UK regulator calls for feedback on consumer access to insurance
Like a bird of paradise, the UK’s Financial Conduct Authority (FCA) is calling again – and this time for views and evidence concerning consumers’ access to insurance.
This FCA’s paper looks more broadly at access issues related to insurance but specifically (and a non-fintech point) seeks views on “how consumers with cancer or those in recovery can access the travel insurance market”. The paper is also looking at the reasons for pricing differences in premiums quoted.
This is the FCA’s next step to address issues highlighted in its occasional paper on “Access to Financial Services in the UK”, published last year. This focused on problems consumers can face when trying to find insurance that meets their needs.
Christopher Woolard, executive director of strategy and competition at the FCA, says being able to access financial services is “critical for people to fully participate in society” and “given our previous findings in this area, we see this as a critical time to fully explore these issues and consider potential solutions”.
In addition to the above, the FCA is seeking input on examples of innovative practices in the current market; and any barriers that firms face in addressing existing challenges or that prevent innovation.
Feedback can be given here.
Who you gonna call?
Not the Ghostbusters, but the FCA again. It has made other calls in the past for feedback.
It laid out its desires for freedom not a free-for-all in terms of regulations.
In April, the FCA and the UK’s Payment Systems Regulator (PSR) requested input on their approach to applying the second EU Payment Services Directive (PSD2).
Also in April, it asked for feedback on the potential for future development of distributed ledger technology (DLT) / blockchain in the markets it regulates.