After many years of the regulatory equivalent of a Gaelic shrug towards the protection market, the Financial Conduct Authority has announced a forthcoming study into the sector taking in many areas, perhaps most notably, the three Cs: commission, competition and charging.

Understandably, this has set many boardrooms a flutter, as the market’s biggest and best advisers, distributors and providers begin to consider the impact of the study and its findings on their business model.

There will be some who are fearful. Any action from the regulator tends to cause worry. Some are thankful, having been calling for an increase in engagement in protection from the regulator for some time.

There are always processes that can be done better, to deliver better products, better services and better outcomes to customers

There are others, like me, who are hopeful. Hopeful that this study will once and for all shine the light on protection that I, and many others like me, think it deserves.

Name a perfectly functioning market and I’ll prepare to be astounded. Nowhere across financial services, retail and beyond will you find a market perfectly in sync with its customers or internal market stakeholders.

There are always processes that can be done better, to deliver better products, better services and better outcomes to customers.

The fast-food market could easily reduce salt, sugar and fat in its foods and maintain its revenues and standing. Indeed, the sugar tax on soft drinks has proven it possible. But it is yet far from common practice.

The UK is one of – if not the – most price-competitive market in the world. We offer cover at a low price – some might say too low

Closer to home, the general insurance  market could, despite regulatory intervention in recent years, ensure all its products deliver value for money on an ongoing basis.

Protection, too, has aspects that could be changed to improve the market and the outcomes it delivers customers. Products could be simpler to understand and deploy to underserved markets. Cover could be more in keeping with modern changing lives – able to flex according to circumstances. Processes at application and claim could be improved from those which, today, are often still legacy; often manual and sometimes opaque.

However, there is masses to celebrate, too. The UK is one of – if not the – most price-competitive market in the world. We offer cover at a low price – some might say too low. We are also continually seeing providers entering new channels and new product lines – helping drive more choice.

This is the growth we need. This is the growth a financially resilient society needs

We have come a long way on process simplicity, too. Yes, we have more to do but insurers, distributors and advisers now have better, more streamlined processes to serve their protection clients – from sourcing the right product at the right premium to accessing GP helplines from the growing set of value-added benefits, now included as standard within most policies.

This, in itself, should be celebrated – providers have made the important step to offer more holistic, ‘always-on’ policies capable of delivering value even when their core purpose (to cover a claim) isn’t required.

Let’s not lose sight of these facts and continue to share them, both together and in public. A connected market is a better market. A positive discourse is better than a negative discourse. Let’s celebrate the things we do well, in private and in public.

As we begin to predict what the study will focus on and what the outcomes for the market will be, I remain hopeful. Ours is a market which performs an important role in society, a role we should ensure we and those who engage with it always appreciate.

Like most markets, there are things we could do better. Many of these things would help us, not necessarily to do more for our customers but to do the same for more customers. This is the growth we need. This is the growth a financially resilient society needs.

Let’s celebrate protection.

Paul Yates is product strategy director at iPipeline

The biggest public-sector lender in India, SBI, announced its second-quarter results on Friday afternoon, triggering a slide in the stock price despite trading in the green in the morning trade.

For the quarter, State Bank of India (SBI) net profit jumped 27.9 per cent year-on-year to Rs 18,311 crore, beating market estimates. SBI also recorded a credit growth of 14.93 per cent year-on-year. Consolidated net profit saw a yearly improvement of 23 per cent to reach Rs 19,782 crore.

Despite beating the market outlook, shares slipped post the earnings announcement by at least 2.3 per cent in afternoon trade. SBI shares had traded higher in morning trade on Friday ahead of the quarterly results, hitting a high of Rs 863.50.

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Investors were also looking at the asset quality, and the gross Non-Performing Assets (NPA) ratio at the quarter-end stood at 2.13 per cent. Compared to the same period last year, this was an improvement of 42 basis points. Provisions for bad assets almost doubled to Rs 3,631 crore.

For banks, a lower NPA is better. A higher NPA ratio means that the bank has too many non-functioning loans. SBI’s net NPA for Q2 was 0.53 per cent compared to 0.57 per cent from the previous quarter.

On Thursday, the State Bank of India also announced the launch of an innovation hub in Singapore in partnership with the local collaborative innovation platform for financial institutions, APIX.

A WINTER sun destination loved by Brits has been named the top destination for 2025 – and TUI has launched more flights and holidays.

The tour operator has added thousands of extra seats this winter as well as new flights and hotels to Thailand.

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The country was named Travel + Leisure’s 2025 Destination of the Year, praising the “best luxury hotels in the world at unbeatable prices” as well as its amazing food scene.

In response, TUI has since expanded its holiday and flights to Thailand, following a boom in demand of 35 per cent.

More than 6,000 seats have been added this winter to both London Gatwick and Manchester.

An extra flight has been added too, with an additional Friday flight from London Gatwick starting next month.

This means families can opt for a 10 or 11 night holiday, alongside the current seven and 14 night breaks.

And for winter 2025, another 9,000 seats have been added with a second London Gatwick flight and a second Manchester flight.

TUI UK&I Commercial Director Phillip Iveson said: “The enthusiasm for Thailand from our customers has been incredible, and we are delighted to be able to meet their needs with more options than ever before.

