The Financial Conduct Authority (FCA) is to conduct a thematic review of claims handling in personal insurance.
The Association of British Insurers (ABI) has responded to the announcement by Martin Wheatley, the FCA’s chief executive.
Maggie Craig, director of financial conduct regulation at the ABI, said: “Millions of individuals and businesses rely on the vital financial protection insurance provides, with insurers paying over £28 million to customers every day for household and motor claims alone. Insurers want to offer products that do what they say on the tin, with clear policy language and a straightforward claims process.
“Claims service is the shop window by which the industry is often judged, and insurers are continually looking at how they can provide the best possible service to customers.
“We have been working with the FCA since early last year and look forward to engaging with the regulator on their thematic review.”