Which body is primarily concerned with the regulation of the insurance market?

The Financial Conduct Authority (FCA) is primarily responsible for the regulation of the insurance market in the UK. As the key regulatory body, the FCA’s main focus is to ensure that the financial markets operate fairly and transparently, protecting consumers and promoting competition. It oversees the conduct of insurance firms to ensure they comply with relevant laws and regulations, thus playing a vital role in maintaining the integrity of the insurance market.

The FCA carries out various activities, including setting rules for firms, monitoring their compliance, enforcing standards, and engaging with consumers to ensure their interests are taken into account. Its role is crucial in preventing market abuses and ensuring that consumers are treated fairly by insurance providers.

While the Prudential Regulation Authority (PRA) is concerned with the solvency and financial stability of insurance companies and the Bank of England oversees the country's financial stability, they operate in different capacities compared to the FCA. The British Insurance Brokers' Association, while influential in representing the interests of insurance brokers, does not hold regulatory authority over the insurance market. Thus, the FCA stands out as the primary regulator focused specifically on the conduct of the insurance sector.