Industry falling short on fair access to protection

The announcement that the FCA intends to launch a market study to assess how pure protection products are sold is welcome news for the insurance industry and the natural next step for the regulator in its drive to ensure good outcomes for all customers, following the 2023 implementation of Consumer Duty. Pure protection products are a key source of financial security for individuals and their families in times of crisis. While they often do not result in claims, their nature means that those who do make claims are usually more likely to be considered vulnerable and are therefore especial...