Do life insurance, income protection and critical illness covers meet consumer needs?
The latest paper offers the FCA's initial assessment of the market. It explored how products are designed and what risks they cover, the different customer groups purchasing them, and the role of advisers, intermediaries and direct sales. The paper also took stock of the main players in the sector, as well as recent developments in regulation, consumer demand and product innovation. The review comes against the backdrop of broader regulatory initiatives, including the Consumer Duty and previous work on general insurance pricing practices. Both have raised the bar for transparency, fairness and consumer understanding in retail financial services, and the FCA's scrutiny of pure protection is seen as a natural extension of those priorities.
Disclaimer
This article is intended for general information purposes only and does not constitute legal advice. For advice specific to your situation, please contact our team at T & M Legis for a consultation with our Legal Experts.
