Which entity is responsible for creating and enforcing insurance regulations in the UK?

The Financial Conduct Authority (FCA) is the entity responsible for creating and enforcing insurance regulations in the UK. It was established to regulate financial services and protect consumers, ensuring that the market operates fairly and efficiently. The FCA's key objectives include enhancing consumer protection, promoting competition, and ensuring the integrity of the UK financial system.

In the context of insurance, the FCA oversees the conduct of insurance firms and ensures that they treat customers fairly, comply with regulations, and maintain high standards. This involves monitoring the practices of insurance providers and ensuring transparency and accountability in how they operate.

While other entities play important roles in the broader financial regulatory framework in the UK, such as the Prudential Regulation Authority (PRA), which focuses on the financial stability of firms and ensuring they have sufficient capital, the FCA is primarily responsible for the conduct of business, including insurance regulations.