FCA Urges Insurers To Make Sure Customers Get Right Cover
By Irene Madongo (October 13, 2021, 7:04 PM BST) -- The City watchdog has called on insurers and reinsurers to check the value of their products, amid concerns consumers may not be getting a fair deal from companies.
The Financial Conduct Authority published a letter on Tuesday addressed to all general insurers in the London market, including Lloyd's managing agents and London market insurers and reinsurers, raising a number of key areas it said companies should consider.
The regulator is concerned that people are buying products that don't meet their needs, which it said results in low levels of claims, according to the letter written by Charlotte Cross, head of wholesale...
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