FCA calls for improved customer outcomes on terminal illness benefits

Publication of multi-firm review highlights areas for improvements

John Brazier
clock • 3 min read

The Financial Conduct Authority (FCA) has highlighted several key areas for improvements in the provision of terminal illness benefits as part of a mule-firm review into life insurer practises.

The review, published today (2 October), examined various data requested from life insurance providers to assess "whether insurers were acting to deliver good customer outcomes for this policy benefit." Overall, the regulator stated that its findings did not conclude that insurers are "routinely delivering poor customer outcomes for terminal illness benefits" or find evidence of "significant numbers of declined terminal illness claims." However, the FCA did detail several areas of improvement for providers, particularly in the context of Consumer Duty obligations, including the requir...

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