Safe Hands
46,000 people, including some local people, lost a total of more than £60m in the collapse of Safe Hands funerals, a firm which is now under investigation by the Serious Fraud Office.
I took up this issue on behalf of constituents who had lost money, pursuing this through questions in the House and correspondence with the regulators, who I believe let customers down here.
This week the Financial Regulators Complaints Commissioner upheld a complaint that the Financial Conduct Authority (FCA) did not act on “significant and concerning allegations, including allegations of fraud” it received about Safe Hands in April 2021, nine months before the firm collapsed.
I was extremely disappointed that the FCA responded to say it disagrees with the findings and will not be considering compensation for those affected.
I believe that warnings were missed, and I agree with the Commissioner that earlier action may have led to a different outcome for those who have lost money.
I have written to the FCA to relay my concerns about the way this has been dealt with, to ask further questions about their decision and to ask that they look at this again given the scale of the matter.