"We’re determined to ensure the market is working well and delivers good outcomes for consumers by testing it or suggesting improvements."
- Sarah Pritchard, executive director of supervision, policy, competition & international at the FCA
The Financial Conduct Authority’s (FCA) latest Regulatory Initiatives Grid, released in April 2025, has confirmed that its protection market study will continue through to the second half of 2026.
It has said ‘several pieces of analysis, on specific subjects, to share [the FCA’s] latest thinking’, with ‘key milestones’ should be expected at the end of this year and in 2026. The regulator has also indicated that the review will carry a ‘high’ impact for firms.
In August 2024, the FCA announced its intention to launch a market study into how pure protection insurance products are sold, following concerns that competition is not working well in the market.
The industry watchdog launched its market study in March 2025, examining whether:
- the structure of commission encourages advisers to suggest switching that may not be beneficial for customers,
- premiums are being raised by insurers to pay a higher commission to an intermediary,
- the products provide fair value,
- the market supports innovation and growth
At the time, Sarah Pritchard, executive director of supervision, policy, competition & international at the FCA, said: "Consumers rely on pure protection to provide an important safety net, often when they are at their most vulnerable, be it through bereavement, illness, or injury.
"We’re determined to ensure the market is working well and delivers good outcomes for consumers by testing it or suggesting improvements."
