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The UK Financial Watchdog has launched an investigation into whether insurance companies are taking advantage of “vulnerable” customers who take out policies designed to financially protect them and their families in case of serious illness or death. The Financial Conduct Authority (FCA) will launch a market study into pure protection products, which are designed to help individuals and their families with their finances should a policyholder die or be unable to cover financial commitments, after becoming concerned about how such policies are being sold. Sheldon Mills, Executive Director of Consumers and Competition at the FCA, commented: “Pure protection can offer peace of mind and financial security, often when people are at their most vulnerable. We have seen indications that this may not be the case across the pure protection market and we will act if we find that the market is not working well. Consumers should be able to buy products which meet their needs and provide fair value.” Read the full story here 👉 https://lnkd.in/gucUaNBk #InsurtechInsights #InsuranceNews

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