Analysis of published Solvency Assessment Reports (“SARs”)
24 May 2023
We have analysed the published Solvency Assessment Reports (“SARs”) of the 18 trust based pre-paid funeral plan providers, covering 38 trusts and £2.7 billion of assets, that the FCA has authorised. We have recommendations regarding FCA compliance, readability, and consistency, and will reach out to collaborate with our fellow funeral plan actuaries in the industry. Our main findings are that most SARs could be improved in terms of readability, that they vary considerably in length and terminology usage, and that some have not yet met all of the regulatory requirements.
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