'The protection industry doesn't understand advisers' – FCA review sparks debate on market gaps

Last week, the Financial Conduct Authority (FCA) updated its terms of reference for the ongoing Pure Protection Market Study, incorporating industry feedback and broadening its focus to include these critical issues. Launched in August 2024, the study is set to examine four key product areas: term assurance, critical illness cover, income protection, and whole-of-life insurance. The updated terms of reference centre on providers and intermediaries but also highlight the role of reinsurers, portals, and comparison engines in the broader value chain. Experts who spoke to PA noted that t...