Insurance

Treasury written question – answered on 24th February 2021.

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Photo of Rupa Huq Rupa Huq Labour, Ealing Central and Acton

To ask the Chancellor of the Exchequer, what recent assessment he has made of trends in the insurance sector's level of compliance with their terms of cover and obligations with respect to claims made by consumers in the last 12 months.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Financial Conduct Authority (FCA) is the independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA’s rules require insurers to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed. In addition, the FCA has said that, in light of COVID-19, insurers must consider very carefully the needs of their customers and show flexibility in their treatment of them.

The Government is working closely with the FCA to ensure that the rules are being upheld during this crisis and fully supports the regulator in its role.

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