Update to Plan Holders

You will recall that the Company was progressing negotiations with regulated funeral plan providers about the transfer of its funeral plans before the 31 October 2022 deadline. Whilst those negotiations continued to be progressed, the Directors were of the view that a transfer would not be concluded before the deadline.

Acting in the interests of plan holders and creditors, the Directors of the Company made an application to court seeking the appointment of Administrators. We can advise that on 20 October 2022, the Court ordered that Andrew Knowles and Geoff Bouchier of Kroll Advisory Ltd be appointed as Joint Administrators of the Company. This was in order to afford the Company time to progress negotiations regarding a future transfer of plans to a suitable provider authorised by the FCA, who will offer the same level of service as we have done over the last 5 years.

The Court specifically directed that the Company may continue to administer the existing plans whilst under the control of the Joint Administrators.

The Joint Administrators will work with the Company’s team to ensure that customers’ funeral plans continue to be delivered in the same way as they have been up until now whilst they progress negotiations regarding a transfer of existing plans to a suitable FCA regulated plan provider.

Customers’ funds continue to be held within the Great British Funeral Trust which continues to be managed by its independent Trustees and actuaries.

The service which you will receive at time of need will be the same as was agreed when you purchased your plan using your allocated funeral director.

This means that there is nothing that customers need to do and no deadline that must be met as your plans will continue to be administered as normal.

Throughout this period, we will maintain the standard and quality of services the Company’s clients have always received.

The Joint Administrators will keep plan holders updated as the Administration progresses.

To assist plan holders understand this situation further, the Joint Administrators have prepared Frequently Asked Questions (“FAQs”) which can be found by visiting the Company’s website or by clicking here.

These FAQs will be updated from time to time as further information becomes available.

In the event plan holders’ queries may not be answered by the FAQs, you may contact the Company’s customer service team by freephone on 0161 850 4341 or by email hello@prosperous-life.co.uk.

For and on behalf of

Andrew Knowles and Geoff Bouchier

Joint Administrators

Prosperous Life Limited (In Administration)

The affairs, business and assets of the Company are being managed by the Joint Administrators, Andrew Knowles and Geoff Bouchier who act as agents of the Company without personal liability. Andrew Knowles and Geoff Bouchier are licensed as insolvency practitioners in the United Kingdom by the Insolvency Practitioners Association.

The General Data Protection Regulation requires that individuals whose data is being held by contacted and provided with information about their rights. A privacy notice is available at https://www.kroll.com/privacy.