Their appearance at Westminster Magistrates’ Court is scheduled for February 5.

Both Wells and Debenham are identified as the accused, with Wells based in Spain.

Safe Hands operated in a largely unregulated funeral-plans sector that faced regulatory changes in 2022, adding pressure to the business model.

The charges stem from an SFO investigation into alleged fraud at Safe Hands Plans, a prepaid funeral plan business that collapsed into administration in 2022 after failing to secure regulatory approval to continue selling plans.

The defendants are Richard Wells, 39, who resides in Spain, and Neil Debenham, 43, from Norwich; Wells is a former director of SHP Capital, and Debenham a senior executive at the business.

Wells served as a director of SHP Capital Holdings, while Debenham held a senior executive role at the firm.

FRP estimates creditor claims at about £70.6 million related to the company.

Around 46,000 customers had purchased plans, paying into futures funeral cost contributions that the firm could not honor after the collapse.

The defendants are set to appear at Westminster Magistrates' Court on February 5.