The Financial Conduct Authority (FCA) is set to launch a study into the UK's pure protection insurance market due to concerns about competition and product value.
The FCA's concerns center around commission arrangements that may hinder firms from providing good outcomes for policyholders, particularly regarding product design.
In 2022, around £4 billion was paid out in pure protection insurance claims, highlighting the importance of these products in providing financial security.
The FCA's examination will focus on key types of insurance including term assurance and income protection, ensuring that they offer true value to consumers.
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