Prepaid Funeral Funds Problem

Release date: 
10 Mar 2010

Independent Member for Alfred Cove Dr Janet Woollard is warning constituents to read contracts for prepaid funeral funds before investing their money.

"I have recently discovered money invested by constituents in prepaid funeral funds cannot be returned should the constituent move and wish to withdraw their money."

"I advise anyone thinking of investing money in a prepaid funeral fund to read the fine print of their contract carefully before signing it," said Dr Woollard.

In the Regulation of Prepaid Funerals: FInal Report published by the Department of Consumer and Employment Protection in November 2007, a recommendation was made to ensure that consumers are aware of the implications of their contract if they move interstate or overseas.

Given that constituents are still unable to withdraw their money from prepaid funeral funds if they decide to move elsewhere, it would appear that this recommendation has not been implemented.

"I have asked the Minister for Commerce, Hon Troy Buswell, to review the matter," said Dr Woollard.