Announced alongside the final report of its Pure Protection Market Study, the regulator has developed programmes with the AMI, the Money and Pensions Service (MaPS), the Digital Property Market Steering Group (DPMSG) and the Protection Distributors’ Group.
The AMI will be responsible for improving how advisers discuss protection with clients and shaping a consistent approach to how protection is understood, spoken about and recommended.
This will include improving awareness of the value and relevance of protection products, making advisers more confident to discuss protection and encourage “frequent and consistent” conversation along the advice journey.
The FCA wants to focus this on under-served groups, such as the self-employed and renters.
The MaPS and the DPMSG will encourage people to think about protection at key moments, such as becoming a parent or buying or renting a home.
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This will be included in the DPMSG’s Digital Property Information Protocol, which supports the government’s home buying and selling reform roadmap. Its website will cover financial products such as mortgages, buildings insurance, contents insurance and pure protection, to help people see protection as part of the home buying process.
The Protection Distributors’ Group will produce an awareness campaign targeting people who are less likely to take out a protection product.
Graeme Reynolds, director of competition at the FCA, said: “Competition in protection insurance works well for existing customers. But we’re working with partners to increase coverage – so that more people are protected when they or their families need it most.”
