Cost of living crisis could force consumers to cut back on insurance, FCA warns

The UK’s financial regulator has warned insurers that the cost of living crisis could force struggling customers to cancel or cut back on personal insurance such as for homes and cars, as he called on firms to provide more support to those most at risk.

The Financial Conduct Authority’s executive director for consumers and competition, Sheldon Mills, held an industry roundtable this month where he shared the regulator’s concerns…