Funeral Insurance Distributors Urged to Improve Implementation of Recommendations, Says Authority

The Authority deplores that its recommendations issued in 2021 remain “very little implemented”.

Funeral insurance distributors must do better to respect the “interests of customers”, demanded Friday, November 3, the policeman of the banking and insurance sector who denounced in a press release numerous “failures” in the marketing of contracts .

After carrying out “300 mystery visits” in 2023, the Prudential Control and Regulation Authority (ACPR) notes that “distributors do not sufficiently question their customers” about their objective as well as their financial and personal situation,

do not inform them “clearly”

in particular “on the essential characteristics” of contracts, and that

the advice remains “summary and not very personalized”.

Controls in 2024

“The results show that the recommendation adopted by the Authority in 2021, after in-depth discussions with all stakeholders, is very little applied,” she criticized, urging

the companies concerned to “immediately comply with their obligations

respect for customer interests”. A new series of controls will take place in 2024.

Funeral contracts can be distributed by funeral directors, insurers or banks. They aim to cover, at least in part, funeral costs.