The House of Lords Financial Services Regulation Committee, chaired by The Baroness Noakes DBE, has today launched an inquiry into the regulation of the consumer insurance market.
The inquiry
The inquiry is focused on how the consumer market for home and travel insurance is regulated. This covers the regulation of insurance distribution (how insurance is sold to consumers, both directly and through intermediaries) and insurance claims handling, as well as the enforcement of these regulations and the resolution of disputes between insurance firms and consumers.
Chair’s comments
Commenting on the launch of the new inquiry, Baroness Noakes said:
“We have launched this inquiry to find out if the insurance market is working for the many people who buy home and travel insurance. We want to find out whether the current regulations are effective, whether they are properly enforced, and whether there is anything that the regulators and Government need to do differently. We welcome evidence and views from anyone with expertise or interest in this area.”