FCA WARNS SECTOR OVER ENSURING VALUE FOR CONSUMERS

Source: Insurance Times - September 2022

“The regulator has warned that customers’ mental and physical health may suffer when struggling to pay bills

The FCA has written to insurance industry chief executives to warn that they should ensure customers are protected from unnecessary costs associated with products, add-ons or unfair penalties as financial pressures mount.

Where poor practice is found, the FCA has stated it will quickly intervene to protect customers from harm.

The regulator has made this move out of concern that underinsurance may become an issue as customers seek savings by cutting back on cover.”

Read the full Insurance Times article here.