FCA Pure Protection Market Study: Key milestones

The study launched in August 2024 with the aim of determining whether the protection market provides fair value for customers. It has examined four key product areas: term assurance, critical illness cover, income protection and whole of life insurance. In an update to the terms of reference for the market study in March 2025, the FCA shared its feedback from the market and added provisions for the protection gap and barriers to innovation and investment. For intermediaries, the key focus points identified were commission agreements, restricted panels and the impact of rebroking in cr...