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FCA seeks views on how to help close the protection gap
['Darius Mcquaid']
Money Marketing
The Financial Conduct Authority (FCA) has called on the insurance industry to help more consumers access products that support them and their families if they become critically ill or die.
The FCA’s interim findings from its competition review of pure protection products found that 58% of adults do not hold any form of pure protection, despite many being likely to benefit from such cover.
The FCA is exploring what more can be done, working with industry and other stakeholders, to better support consumers.
“While competition in the market is mostly working well for consumers, many more people could benefit from protection.
Its research found that, for consumers who have taken out protection insurance, the market generally works well.