Consumer Panel calls on Industry to develop better insurance protection products

Protection products are too complicated and no longer meet the needs of a modern workforce, according to the Financial Services Consumer Panel. In a discussion paper, published today, the Panel calls on the insurance industry, regulators and other stakeholders to tackle the ‘protection gap’, which leaves many consumers vulnerable to the financial consequences of long-term illness or premature death.

The findings from the Panel’s consumer research, and discussions with industry representatives, highlight the lack of innovation in the market over the past three decades.

The policy focus until now has been on encouraging savings as a means of building financial resilience. There has been little discussion about the role of insurance in helping people manage life’s risks.  

Panel Chair, Sue Lewis said: “Protection products have not kept pace with the needs of today’s workforce. People now are more likely to be self-employed or have insecure employment, with volatile incomes. Our research shows that people want value for money products that suit their lifestyles, and that they understand. The industry needs to respond to this, rather than just selling the same products as it did 30 years ago. We hope the industry, regulators, and other stakeholders will join in the debate about how this market can be improved for consumers. More of the same is not an option.”


Sharon Chapman (Consumer Panel): 020 7066 9346




  1. The Consumer Panel is a statutory body under the Financial Services Act 2012.  The Financial Services Authority originally established it in December 1998. The Panel advises the FCA on the interests and concerns of consumers.  The Panel is independent. Its views do not represent those of the FCA.  
  2. The emphasis of the Panel's work is on activities that are regulated by the FCA, although it may also look at the impact on consumers of activities outside but related to the FCA's remit. More information about the Panel's work is available on its website: or via its Twitter account.



Sue Lewis (Chair)

Dominic Lindley

Caroline Barr

Francis McGee

Mark Chidley

Pamela Meadows

Sharon Collard

Keith Richards

Dharshini David

Angela Roberts

Teresa Fritz

Jeff Salway

Jennifer Genevieve

Doug Taylor