Since pre-paid funeral planning was introduced to the UK in 1984, Golden Leaves has been at the forefront of the industry. Golden Leaves funeral plans were founding members of the National Association for Pre-paid Funeral Plans (NAPFP) and The Funeral Planning Authority (FPA) which prior to regulation monitored the marketing, financial and service provisions of the plan providers that it regulated.
As of 1st January 2002, funeral planning became a regulated activity under The Financial Services Authority (FSA), under the Financial Services and Markets Act (Regulated Activities) Order 2001.
As of 29th July 2022, funeral plan companies were only permitted to sell funeral plans if duly authorised by the Financial Conduct Authority. In this respect, Golden Leaves Limited sought and was subsequently granted authorisation by the FCA to sell and administer funeral plans. Avalon and Bristol Funeral Plans, both now part of the Golden Leaves group, are administered under this same authorisation.
This regulation ensures industry-wide adherence to a comprehensive set of compulsory statutory rules, requiring a superior quality of service and financial resilience from all companies. As Golden Leaves is the only independent company in the market to be BSI 9001 and Customer Service Kitemark accredited, this level of professional excellence is a further extension of the quality service that all Golden Leaves, Avalon and Bristol Funeral Plans customers have already come to expect.
The Golden Leaves Trust was established in 2001 to hold and safeguard all funds received from individuals who have purchased a Golden Leaves Funeral Plan. The four Avalon Trusts and the Bristol Funeral Plans Trust exist for the same purpose, holding and safeguarding funds from customers who purchased their plan through those brands.
All the Trusts are subject to the Trustee Act 2000 and must comply with the rules of the Funeral Planning Authority (FPA). They must also comply with the Financial Services and Markets Act (Regulated Activities) Order 2001.
Funds in each Trust are held by a common, independent board of trustees, who are required to ensure the adequacy of funds to cover the cost of the funerals. Our latest actuarial reports show there are sufficient funds across all six Trusts to cover all funerals as and when they are required.
Should Golden Leaves Limited cease to trade due to liquidation, insolvency or any other reason, the relevant Trust Fund is safe from creditors, because each Trust is an entirely separate legal entity. In such a situation, the trustees will find an alternative provider to complete the administration of the plans. In the first instance, the trustees will request that the Rowland Brothers group of funeral directors administer all plans.
All six Trusts are subject to the regulatory rules and requirements of the FCA and comply with The Financial Services and Markets Act 2001. They are managed by a single professional Board of Trustees who bring extensive experience and knowledge covering such areas as funeral directing, consumer protection, trading standards, competition policy and regulation.
The Trustees have appointed investment managers with a good track record, to provide a diversified investment approach across all six Trusts. The funds are audited annually and subject to strict actuarial reporting.
Funds received by each Trust from the sale of funeral plans are invested in accordance with an agreed investment strategy, which is regularly reviewed by the Trustees after consultation with their advisers. Details of the investment strategy are provided on this site here.
Costs incurred by the Trusts include fees paid to the trustees, investment managers and professional advisers. These costs are paid by Golden Leaves Limited and can only be transferred to this company after due consideration by the trustees of that Trust’s solvency.
