In a recent report, the British financial regulator Financial Conduct Authority (FCA) urges insurers to offer their customers fair value and consistently good results, as many still do not meet these requirements.

Matt Brewis, insurance director at the FCA, said: “Insurers need to ensure their customers get fair value for money. Progress is being made, but we still see too many examples of insurers and brokers not having the right information, leadership or oversight to ensure their customers get consistently good outcomes.”

He continued: “All insurance companies should take note of our findings and make improvements where necessary.

“We will continue to take action where we identify poor service so that consumers can have confidence when purchasing insurance products.”

Earlier this year, the FCA suspended the sale of guaranteed asset protection (GAP) insurance policies from several companies due to concerns about fairness.

In May, the FCA allowed some GAP insurers to resume sales after revising their products.

The FCA recently published its latest Value Measures Data for the period January to December 2023 and warned that it would take appropriate regulatory action if insurers could not demonstrate that their products meet the FCA’s standards and offer fair value.