Life Insurance: Foreign Companies

Treasury written question – answered on 23rd November 2021.

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Photo of Lord Kilclooney Lord Kilclooney Crossbench

To ask Her Majesty's Government which organisation oversees firms which provide life insurance policies for persons in the UK.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) oversee firms which provide life insurance policies for those in the UK.

The Prudential Regulatory Authority (PRA), which is part of the Bank of England, promotes the safety and soundness of insurers, and the protection of policyholders. This includes arrangements for protecting customers in the event of an insurer failing, via the Financial Services Compensation Scheme.

The Financial Conduct Authority (FCA) regulates the conduct of insurers, as well as more broadly the integrity of the UK’s financial markets. The FCA also has an objective to secure an appropriate degree of protection for consumers.

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