Financial Services Regulation Committee — hearing of 2 September 2026: transcript & video · Polyfact

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Financial Services Regulation Committee

2 September 2026

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Contents updated on 2 Sept 2026

The Chair opens the inquiry session, introduces FCA witnesses Geale and Knight, and probes FCA staffing and structures devoted to regulating consumer insurance, including how many staff focus on retail general insurance, home and travel, and how supervision is organised between firm-specific and issue-based teams.

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FCA panel opening, remit and Consumer Duty tools

00:00

Opening and FCA insurance resourcing

00:00

Super-complaint response and FCA self-assessment

05:06

Consumer Duty effectiveness and use of supervisory tools

09:58

Consumer understanding, AI perimeter and shift to outcomes-based rules

16:25

Improving consumer understanding and AI regulatory perimeter

16:25

Shifting from prescriptive rules to Consumer Duty and value data

27:47

Claims handling accountability and outsourcing under Consumer Duty

35:02

Claims outcomes, declination practices and comparison site metrics

41:04

Declination rates, product design and lack of targets

41:04

Outcome measures and comparison site information for consumers

47:47

Consumer Duty for comparison sites and data standardisation; proportionality for small firms

51:18

FCA competitiveness objective, international context and standardised definitions

58:53

Competitiveness and growth objective and measuring outcomes

58:53

International comparisons, fraud and trust in insurance

01:05:13

Standardising policy definitions and potential FCA rulemaking; FCA session close

01:10:25

FOS panel opening, remit and systemic signals from complaints

01:14:57

FOS mandate and scale of home and travel insurance complaints

01:14:57

Early Consumer Duty impact and FCA–FOS cooperation under the MoU

01:19:38

Do FOS complaints signal market failures and how are lessons shared?

01:23:13

FOS decision standards, uphold rates and resource management

01:28:34

Consumer Duty, fair and reasonable test, and uphold rates

01:28:34

FOS resource allocation, prioritisation and working with evolving rules

01:38:13

Vulnerable consumers in claims disputes and FOS handling

01:41:31

Consumer misunderstandings, disclosure disputes and FOS visibility

01:44:28

Consumer misunderstandings, disclosure disputes, FOS visibility and distribution channels

01:44:28

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Financial Services Regulation Committee

2 September 2026

Committee Wed, 2 Sept 2026 House of Lords

00:00 - 00:36

Speaker 2

Welcome to today's meeting, which is the ninth oral evidence session as part of our inquiry into the regulation of consumer insurance market. And I want to thank Mr. Geale and Mr. Knight from the FCA for attending. The session is open to the public, it's broadcast live and is subsequently accessible via the parliamentary website. A verbatim transcript will be taken of the evidence and will be put on the parliamentary website. So could I ask you, Mr. Geale and Mr. Knight, to introduce yourselves for the record and then we'll proceed to questions.

00:36 - 00:43

Speaker 4

Yes, good morning. My name is David Geale. I'm executive director for consumers, payments and competition at the Financial Conduct Authority.

00:43 - 00:49

Speaker 3

And I'm Chris Knight. I'm the newly appointed director of insurance at the FCA.

00:49 - 01:26

Speaker 2

Excellent. So could we just start with a bit of background of the FCA's regulation of consumer insurance, the consumer insurance market, in terms of how many people involved in the different activities of regulation, supervision, policy and enforcement? And can within that, can you give an estimate of the proportion of the FCA's resources dedicated to consumer insurance that is in fact deployed in relation to travel insurance and home insurance, which are the subjects of this inquiry?

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