Housing: Insurance
The question
To ask the Chancellor of the Exchequer, if she will take steps to ensure an effective housing insurance market.
Answered by Tulip Siddiq
The UK’s home insurance market is competitive, with many providers offering a wide variety of insurance products to suit the needs of customers. The Financial Conduct Authority (FCA), the independent regulator of financial services, has a statutory objective to promote competition in the interests of consumers.
FCA rules require firms to offer products that deliver fair value to consumers (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA monitors firms to ensure they comply with its rules and has powers to take action if necessary.
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