The process is underway and the FCA is engaging with market participants. Consumers need more protection and financial resilience with the current cost of living crisis, with access to experts who can help them understand the products and meet their needs.
In the light of this review, distributors have a chance to demonstrate the value they add to individual families and the UK economy when recommending protection products.
The PDG will be encouraging the FCA to look at the end-to-end journey for different distributors from customer acquisition to ongoing client servicing and potential claim support to help understand the competitiveness of the market and the value protection products provide.
Neil McCarthy is chair of the Protection Distributors Group
