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Britain’s insurers told to demonstrate better value for customers
Global Banking & Finance Review®
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LONDON (Reuters) – Some of Britain’s insurers are still unable to show they provide good outcomes for consumers, the country’s financial watchdog said on Wednesday, a year since the introduction of tougher protections for investors.
LONDON (Reuters) – Some of Britain’s insurers are still unable to show they provide good outcomes for consumers, the country’s financial watchdog said on Wednesday, a year since the introduction of tougher protections for investors.
“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,” Matt Brewis, the Financial Conduct Authority’s director of insurance, said in a statement.
(Reporting by Huw Jones, Editing by Louise Heavens)
Insurance is a financial product that provides protection against financial loss or risk. It involves the transfer of risk from an individual or business to an insurance company in exchange for premium payments.
Consumer protection refers to laws and regulations designed to ensure the rights of consumers, promoting fair trade, competition, and accurate information in the marketplace.
The Financial Conduct Authority (FCA) is a regulatory body in the UK responsible for overseeing financial markets and protecting consumers by ensuring that financial firms operate fairly and transparently.
Governance in financial services refers to the frameworks, processes, and practices that ensure organizations operate ethically, comply with regulations, and manage risks effectively.
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