The Financial Conduct Authority (FCA) has released the interim findings in its Pure Protection Market Study, finding that in many cases the protection industry serves customer needs with some improvement areas identified.
The findings highlight the wide range of products; claims acceptance rates; claims ratios; new business premiums; intermediary engagement; and technology solutions as positive points for the industry. Specifically, it pointed to 80% of new policies in 2024 being sold through intermediaries, a good health sign for the industry; low Financial Ombudsman Service [complaints], with 515 being upheld out of 13.8 million policies in force; and an average 98% claims acceptance rate. Due to much of the market "working well", the FCA has "not considered banning products or commissions, or pricin...
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