Has consolidation benefited the consumer?

In recent years there has been considerable consolidation in the life assurance industry, particularly among UK providers, but also internationally. In the UK, this can probably be traced back to the 1986 Financial Services Act which formed the basis of much of the current regulation, and allowed other types of institutions to become involved in life assurance business. It has ultimately seen the demise of most of the innovative unit-linked companies that established in the 1970s and early 1980s. Over this period we have seen the growth in investor protection and a massive increase in re...