The FCA pure protection market study ended with its final report, MS24/1.5, on 21 September 2026. In the FCA’s consumer research among adults aged 18 and over with online access, 58% held no protection product, and 59% of those had never considered their protection needs. Money publishers and mortgage brands already write about several of the moments where the FCA now wants people prompted.
What did the FCA pure protection market study find?
The study covers life insurance, critical illness cover and income protection. Its verdict on the market is broadly positive. Competition in distribution“generally works well for product holders and delivers good outcomes”, the report says, pointing to high claims acceptance rates.
The main concern is the people outside that group. The report accepts that some people without cover will have decided it does not suit their circumstances. Even so, the interim report published in January puts those who had never considered their needs at around one third of all adults in its research.
The FCA wants to tackle the protection gap where it stems from limited awareness and understanding, or from a sales process that makes access difficult. In the FCA’s announcement on 21 September, the regulator said millions“could be left vulnerable”. Renters, self-employed and gig economy workers, lower-income consumers and people with pre-existing medical conditions are more likely to be affected, according to the final report.
Why do so many people never think about protection?
The FCA points to low awareness and limited prompts.“Many consumers do not actively consider protection unless prompted at a relevant moment,” the final report says, and those prompts are often limited to milestones such as taking out a mortgage.
It gave a similar reason for not extending targeted support to pure protection at this stage. In the FCA’s words,“the main challenge is that many consumers do not engage with or recognise their potential need for protection”.
The gap reaches mortgage holders too. The interim report cites the FCA’s Financial Lives 2024 survey, which found that more than 40% of mortgage holders lack life insurance.
Income protection has its own strand of work. Fair4All Finance is coordinating industry work on access to income protection for people on variable or precarious incomes, with a final report expected in Q1 2027.
Where will the FCA’s prompts reach people, and what has it decided against for now?
One of the FCA’s remedies is prompts at key life events, such as buying a property and planning for future savings. Further moments may include becoming a parent or guardian, becoming self-employed, submitting a tax return or a change in health or family situation.
Two public sector partners have agreed to add protection prompts. The Digital Property Market Steering Group will include protection information in its Digital Property Information Protocol for England and Wales. MoneyHelper is expanding its protection information too, starting with its bereavement and renting guidance.
The FCA is relying on existing frameworks rather than new rules. It decided against mandated protection discussions and auto-enrolment at this stage, saying they“would be disproportionate and could encourage a tick-box approach”. Further intervention stays under review if outcomes do not improve. Industry engagement starts from October 2026, the FCA said, with a short progress update due by the end of 2027.
For money publishers and mortgage brands
The FCA’s life events are already the subject of money and property content
A first-time buyer guide, a remortgage calculator, a renter’s budgeting page and a guide to going freelance each reach a reader at one of the life events the FCA lists. A route to life insurance or income protection beside that content lets readers consider whether cover is right for them while the subject is in front of them.
None of the report’s remedies name comparison sites, and the partner case here is Seopa’s reading of the moments it lists.
Why choose Seopa?
Quotezone carries life insurance and income protection, and CompareNI carries both lines for the Northern Ireland insurance market.
Seopa operates the FCA-regulated comparison platform behind Quotezone and CompareNI, and behind hundreds of partner front ends. The platform runs over 9 million quotes annually for 4 million UK customers, drawing on direct relationships with more than 300 providers. It covers more than 60 insurance, utilities and financial products.
Seopa is authorised by the Financial Conduct Authority, firm reference 313860.
Talk to the partnerships team
A money site with a renting section and a self-employment section already has two places to start.
The affiliate scheme page explains how a referral is tracked, and the white label page covers co-branded journeys, hosted by Seopa and usually run on a branded subdomain. Tell the partnerships team which life events from the FCA pure protection market study your readers are living through. The team can then confirm which routes carry life insurance and income protection, and where each placement fits.
Frequently asked questions
What is the FCA pure protection market study?
It is the FCA’s study of how life insurance, critical illness cover and income protection are distributed to retail customers. The FCA published an interim report in January 2026 and the final report, MS24/1.5, on 21 September 2026. It found competition generally works well for people who already hold cover.
What share of people hold no protection?
In the FCA’s consumer research among adults aged 18 and over with online access, 58% held no pure protection product. Of that group, 59% had never considered their protection needs. The FCA notes that some people without cover will have decided it does not suit them.
Is the FCA introducing new rules for protection insurance?
No. The final report says the FCA will act through existing frameworks rather than new rules, with prompts at life events and industry-led initiatives. It also says it will keep further intervention under review if evidence shows outcomes are not improving.
Do Quotezone and CompareNI compare life insurance and income protection?
Yes. Both brands carry life insurance and income protection, with CompareNI serving customers in Northern Ireland. Which partner routes include each line is confirmed directly with the partnerships team, along with the terms for that route.