Which? comments as the FCA warns insurance firms over product governance rules deadline

Gareth Shaw, Which? Head of Money, said: 
“It is extremely concerning that many insurers aren’t able to demonstrate that they are giving proper consideration to the consumer when designing or updating products. 
“Which? research has found numerous examples where there has been a disconnect between customers’ expectations of the products they are buying, and what they are actually likely to deliver, especially with travel insurance. 
“It is vital that the regulator keeps a close eye on insurance firms to ensure they don’t find new ways to exploit customers and should be ready to take further action where necessary.
“Firms that have been found to put profits over value for money should consider the longer term implications for customer loyalty and trust, as well as their own reputations.”

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