Refund

Poppytia123

Hi there
i have a Empathy funeral plan and have received an email from them that they have ceased practicing as they are not regulated by the FCA. They want to transfer my plan to Dignity. Or if I don’t wish to transfer my plan I can ask for a refund. I have asked for a full refund of all my money and because I have not cancelled the plan with them I shouldn’t expect a charge. Today I received an email telling me of which they state If you opt for a refund, it is unlikely you will receive all your money. The Trust was not designed for an early cessation of investment and distribution like this, and has not had time to perform and mature.  Therefore, only a proportion of your fees will be available at this time. Surely this is not right. I paid monthly by direct debit where do I stand. Thanks

Marcon

Poppytia123 said:

Hi there
i have a Empathy funeral plan and have received an email from them that they have ceased practicing as they are not regulated by the FCA. They want to transfer my plan to Dignity. Or if I don’t wish to transfer my plan I can ask for a refund. I have asked for a full refund of all my money and because I have not cancelled the plan with them I shouldn’t expect a charge. Today I received an email telling me of which they state If you opt for a refund, it is unlikely you will receive all your money. The Trust was not designed for an early cessation of investment and distribution like this, and has not had time to perform and mature.  Therefore, only a proportion of your fees will be available at this time. Surely this is not right. I paid monthly by direct debit where do I stand. Thanks

The starting point is that you stand bound by the terms of your original contract. What does that say, if anything, about this situation? 

elsien

You have the option of continuing the plan with another provider to get the full benefits, which you have chosen not to take. Without scrutinising the terms and conditions, I can see why potentially cancellation fees could fall into that. Because the plan could continue if you were amenable.

MalMonroe

Hi, have you seen the information in this link -

https://www.fca.org.uk/news/news-stories/consumer-warning-fox-milton-co-limited-trading-unique-funeral-plans-empathy-funeral-plans-uk

It really might be worth you contacting the Financial Conduct Authority to ask them about the refund.  Contact details here -

https://www.fca.org.uk/contact

I don't see why Empathy has to hang on to any of your money. What they said in their email to you,

"if you opt for a refund, it is unlikely you will receive all your money. The Trust was not designed for an early cessation of investment and distribution like this, and has not had time to perform and mature.  Therefore, only a proportion of your fees will be available at this time." 

appears to apply to a case where the customer has decided to opt out and request a full refund. It doesn't seem to be appropriate for the situation Empathy Funeral Plans is in right now.

Here's their website. https://empathyfuneralplans.co.uk/

It doesn't say they're bankrupt. Yet. So why not repay the money they have taken in full?

I'd continue to pursue this and try to get all my money back. First start with the FCA and see what they advise.

lincroft1710

MalMonroe said:

Hi, have you seen the information in this link -

https://www.fca.org.uk/news/news-stories/consumer-warning-fox-milton-co-limited-trading-unique-funeral-plans-empathy-funeral-plans-uk

It really might be worth you contacting the Financial Conduct Authority to ask them about the refund.  Contact details here -

https://www.fca.org.uk/contact

I don't see why Empathy has to hang on to any of your money. What they said in their email to you,

"if you opt for a refund, it is unlikely you will receive all your money. The Trust was not designed for an early cessation of investment and distribution like this, and has not had time to perform and mature.  Therefore, only a proportion of your fees will be available at this time." 

appears to apply to a case where the customer has decided to opt out and request a full refund. It doesn't seem to be appropriate for the situation Empathy Funeral Plans is in right now.

Here's their website. https://empathyfuneralplans.co.uk/

It doesn't say they're bankrupt. Yet. So why not repay the money they have taken in full?

I'd continue to pursue this and try to get all my money back. First start with the FCA and see what they advise.

Because all organisations have running costs and part of the premiums will go to funding those costs. So the company will no longer have 100% of the premiums paid

Georgiedog11

I've just been informed we're getting 4% of what we paid in to Empathy? Where has all the money gone? They never evern informed me they'd ceased trading and I continued until October 22. Surely this is criminal? OHaras refuse to answer the phones and have basically informed me there's nothing to be done. I'm going to OHaras personally and I'll take this story to the press!

elsien

Newer thread.
https://forums.moneysavingexpert.com/discussion/6579381/anyone-owed-money-from-empathy-funeral-plan