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Why is general insurance an ongoing regulatory concern?

Kareline Daguer takes a look at the problem of general insurance product values and why they are on the priority list of the Financial Conduct Authority.

Insurance products and practices have recently hit the headlines, pushing them up the Financial Conduct Authority’s (FCA) priority list.

The FCA has looked at everything from add-on products, renewal transparency and pricing practices to value in distribution chains. In its latest thematic review, General insurance distribution chain (TR 19/2), the regulator expresses its disappointment at the failure of many general insurance (GI) providers and distributors to place the customer at the heart of what they do.