Urgent – action required by group risk firms

The Financial Conduct Authority (FCA) is concerned that as pressure mounts on household and business budgets some customers may cut-back on the insurance they need, leaving them without protection.

The FCA has confirmed its expectations of firms in the insurance sector on the cost of living and insurance by writing to insurance industry CEOs. The letter states that, as for consumers, “We also know firms are facing challenges, including many small and medium sized enterprises (SMEs), including higher costs (such as energy costs) and staffing issues.”

The FCA’s press release, which includes a link to the letter, can be found here.