April 10, 2019 / 6:17 AM / 13 days ago

Britain's financial watchdog warns general insurers on value for customers

LONDON, April 10 (Reuters) - General insurers are not considering the value of the products and services they are providing to customers, Britain’s financial watchdog said on Wednesday, adding it was prepared to take action against firms and their senior managers.

The Financial Conduct Authority has written to the CEOs of general insurers, which provide insurance for homes, cars, travel and pets, to warn them that their manufacturing, sales and distribution approaches can lead to customers buying the wrong products, paying excessive prices or receiving poor service.

“We are going to carry out further supervisory work to make sure that firms meet their obligations and will not hesitate to use the full range of our regulatory powers,” Jonathan Davidson, FCA executive director of supervision for retail and authorisations, said in a statement.

Reporting by Carolyn Cohn, editing by Sinead Cruise

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