Which organization oversees the standards for the insurance sector in the UK?

The Financial Conduct Authority (FCA) is responsible for overseeing the standards for the insurance sector in the UK. Its primary role is to ensure that financial markets operate with integrity, protecting consumers and promoting competition. The FCA sets out regulations that insurers must follow, focusing on conduct, governance, and ensuring fair treatment of customers. This includes monitoring the financial health of insurers, enforcing standards for transparency, and addressing issues of misconduct within the industry.

While other organizations like the Prudential Regulation Authority (PRA) and the Bank of England also play critical roles in the financial system, the PRA primarily focuses on the stability and prudential regulation of firms, including insurers, but does not directly oversee conduct standards. The Financial Ombudsman Service handles disputes between consumers and financial service providers but does not set regulatory standards for the insurance sector. Thus, the FCA is the primary body responsible for regulating and overseeing conduct within the insurance industry in the UK.