Question to the HM Treasury:

To ask Her Majesty’s Government what assessment have they made of the fees and charges levied by the insurance industry.

Decisions regarding the pricing of insurance products, including fees and levies charged are commercial decisions for individual insurers and the Government does not seek to intervene in these decisions. However, the Government is determined that customers should be treated fairly. The Financial Conduct Authority regulates the conduct of the insurance industry and requires firms to disclose information on fees to be paid for insurance products.

As part of the Government’s automatic enrolment reforms, measures have recently been put forward to cap fees for workplace pensions to 0.75 per cent so that pensions savings are invested in value for money schemes.