Not upheld: Other regulated complaint complaint against Golden Charter Limited

Decision detail

Summary

Mr F purchased a pre-paid funeral plan from Golden Charter in 2020 with a 10-year instalment payment option. When his circumstances changed in early 2025, he requested a refund but Golden Charter refused, citing contract terms that stated no refund would be paid after 12 months. Mr F argued that since pre-paid funeral plans became FCA-regulated in 2022, Golden Charter should apply post-regulation refund practices and that other providers offer refunds. The ombudsman found that regulatory requirements were not applied retrospectively to existing plans, the contract terms were clear and properly communicated at sale, and Mr F's change in circumstances did not justify overriding the agreed terms. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that regulatory requirements introduced in 2022 were not applied retrospectively to existing plans. The contract terms were clear, had been properly communicated to Mr F at the point of sale, and were applied fairly by Golden Charter. Mr F's change in personal circumstances does not justify disregarding the contract terms he agreed to. The Consumer Duty, which applies from July 2024, does not override clear terms that were explained at sale and applied fairly. Golden Charter's handling of the cancellation request complied with the Consumer Duty requirement to act to deliver good outcomes, as they provided clear information and followed their documented process.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website