UK Insurers Under Scrutiny for Consumer Protection Measures

A year after implementing stricter investor protections, some UK insurers still fail to ensure good outcomes for consumers, according to the Financial Conduct Authority. Issues include inadequate information, governance, or oversight, despite notable progress.

Britain's insurers continue to struggle with delivering good outcomes for consumers, a year after stricter protections for investors were introduced, according to the country's financial watchdog.

While progress has been made, the Financial Conduct Authority's Director of Insurance, Matt Brewis, said in a statement that numerous insurers and brokers still lack the necessary information, governance, or oversight to consistently ensure consumer satisfaction.

Brewis emphasized the need for continued improvement to meet regulatory standards and protect consumers effectively.

(With inputs from agencies.)