14th April 2019

ABI responds to FCA critical report on UK general insurance sector

Responding to a report this week from the Financial Conduct Authority(FCA) on the insurance distribution chain, Hugh Savill, director of Regulation at the Association of British Insurers(ABI), commented “The FCA’s report is based on findings in a limited range of products, which make up a tiny part of the large GI market. The majority of customers, buying direct, from a broker or from a comparison website, should not be concerned with these findings. People continue to get good value, quality products from their insurers, which help them protect their homes, vehicles and livelihoods. There are clearly remaining problems in some distribution chains, and it is very important that these are addressed.”

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