The Financial Regulation Authority has said that if insurers cannot demonstrate that their products meet FCA rules and provide fair value, it will take appropriate regulatory action. This comes after the regulator intervened earlier this year in the guaranteed asset protection market.

In its latest Value Measures Data (January – December 2023) report, the watchdog outlined issues with information sharing between insurers and brokers, and in identifying target markets.

Matt Brewis, director of insurance at the FCA, said: “Insurers need to make sure their customers are getting fair value. Progress is being made, but we are still seeing too many examples of insurers and brokers lacking the right information, governance, or oversight to ensure their customers get consistently good outcomes.

“All insurance firms should take note of our findings and make improvements where appropriate. We’ll continue to take action where we see poor value so consumers can have confidence when buying insurance products.”