Regulatory ripple effect of the Which? insurance complaint

Steve Edwards, head of external affairs and campaigns at Which?, explains what triggered the complaint, plus what the consumer watchdog hopes will be the outcome of the additional work the FCA has agreed to undertake in 2026.

David Cross, head of strategic communications and news at the Financial Conduct Authority, outlines how the watchdog reviewed the concerns raised by Which? and then delivered a so-called “Christmas present to industry” by responding to it in December.

Cross details the work the FCA has already done to look into claims management practices, alongside new work on sales processes and consumer understanding that will happen this year.

Chris Bose, director of general insurance and international at the Association of British Insurers, says while he agreed it was important to increase customer understanding of the cover they purchase, he respectfully disagrees with Which?’s claim there are system-wide failures.

Bose points to claims satisfaction rates of around 80% as evidence of how well the general insurance sector is working and outlined steps being taken to ensure consumer understanding.

James Daley, managing director of Fairer Finance, argues many of the concerns raised by Which? extend to pet and motor insurance too, meaning more needs to be done to ensure consumers can properly compare all personal lines products.

He also flags his disappointment that the FCA’s response did not go further, arguing that without targeted, deliberate action from the regulator, problems with the purchase journey cannot be solved completely.

Download the episode via your podcast provider of choice – Apple, Google, Samsung, Spotify, Audible, and more – by searching for Insurance Post.