The Independent Pricing and Regulatory Tribunal (IPART) has called on the funeral industry to be more transparent about prices following a review into the industry’s competition, costs and pricing.
Acting Chair of IPART, Deborah Cope said the Tribunal’s draft report, Review of Competition, Costs and Pricing in the NSW Funeral Industry, found the funeral industry didn’t provide consumers with enough information about funeral prices, at a time when they were making decisions under stress and time pressure.
“We found that only two thirds of funeral providers had any price information on their websites at all, and less than half publish all the information they are required to,” Ms Cope said.
“For consumers to be able to get the right funeral for them at a price they can afford, they need to be able to access that information quickly and easily, so they can compare providers,” she said.
“There are wide variations in price to navigate, with even a ‘no service no attendance’ simple cremation without a ceremony ranging from less than $2,000 to more than $7,000, and a standard funeral with a service ranging from $5,000 to around $9,000 (not including burial costs).”
Ms Cope said IPART found that most people in NSW had access to a choice of funeral providers and products, and a range of funeral services that met their needs.
“Most people are satisfied with the funerals they purchase,” she said.
“However, people told us that the process of organising a funeral can be confusing, and that more information would help.”
The acting IPART Chair said the Draft Report made 10 recommendations aimed at consolidating information on organising a funeral; developing a consumer guide to help people compare funeral providers; and ensuring that funeral providers published their prices, as legally required.
Ms Cope said some people had called for more regulation of the industry, but IPART found this would be likely to only add to the costs of a funeral without increasing industry standards.
She said IPART was seeking feedback on its draft recommendations until 14 May.
The Tribunal’s 15-page Draft Report, including information on how to have a say, can be accessed at this PS News link.
