FCA urges insurance manufacturers to ensure fair value

Loaded premiums are a concern

Jaskeet Briah
clock • 4 min read

The Financial Conduct Authority (FCA) has urged manufacturing insurers to monitor their distribution channels and ensure fair value in line with PROD 4 and Consumer Duty, according to Lisa Sturley, head of market interventions, insurance supervision at the FCA.

During a recent keynote speech at the COVER Protection and Health Summit, Sturley noted the FCA hosted a roundtable earlier this year with a group of manufacturers to understand how effectively they provide oversight of their distributors, and the regulator was pleased with what it heard. However, she said the FCA too often sees examples of where customers are sold unsuitable policies, and where policies are re-brokered unnecessarily.  Sturley said: "You play an important role in overseeing the distribution of your products. How well do you know your distributors? Are they aligned to ...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Three new members for amii

Three new members for amii

Switch Health, PSG, and Healthwell added

Cameron Roberts
clock 20 February 2024 • 1 min read
Financial resilience is slowly improving for adults: LV=

Financial resilience is slowly improving for adults: LV=

59% of adults described their situation as comfortable

Jaskeet Briah
clock 16 February 2024 • 2 min read
Only 5% of people would speak to an adviser about costs of later-life care

Only 5% of people would speak to an adviser about costs of later-life care

18-34 year-olds were 50% more likely to want cover

Jaskeet Briah
clock 15 February 2024 • 2 min read