UK Financial Watchdog to Investigate Pure Protection Insurance Market

The FCA aims to address concerns over competition, commission structures, and value in life insurance products.

• The Financial Conduct Authority (FCA) will launch a market study into pure protection insurance later this fiscal year.
• Pure protection products include term assurance, critical illness cover, income protection, and whole of life insurance.
• Concerns have been raised about commission arrangements and the overall value provided to policyholders.
• Around £4 billion was paid out in pure protection insurance claims in 2022.
• The FCA will gather feedback from firms, industry groups, and consumers before the study.

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