Hi everyone, I have been taking at look at the recent paper from the FCA, that has been written to give an initial view of how the industry works, the players in it, potential consumers and outcomes from accessing insurance.

Overall I think the paper was really well written and gave an accurate portrayal of the industry. It was clearly written and not too long, so I would recommend giving it a read if you can. I’m not a data lover, but, they did have some stats in the paper that really stood out and I think are brilliant examples of how intermediaries are in this space.

The key takeaways:

• In 2023 individual protection insurance claims totalled £4.85 billion.
• 97% of income protection sales are advised, we’re doing an amazing job!
• Key focuses of the review are going to be ensuring effective competition, addressing the protection gap for vulnerable consumers, assessing influence of distribution channels on consumer outcomes, and reviewing commission and broking practices.

Next time Alan is going to be back with me and we are going to be talking about arranging protection insurance for people living with neurofibromatosis.

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