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Andrew Watling and Kelly Mitchell, Insolvency Practitioners of business advisory firm Quantuma, have been appointed as Joint Administrators of One Life Funeral Planning Ltd.
Incorporated in December 2020, Sheffield-based OLFP offered around 14,000 customers a variety of funeral and cremation plans on both a pre-paid and payment by instalment basis.
Businesses operating in the pre-paid funeral plan sector became subject to FCA regulation on 29 July 2022 and OLFP were one of a number of providers who were unsuccessful in obtaining FCA approval.
OLFP directors have been working with Quantuma advisers to enable them to comply with FCA requirements to wind down operations and seek to transfer their customers’ plans to an alternative authorised plan provider in an orderly manner.
Having been unsuccessful in transferring the plans before the 31 October deadline, OLFP has appointed administrators, which allows these efforts to continue for a limited time.
Despite the administration, the administrators will be able to continue to collect instalment payments and arrange funerals in the event that any customers die before a transfer can be completed.
Andrew Watling, managing director at Quantuma, said: “We understand that One Life’s situation will be unsettling news for its 14,000 or so plan holders. We’re working closely with the FCA and the Trustees of The One Life Trust to lessen the impact as far as possible and find the best solution for customers and will provide regular updates on our progress.”
