More work to do
But, as evidenced by the Financial Conduct Authority’s 'Dear CEO' letters, the protection industry has work to do still.
The opaque loading of premiums the consumer pays to increase commissions has seen both regulator and government require change in the leaseholder buildings insurance sector.
And both protection insurers and distributors engaged in similar practice should respond to this.
In addition, the reduction in the number of insurers meeting the Protection Distribution Group claims charter benchmark is concerning given the regulatory focus on improving vulnerable customer support and outcomes.
This is particularly concerning as the PDG charter was referenced as an example of best practice by the government's commission on bereavement.
Johnny Timpson is chair of the Building Resilient Households Group and a member of Income Protection Taskforce
