FCA calls on insurers to ensure they demonstrate fair value and good customer outcomes

The FCA has today called on insurers to ensure they demonstrate fair value and good customer outcomes. Comment from the FCA below. Any thoughts, send them across.

 Matt Brewis, Director of Insurance at the FCA, said:

'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.

'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.'

In February, the FCA agreed a pause in the sale of guaranteed asset protection (GAP) insurance with a number firms, following concerns the products were not offering fair value.

In May, it was confirmed that the FCA permitted several GAP insurers to recommence sales following changes to their products.