Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that the Financial Conduct Authority's Consumer Duty obligations are being enforced in ways that address risks to patient safety and informed consent in private medical insurance contracts, particularly in relation to the treatment of pre-existing conditions and service exclusions.

The government requires all insurers, including those providing private medical insurance, to treat customers fairly. This is enforced under the rules of the Financial Conduct Authority (FCA), the independent body responsible for regulating and supervising the financial services industry, including insurance firms.

The FCA has a statutory objective to protect consumers. The government holds the FCA to account for how it advances its objectives, including through the FCA’s Annual Report which is laid before Parliament.

The FCA’s Consumer Duty sets high standards of consumer protection across regulated financial services firms, including a requirement for firms to put their customers’ needs first. The FCA monitors firms to ensure they meet these standards and has robust powers to take action where necessary.