FCA requires insurers to ensure fair value & good outcomes for customers

In a recent report, the Financial Conduct Authority (FCA) urged insurers to ensure they are providing fair value and consistently good outcomes for their customers, as many still fall short.

Matt Brewis, Director of Insurance at the FCA, stated, “Insurers need to make sure their customers are getting fair value. Progress is being made, but we are still seeing too many examples of insurers and brokers lacking the right information, governance, or oversight to ensure their customers get consistently good outcomes.”

He continued, “All insurance firms should take note of our findings and make improvements where appropriate.

“We’ll continue to take action where we see poor value so consumers can have confidence when buying insurance products.”

Earlier this year, the FCA paused the sale of guaranteed asset protection (GAP) insurance from several firms due to concerns about its fairness.

In May, the FCA allowed some GAP insurers to resume sales after they revised their products.

Recently, the FCA released its latest Value Measures Data for January to December 2023 and warned that if insurers cannot prove their products meet its standards and offer fair value, it will take appropriate regulatory action.

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