"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 unecessary costs associated with products, add-ons or unfair penalities 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."

(Insurance Times - September 2022)

"The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a cross industry pool and lowering commissions.

In January Michael Gove, then the Secretary of State for Levelling Up, Housing and Communities, called on the FCA to review the insurance market for multiple-occupancy residential buildings."

(Insurance Age - September 2022)

"The Financial Conduct Authority (FCA) is making headway in its review of the way the market for multi-occupancy buildings insurance operates, as indicated in the regulator’s update to Secretary of State for Levelling Up, Housing & Communities Michael Gove.

In the FCA’s letter to the MP, the watchdog said its work over the past three months has focussed on gathering data and engaging with insurers and intermediaries to better understand their approach to pricing; considering the drivers of harm which may be impacting leaseholders; and developing initial options for ways the FCA could address any harms identified..."

(Insurance Business UK - May 2022)