Established in 2017, the Cornwall-based funeral planners offer customers direct funeral plans, removing large third-party commission fees.
As of 29 July, all providers of pre-paid funeral plans will be regulated by the Financial Conduct Authority (FCA). To gain authorised status providers must hold a minimum amount of plan holder monies and, unfortunately, NFP Funeral Plans were unable to meet the criteria set by the FCA resulting in the decision to cease trading and seek voluntary liquidation. The company’s sole office will close as part of the liquidation.
Approximately 700 plan holders will be affected by NFP Funeral Plan’s closure, however as all pending funerals have been paid for, no bereaved families will be impacted by the liquidation.
Quantuma is currently trying to establish support for plan holders through other funeral plan providers. Plan holders who paid by credit or debit card have been advised to contact their card provider to understand if they are eligible to make a chargeback claim regarding their plan premium.
Kelly Mitchell, director at Quantuma, says: “We understand that the closure of NFP Funeral Plans may be worrying news for plan holders and their friends and family. However, I’d like to reassure them that we are working tirelessly to establish what solutions can be offered. We will be contacting plan holders individually with regard to next steps.
We will also be undertaking a thorough investigation with regard to the management of plan holders’ funds and plan holders will be updated as our investigations progress.”
ENDS
Notes to Editors
Quantuma is a leading business advisory firm which works with businesses at the key milestones, helping them to take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. They have specialist expertise in restructuring and insolvency, financial advisory, corporate finance, forensic accounting and investigations, cross-border asset recovery and creditor services. They work alongside accountants, major law practices, private equity houses, lenders, and regulators. The business has 23 offices, including 16 in the UK, two international offices in Cyprus (Nicosia and Paphos), one in the Cayman Islands and British Virgin Islands, one in Mauritius, an office in Singapore and one in Dubai. In August 2020 it merged with AIM-listed K3 Capital Group plc to build a global, multidisciplinary professional services group. For more information, please visit www.quantuma.com
