FCA survey reveals gaps in consumer insurance knowledge and take-up

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Nearly 17 million UK adults with motor insurance do not know what ‘no claims protection’ means, according to the findings of the Financial Conduct Authority’s (FCA) Financial Lives Survey 2017.

The research was based on responses from just under 13,000 UK consumers aged 18 and over making it the watchdog’s largest tracking survey of consumers and their use of financial services.

According to the findings, 82% of UK adults have at least one general insurance product.

The most commonly held pro

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