The deadline has been set for the investigation into funeral costs that appear to have soared in recent years.
We should know by May 2019 whether any further action is to be taken. This could be a formal investigation into whether breaches of consumer law is taking place, or additional studies of the market and its workings.
To point out the obvious, we’re all going to die at some point. Given that dying comes with costs, this is an important sector when it comes to healthy competition and consumer protection. That’s not just because the industry is worth billions, or the fact that it’s usually a sad time for many, but also because there’s always going to be a market for it (we assume!).
May 2019: a key date in the investigation into funeral costs
May 2019 is a key date in the ongoing market studies and the investigation into funeral costs. When you take an industry that (we assume) will always be there, it’s the kind of sector that can be vulnerable to abuse.
We cannot understate the importance of this investigation into funeral costs; costs which are said to be soaring in an industry that’s huge, and will likely continue to grow.
What is the investigation into funeral costs about?
The CMA (Competition and Markets Authority) initiated their investigation into funeral costs in May 2018.
Their focus has been:
- How competition between funeral directors works and transparency issues in the provision of funerals;
- How competition works in the crematoria segment of the industry.
(Source: CMA)
The reports are in, and key players in the market have been consulted. Now, the CMA must judge whether the evidence indicates that consumers are not being treated fairly. They may make a market investigation reference, and they could ultimately take action against organisations in the sector.
The action they can take includes undertakings, whereby formal agreements are made about behaviours in the market, or they can even include court action.