FCA Warns Insurance Brokers On Poor Value Products
By Martin Croucher (June 14, 2022, 12:44 PM BST) -- The financial watchdog has criticized brokers and underwriters in the London insurance market for failing to keep up with consumer protection regulation.
The Financial Conduct Authority said in a letter published Monday that it was disappointed that the sector had "not fully embraced" new rules requiring companies to ensure customers were not sold unsuitable cover.
The FCA introduced new product governance rules in October last year, which demanded that companies in the sector consider the value for money of an insurance policy for customers.
"We continue to see customers buying products which may not be suitable, do not offer fair value and...
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