Committee launches consumer insurance regulation inquiry

The House of Lords Financial Services Regulation Committee has launched an inquiry into the regulation of the consumer insurance market. The inquiry seeks views particularly on how home and travel insurance policies are distributed and how claims are handled.

Its call for evidence includes questions on:

• the impact the Consumer Duty has had on the consumer insurance market
• whether current regulation ensures that customers buy appropriate policies
• how useful price comparison websites are
• do any particular consumer groups struggle to get cover
• are claims handled fairly
• how well does the FCA enforce regulatory requirements
• how effectively does the FOS resolve disputes
• is the regime ready to adapt to increasing use of AI.

The call closes on 26 June.