Protection: If clients know the price, do they also understand the value?

The title of this article, of course, a thinly veiled variation of Oscar Wilde's quote: "Nowadays people know the price of everything and the value of nothing". Perhaps that is what the FCA had at the back of their minds when they issued PS21/5: General Insurance pricing practices and, as a result, the new requirements in Product Intervention and Product Governance Sourcebook (PROD) 4.2 and 4.3. Probably not, but bear with me, this isn't just about GI. It has fundamental implications for the design and distribution of protection contracts and in all the noise, understandably, surround...