Video transcript: The FCA's 2026 insurance priorities report

Transcript

Sam Jones: The FCA has published its regulatory priorities for Insurance on the 24th of February.

This is the first of these publications, with other sectors expected to follow in March.

This is going to be an annual publication and it's part of how the FCA is changing the way it supervises firms.

Within these regulatory priorities for insurance, there are a number of priorities that the FCA are going to be focusing on.

The first of the FCA’s priorities is improving consumer understanding, claims handling and service quality.

This links closely to the Which! super complaint that we saw at the back end of 2025 and the thematic review on home and travel claims in the summer of 2025.

The second priority is increasing access to insurance, and this links closely to the market studies that we've seen in recent times on pure protection and premium finance.

Supporting growth and innovation is an unsurprising inclusion within the FCA priorities and there is a genuine desire from the FCA to support innovation and encourage more insurers to use their sandboxes and innovation pathways.

Simplifying regulations also remains a key priority for the FCA, with a continued review of rules taking place.

It's important when thinking about how to react to these priorities that as a firm in the sector, you consider how these focus areas impact your firm and what you're doing in those areas that the FCA has priorities.

Considering if you're meeting the FCA's expectations, for example, in claims and outsourcing, where there's going to be a clear focus over the next year.

There is also a real opportunity for you to engage with the FCA on innovation and rule simplification.

There's a real shift in desire to work with firms on these agenda items and firms should consider where they can use the sandbox and innovation pathways because there really is more opportunity to engage for insurers in that area.