Financial Conduct Authority
|Printable version||E-mail this to a friend|
FCA asks for feedback on consumer access to insurance
The Financial Conduct Authority (FCA) is seeking views and evidence of the challenges firms face in providing travel insurance for consumers who have, or have had, cancer, and the challenges for these consumers in accessing insurance. The paper is also looking at the reasons for pricing differences in premiums quoted.
This paper looks more broadly at access issues related to insurance but specifically seeks views on how consumers with cancer or those in recovery can access the travel insurance market.
This is the FCA’s next step to address issues highlighted in the 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, said:
“Being able to access financial services is critical for people to fully participate in society. We hope that this will encourage discussion on access issues to examine the challenges for firms and consumers.”
“Given our previous findings in this area, we see this as a critical time to fully explore these issues and consider potential solutions.”
The FCA is seeking input on:
- The challenges for firms in providing travel insurance for consumers who have, or have had, cancer.
- The challenges consumers face when they have, or have had, cancer in finding suitable travel insurance.
- Examples of innovative practices in the current market.
- Any barriers that firms face in addressing existing challenges or that prevent innovation.
- Potential improvements that could result in better consumer outcomes.
We want to understand how consumer outcomes can be improved in this area, including through innovation. The findings should read across to many other pre-existing medical conditions and insurance products.
Notes to editors
- Call for Input on access to insurance
- Occasional Paper No. 17: Access to Financial Services in the UK
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
FCA sets out scope of Investment Platforms Market Study18/07/2017 09:10:00
The Financial Conduct Authority (FCA) yesterday published the Terms of Reference for the Investment Platforms Market Study, which sets out the scope and topics that will be covered.
FCA fines compliance oversight officer for pension transfer failings17/07/2017 11:10:00
The Financial Conduct Authority (FCA) recently fined David Watters £75,000 for failing to exercise due skill, care and diligence in his role as compliance oversight officer, firstly at FGS McClure Watters (FGS) and then Lanyon Astor Buller Ltd (LAB).
FCA proposes new premium listing category for sovereign-controlled companies14/07/2017 11:20:00
The Financial Conduct Authority (FCA) yesterday launched a consultation on proposals to create a new category within its premium listing regime to cater for companies controlled by a shareholder that is a sovereign country.
FCA publishes interim findings of study into retirement income market13/07/2017 13:15:00
The Financial Conduct Authority (FCA) yesterday published the interim findings of the Retirement Outcomes Review. Launched in July 2016, this is the first major comprehensive study into how the retirement income market is changing since the pension freedoms.