podcast. |
| 0:45.8 | We have more on refunds from your energy firm when you've built up a credit, |
| 0:50.4 | and that's after a huge response from our listeners. |
| 0:53.5 | Nearly half a million new 18-year-olds have not claimed hundreds, even thousands of pounds, |
| 0:59.4 | waiting for them in child trust funds which the government and parents set aside for them. |
| 1:04.7 | And is there a way to tell if you really are investing ethically? |
| 1:08.6 | A new database may be a step towards that. But first, a funeral |
| 1:12.6 | plan firm with more than 13,000 customers has gone bust, leaving thousands of people |
| 1:18.5 | without the plan they paid for. One Life, Funeral Planning Limited, was just one of around |
| 1:24.3 | 40 firms which were not approved by the Financial Conduct Authority last July |
| 1:29.4 | when it took over regulation of funeral planners. It found significant issues with the running of one |
| 1:35.3 | life, including concerns over its poor sales practices. Attempts to find a regulated firm |
| 1:41.4 | to take over its customers failed and last November its directors put it into administration. |
| 1:47.6 | The administrators have returned direct debit payments to customers which were made since November |
... |
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