How is the life insurance industry regulated?

Strong regulation of the UK life insurance industry assures protection for consumers and allows them to secure their future with confidence. Insurance companies must obtain approval from the Prudential Regulation Authority (PRA) before they can operate. Once they are in operation, the PRA continues to regulate their activities, checking that insurers are financially able to deliver on their promises and that standards remain high.

Standards of conduct for insurance companies are also set by the Financial Conduct Authority (FCA). These standards require insurers to treat their customers fairly and ensure fair outcomes for consumers.

Updated on: 08/04/2024