To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the affordability of home insurance for older and vulnerable people.
The Financial Conduct Authority (FCA) is responsible for regulating and supervising the financial services industry, including insurance firms. The FCA is actively investigating issues surrounding access to financial services and vulnerable customers, and is also undertaking a wider review of firms’ pricing practices. The FCA recently published its ‘approach to consumers’ consultation paper which includes a focus on understanding the needs of vulnerable people.
The government awaits the finding of the FCA’s consultation.
The government believes that it is important that consumers have access to suitable insurance products at the right price. We recognise that various factors – including age – can impact on availability, pricing and terms of insurance policies. As set out in the government’s response to the final report of the Lords Select Committee on Financial Exclusion in November 2017, we are setting up a new Financial Inclusion Policy Forum. This will help us to consider important issues on this subject, enabling ministers to take a strategic, cross-government approach on action to improve financial inclusion.