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Funeral Funds Regulation 2016 

What is this about?

The NSW Government is remaking the Funeral Funds Regulation 2011.

The Regulation supports the Funeral Funds Act 1979. The Act ensures that pre-payments made by consumers for funeral services are properly managed in the long term. This is in order to provide agreed benefits to the consumer and the appropriate and timely payment to the supplier of the funeral services.

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What has happened so far?

In June 2016, Fair Trading released the draft Funeral Funds Regulation 2016 (in PDF format size: 203kb) and Regulatory Impact Statement (in PDF format size: 972kb) outlining proposed changes to the Regulation and inviting comment from stakeholders and the public.

The Regulatory Impact Statement outlined proposed changes to the Funeral Funds Regulation 2011, including:

  • removing the need for details of a contract to be provided to a consumer on two separate occasions, both before and after the two parties have entered into a contract
  • removing Fund's ability to charge a $50 fee if a consumer cancels a contract within the 30 day cooling off period
  • removing the exemption from liability for Fund directors in instances of offences by corporations
  • adjusting the prescribed fee amounts according to the changes in the Consumer Price Index.

Consultation closed on 1 July 2016. Comments and submission are being considered to help the Regulations operate effectively.

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What are the next steps?

All submissions will be reviewed, which may result in further amendments to the Regulation. If required, we may conduct further targeted consultation on any key issues identified. The final Regulation will be published on the NSW legislation website.

The new Regulation is set to commence on 1 September 2016.

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