Two charged following the collapse of funeral firm that left tens of thousands of Britons out of pocket

Mr Wells previously served as director of SHP Capital Holdings Ltd, the parent company of Safe Hands, whilst Mr Debenham held a senior executive position within the organisation.

Both men are scheduled to appear before Westminster Magistrates' Court on February 5.

The SFO described the charges as a "critical step" in its ongoing investigation into suspected fraud at the funeral plan business and its parent firm.

The investigation was first launched in 2023.

Safe Hands Plans was a pre-paid funeral business that entered administration in 2022, leaving approximately 46,000 customers significantly out of pocket.

The firm had operated in what was then an unregulated sector, collapsing four months before new rules requiring Financial Conduct Authority approval came into force in July 2022.

According to administrator FRP Advisory, creditors have claimed around £70.6million from the failed company.

Those who had purchased plans expecting their future funeral costs to be covered found themselves with virtually nothing when the business failed.

Initially, administrators suggested planholders might receive between 8.5p and 12.5p for every pound lost by June 2025.

However, following a six-month delay, the actual repayment proved far lower, with affected customers receiving approximately 4p for each pound they had invested.

Emma Luxton, director of operations at the SFO, 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.

"Today's charges mark a critical step in our investigation."

The charges relate to the company's failure after it was unable to obtain the regulatory approval necessary to continue selling its funeral plans.

Pre-paid funeral plans are intended to allow individuals to cover their own funeral expenses in advance, easing the financial burden on their families after death.

Safe Hands was among dozens of firms operating before oversight of the sector was introduced.

Among those affected is Denise Hudson from Derby, who paid nearly £2,500 for a Safe Hands plan after responding to a television advertisement in 2019, only to receive a cheque for less than £100 from administrators last year.

"That was my savings. I gave it in good faith. I actually thought what it said on the tin, it is in safe hands," she said.

Ms Hudson told the BBC she might "frame" the cheque for £96.50, using it as a reminder to keep fighting.

Sandie and David Beatty from Bingham in Nottinghamshire paid £3,395 in 2017 to cover funeral costs for whichever of them died first.

Ms Beatty said they felt "angry, disappointed, sick" when the firm collapsed.

Aimee Geary, an NHS worker from Anstey in Leicestershire who paid £3,000 in 2017, said: "It's sad that you try to plan something and it has been taken away from you."

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