Two men have been charged following a fraud investigation into the collapse of Safe Hands, a pre-paid funeral plan provider that left approximately 46,000 customers out of pocket when it went bust in 2022.
The Serious Fraud Office (SFO) announced that Richard Wells, 39, residing in Spain, and Neil Debenham, 43, of Norwich, have been charged with conspiracy to defraud. Wells is a former director of SHP Capital Holdings, Safe Hands' parent company, while Debenham was a senior executive at the business.
Emma Luxton, SFO director of operations, said: 'This scheme marketed peace of mind to tens of thousands of people, many of them vulnerable. That promise dissolved when it collapsed, leaving plan holders exposed, out of pocket and uncertain about their funeral arrangements.'
The charges relate to the company's failure to secure necessary regulatory approval from the Financial Conduct Authority (FCA) for the ongoing sale of its plans. The SFO launched its investigation in 2023.
Safe Hands was one of many firms operating in the previously unregulated funeral plan industry. It collapsed just before new FCA rules came into effect in 2022, and administrators said it could not cover customers' funeral costs.
The two men are due to appear at Westminster Magistrates' Court on 5 February.
