Funeral Plan Compensation and Leasehold Reform

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 12 April 2025

⏱️ 25 minutes

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Summary

There will be no compensation for more than 46,000 people who lost thousands of pounds each when the funeral plan firm Safe Hands went bust 3 years ago. The regulator - the Financial Conduct Authority - was told this week it should consider compensating them after a report by Rachel Kent, the Complaints Commissioner, set out the FCA's failings over Safe Hands. In response, the FCA has said it does not accept it was at fault, that it did not regulate the funeral planning firm at the time, and no compensation would be paid.

This month the Government has announced plans to scrap new leasehold flats, replacing it with a system called commonhold already used in Scotland where homeowners collectively own the building and the land. But how will the planned improvements to the rights of existing leaseholders work?

There's changes to how 'side-hustlers' report their earnings to HMRC, but it's not a tax cut, how will that work?

And there's extra money to help pensioners in Northern Ireland with their heating bills.

Presenter: Paul Lewis Reporters: Dan Whitworth and Eimear Devlin Researcher: Jo Krasner Editor: Sarah Rogers.

(This programme was first broadcast at 12pm Saturday the 15th of March 2025)

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
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0:34.9	check out BBC Sounds. BBC Sounds, music, radio, podcasts.
0:41.3	Hello, welcome to this Moneybox podcast. The government plans to ban the sale of new leasehold flats in England and Wales.
0:48.3	But what about the five million household is already in one?
0:51.3	Winter fuel payment is back, but only in Northern Ireland and only £100.
0:58.0	Fewer small online traders will have to fill in a self-assessment tax return, but they'll still have to pay the same amount of tax.
1:05.0	First, though, there'll be no compensation for more than 46,000 people who lost thousands of pounds each when the
1:12.4	funeral plan firm Safe Hands went bust three years ago. The regulator, the Financial Conduct
1:18.4	Authority, was told this week it should consider compensating them. After a report by Rachel
1:23.3	Kent, the complaints commissioner set out the FCA's failings over safe hands. But as soon as that
1:29.7	recommendation was published, the FCA said it didn't accept it was at fault, that it didn't
1:34.3	regulate the funeral planning firm at the time and no compensation would be paid. It told me it had
1:40.0	been aware of the Commissioner's report for some time and had considered it carefully before
1:44.4	rejecting the findings. We'll play the first interview with the SCA shortly, but first,
1:49.2	Dan Whitworth's been following this story which we first looked at some years ago, Dan.
1:53.5	Yes, indeed, Paul. And as you said, more than 46,000 people paid money to safe hands
1:59.4	to cover the cost of their funerals before the company went bust in 2022.
	...

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