The FCA is consulting on all firms reporting value measures data for most general insurance products
The FCA has launched a consultation on new rules requiring firms to report value measures data for publication.
Since 2016, the FCA has been piloting the publication of value data measures, as a way of assessing whether general insurance products are providing value for money.
Today the regulator reported that this pilot has had a positive impact on the market, and has proposed new wider rules to cover the market.
Under the proposed new rules the current scope of value measures reporting would be extended to cover at least 33 general insurance products, excluding commercial policies, and include an additional measure to identify where consumers are unhappy and have made a complaint as part of the claim process.
The consultation also proposes that firms must use the value measures data when considering whether their products offer value to their customers.
Reporting this data to the FCA would be made compulsory for all firms selling general insurance products.
Christopher Woolard, executive director of strategy and competition said: ”It is encouraging to see that the value measures pilot has been successful and that firms have already been using the data to make changes and product improvements.
”We have identified poor product value as a key area of harm in this market. The proposals we have set out today aim to increase competition on product value, which will benefit firms and consumers.”
The FCA is now seeking comments on the proposals set out in this consultation which closes on the 30 April 2019.
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