UK's FCA plans to revise insurance regulations to reduce costs and improve access

From Yahoo Finance: 2025-05-14 10:18:00

The UK’s Financial Conduct Authority (FCA) plans to revise insurance regulations to eliminate outdated or duplicative requirements, aiming to reduce costs and improve access to insurance while maintaining appropriate protection levels. Proposed changes include a new definition for large commercial insurance customers exempt from certain conduct rules, allowing companies to determine product value review frequency based on risks, and simplifying bespoke contract exclusions. The FCA seeks feedback on these proposals until July 2, 2025, with a policy statement expected in Q3 2025. The regulator aims to become a smarter regulator, supporting growth in the UK insurance sector while protecting smaller customers.



Read more at Yahoo Finance: UK financial regulator proposes revisions to insurance rule book