FCA regulation: Is shopping around best for PMI customers?

clock • 3 min read

The Health Insurance Group's Brett Hill warns that new Financial Conduct Authority (FCA) requiring general insurance and therefore private medical insurance customers to shop around, may not be best for everyone.

The FCA has issued new guidance to the general insurance industry to encourage policyholders to shop around at renewal after four years of continuous cover with their current insurer. The intention is worthy; to get policyholders to seek best value for their changing needs and circumstances. The reality may have far reaching effects for consumers and the insurance market. Best value does not always equate to cheapest in health insurance terms, where symptoms and treatment can be ongoing for some time and old medical conditions can resurface again in future years. Take the exampl...

To continue reading this article...

Join COVER for free

  • 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 Regulation

150 employers sign up to Keep Britain Working Vanguard phase

150 employers sign up to Keep Britain Working Vanguard phase

Covering 1.5 million workers

Cameron Roberts
clock 01 April 2026 • 2 min read
Data protection is no barrier to collect and share vulnerability data: FCA

Data protection is no barrier to collect and share vulnerability data: FCA

Manufacturers and distributors expected to work collaboratively

Jaskeet Briah
clock 30 March 2026 • 2 min read
FCA opens simplified advice consultation

FCA opens simplified advice consultation

Follows targeted support work

Jen Frost
clock 26 March 2026 • 2 min read