Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
FCA Urges Greater Consumer Awareness of Protection Policies
The Financial Conduct Authority (FCA) has emphasised the need to close the protection gap for consumers, according to its Pure Protection Market Study published earlier this year. The regulator stated that more awareness is required and encouraged firms to use prompts or trigger points to improve the take-up of protection products.
A report from Swiss Re indicated that demand for protection appears to be growing, with 1.7% more policies sold last year. The report also noted that financial vulnerability is prompting consumers to consider how they would protect themselves against unexpected life events.
Mortgage Solutions is currently polling advisers to determine whether they have had more protection conversations with clients over the past year.
For UK letting agents and inventory clerks, these developments may signal a shift in consumer priorities, with increased attention on financial protection and risk management in the property sector.
Source: Mortgage Solutions