Shares in funeral services provider Dignity surged topped the FTSE all-share risers on Thursday as the Competition and Markets Authority confirmed that it cannot impose tighter price controls currently due to the pandemic.
The share price of Dignity (DTY) surged by nearly 65% following the announcement.
The UK’s watchdog opened up an investigation into the funeral services sector as reports indicated that grieving families were being taken advantage of by being charged excess prices.
However, within the current climate, the watchdog revealed that it has had to bring in the scope of its investigation – but it is expected to increase demands on providers in the funeral sector to provide clearer data including that related to pricing.
“Dignity has engaged openly and collaboratively with the Competition and Markets Authority throughout the funerals market investigation. We will take the time to fully assess the CMA’s Provisional Decision Report and its recommendations and will continue to constructively engage directly with the CMA through the statutory process.”Executive Chairman, Dignity
Dignity operates in the region of 800 funeral locations across the United Kingdom.