The collapse of Safe Hands Plans, a pre-paid funeral plan business, has resulted in fraud charges against two former executives. The Serious Fraud Office (SFO) has charged Richard Wells, 39, residing in Spain, and Neil Debenham, 43, of Norwich, with conspiracy to defraud.
Safe Hands Plans, which went into administration in 2022, had around 46,000 customers who had purchased plans expecting their future funeral costs to be covered. However, the company’s failure to secure the necessary regulatory approval for the ongoing sale of its plans led to its downfall.
According to the SFO, the charges relate to the failure of the business, leaving plan holders exposed, out of pocket, and uncertain about their funeral arrangements. Emma Luxton, director of operations at the SFO, stated that the scheme had “marketed peace of mind to tens of thousands of people, many of them vulnerable,” but that promise dissolved when the company collapsed.
Creditors of the company have claimed around £70.6 million, and the SFO initially launched an investigation into the business in 2023. The charges against Wells and Debenham, the former director of SHP Capital and a senior executive at the company, respectively, mark a critical step in the investigation.
The two men are scheduled to appear at Westminster Magistrate’s Court on February 5. The collapse of Safe Hands Plans has left many customers in a precarious situation, and the SFO’s actions aim to hold the responsible parties accountable for the alleged fraudulent activities.
