Safe Hands executives deny fraud charges

Two former executives of the collapsed funeral firm, Safe Hands Plan Ltd, pleaded not guilty on 5 March at Southwark Crown Court to conspiracy to defraud and fraud by false representation.

Richard Wells and Neil Debenham are accused of defrauding the Safe Hands business between 2019 and 2021, allegedly enriching themselves using money that customers had set aside to pay for their funerals.

Mr Wells was a director of SHP Capital Holdings, the parent company of Safe Hands, while Mr Debenham held a senior executive role within the business.

Prosecutors allege the pair conspired as part of a dishonest plan to take control of the Safe Hands trust and transfer money to a fund based in the Cayman Islands.

Around 46,000 people had purchased funeral plans before the company entered liquidation and were expecting a contribution towards their future funeral costs.

However, it is alleged that the defendants took steps to gain control of the trust and removed safeguards designed to protect the financial interests of plan holders.

The Serious Fraud Office first launched an investigation into the business in 2023, following Safe Hands’ failure in 2022 to obtain the regulatory approval required to continue selling plans.

Both men were released on bail following the Southwark hearing, with the judge setting a provisional trial date of 2 October 2028, which he acknowledged was a long way off.

Roger Isaacs, National Technical Director of NIFA, said: “This case will raise serious concerns for the thousands of customers who believed their funeral plans were being safely held for the future. Where money is placed into trusts or similar arrangements, there is an expectation that robust safeguards will protect those funds from misuse.

“Allegations that those protections were deliberately removed, if proven, would represent a significant breach of trust and highlight the importance of strong oversight when large sums are being managed on behalf of others.

“Cases involving trusts and pooled customer funds often require very detailed forensic financial analysis, particularly where money has moved between multiple entities or jurisdictions to determine whether the movement of money was consistent with the purpose of the trust or the duties of those controlling it.”