How is insurance regulated in the UK?
The twin peak regulators In 2013, the government implemented wide-ranging reforms to the way the financial services sector – including insurance – is regulated. The body which regulated the UK financial services industry, the Financial Services Authority (FSA), was replaced by two new regulatory bodies.
Who regulates the UK’s financial services industry?
The body which regulated the UK financial services industry, the Financial Services Authority (FSA), was replaced by two new regulatory bodies. This is known as the ‘twin peaks’ system of regulation:
Who regulates the marketing and sale of insurance products?
The marketing and sale of insurance products is regulated by the FCA. The FCA Handbook imposes both principles and rules on how customers and potential customers can be approached and marketed to, and on the requirements on the suitability of products and customer needs to be assessed. Different rules apply to different types of product: