Insurance: Mental Health
The question
To ask the Chancellor of the Exchequer, what action he is taking to ensure people with mental health conditions have equitable access to insurance services.
Answered by Treasury
Insurers make commercial decisions about whether to offer cover and on what terms, but they must comply with the Equality Act 2010. The Act recognises some limited exceptions for insurers, including in relation to disability. However, where a mental health condition constitutes a disability, any difference in treatment must be based on relevant, reliable information and be reasonable.
The Financial Conduct Authority’s (FCA) Consumer Duty also requires firms to deliver good outcomes for customers, including those in vulnerable circumstances, and the FCA can act where firms do not comply.
Mental Health was considered as a key theme in the Government’s Financial Inclusion Strategy. The strategy includes measures to support access to insurance, including through improved signposting to specialist providers.
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