FCA warns insurers to support customers’ wellbeing during cost of living crisis

The Financial Conduct Authority has expressed concerns, in a new 'Dear CEO' letter, that customers may cut-back on the insurance they need as pressure mounts on household budgets.

Whilst the government has announced further support for consumers and businesses for energy costs and in the September fiscal event, including a two-year energy-price guarantee for households, the authority has recognised that some people could still cut back on insurance cover.

The watchdog has acted and Sheldon Mills, executive director – consumers and competition, has written to the insurance industry CEOs to make sure their customers are protected from unnecessary products of add-ons and