Who regulates market issues for insurers?

The Financial Conduct Authority (FCA) is primarily responsible for regulating market conduct issues within the financial services sector, including insurers. The FCA’s mandate includes ensuring that firms act in the best interests of their customers and operate with integrity, fairness, and transparency in their dealings. This encompasses the regulation of how insurers market their products, treat customers, and handle claims, ultimately aiming to enhance consumer protection and promote competition in the insurance market.

While the Prudential Regulation Authority (PRA) oversees the prudential aspects of firms, such as their financial health and risk management, it does not specifically focus on market conduct issues. The Association of British Insurers (ABI) is a trade association that represents the interests of insurers rather than acting as a regulatory body. The Financial Policy Committee (FPC) typically focuses on macroeconomic stability and does not directly regulate market conduct for insurers. Thus, the key role of the FCA in conducting market regulation clearly establishes it as the correct choice in this context.