FCA to probe potential rip-offs in UK pure protection insurance market

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Financial Times 4d ago

FCA to probe potential rip-offs in UK pure protection insurance market - Financial Times

Quick Summary:

He said: “Some over-50s products offer notoriously low value to customers, who can end up paying significantly more in premiums than their family will ever receive in payouts.

Sheldon Mills, executive director of consumers and competition at the FCA, said: “Pure protection can offer peace of mind and financial security, often when people are at their most vulnerable.

The FCA last week warned the insurance industry that too many companies and brokers “still cannot show how they are providing fair value to customers or that they were receiving good outcomes”.