“We know that many of our travellers are looking for more than just a holiday—they want meaningful experiences and memorable journeys with their loved ones. “

More hotels have been added this winter too, with 13 new hotels now available to book with TUI.

This includes hotels such as Pullman Phuket Panwa Beach Resort and Wyndham Grand Nai Harn Beach Phuket.  

And for winter 2025, more properties are being added across Khao Lak. 

Mr Iveson added: “The Krabi + Khao Lak + Phuket triple-centre option remains the most popular, allowing customers to experience multiple destinations in one trip.

“The tour offerings including the well-loved Elephant Hills tour have also seen strong demand.” This expansion in Thailand reflects our commitment to delivering diverse, family-friendly holiday options in sought-after destinations.”

It’s not just TUI expanding its Thailand offerings in recent months.

British Airways has relaunched flights from London Gatwick to Bangkok – the first time in four years.

Also in Thailand is Chiang Mai, which Lonely Planet named one of the top places to visit in 2025.

We spoke to Emma Baker, a Brit who left the UK for Chiang Mai, about why its so amazing.

Thailand is also much easier to visit, following new visa rules.

Tourism Authority of Thailand (TAT) now allows visitors from 93 countries – including Brits – to stay for 60 days without a visa, up from 30 days.

Here’s everything you need to know about the best time of year to visit Thailand.

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THE Department for Work and Pensions (DWP) has issued a major update on the thousands of women affected by a state pension blunder.

Fresh figures show that almost 120,000 women have been short-changed on their state pensions and are owed up to £11,905 each.

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The DWP has been undertaking a correction exercise since 2021 to fix these errors.

This blunder affected married women whose husbands reached pension age before 2008, as well as widows and women over 80.

They were entitled to an ‘enhanced pension‘, which could have boosted their payments by up to 60%, but they didn’t receive it at the time.

Your husband must have turned 65 before March 17, 2008 to qualify.

The DWP has now completed payouts to married women and those over 80.

They’ve paid £250.6million to 45,907 married women, with an average payout of £5,591.

Women over 80 have received £68.2million across 33,437 cases, with an average of £2,202 each.

As of November 2024, the DWP is still issuing payments to widows affected by the issue.

So far, £417.2million has been paid to 39,706 widows, with an average of £11,905 each.

It means that in total, 119,050 women are owed up to £11,905 each from the DWP.

The DWP added that it expects to issue payments owed to all remaining widows by the end of 2024.

However, this isn’t the only type of state pension underpayment blunder affecting retirees.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “The number of people who have been underpaid their state pension is shocking. 

“And this isn’t the final number either, because the DWP hasn’t finished uncovering the full extent of underpayments yet.

“The government is still carrying out a review, going through everyone who might have been underpaid, so you don’t need to apply to be part of this process.”

The DWP will contact you directly if you’re affected by the error.

You must respond to any communications to ensure you receive a repayment.

UPDATE ON OTHER ERRORS

The government has also shared progress on correcting Home Responsibilities Protection (HRP) errors.

From January 8 to September 30, 2024, the DWP identified 5,344 cases of underpayment, amounting to around £42million in total arrears.

This issue affected individuals who took time off work to care for children or someone with a disability between 1978 and 2010.

The problem arose because child benefit claim forms submitted before 2000 often didn’t include a National Insurance number, meaning the relevant HRP information wasn’t transferred from the child benefit system to the National Insurance system.

HRP would have added credits that counted towards their state pension, much like National Insurance credits work today.

As a result, thousands missed out on state pension benefits worth an average of £5,000.

If you have missing payments, you can complete a CF411 form to add the credits to your record.

You might also be eligible to apply if any of the following situations apply to you:

• You were caring for a child while your partner claimed child benefit instead of you.
• You were receiving Income Support because you were caring for someone who was sick or disabled.
• You were caring for a sick or disabled person who was claiming certain benefits.

If your partner claimed child benefit, you might be able to transfer the HRP credits, but they will need to agree.

For example, if you were a stay-at-home parent and your working partner claimed the child benefit, they can transfer the credits to you.

Your payments will be recalculated if you have missing HRP credits and have already reached state pension age.

Any missing money will be backdated and paid to you as a lump sum.

An expert recently revealed that more pensioners could be owed cash but have been unable to claim.

TRACK DOWN ERRORS

LCP has developed an online tool to help people understand what state pension they are entitled to inherit on top of their own state pension at go.lcp.com/inheritingstatepension.

A tool previously launched by the company to help married women check for underpayments had over one million visits.

The DWP also has a tool to help those receiving the new state pension assess their eligibility for inherited state pension amounts at gov.uk/state-pension-through-partner.

There is also a guide on inheriting or increasing a state pension at gov.uk/new-state-pension/inheriting-or-increasing-state-pension-from-a-spouse-or-civil-partner.

A DWP spokesperson said: “We want to ensure pensioners receive all the support to which they are entitled and have a tool to help them understand what state pension they can inherit.

“Delays can occur to a customer state pension award when not all the information we need is provided.

“In these cases, we will make a state pension award based on the customer’s own national insurance record until we have the required information.

“Once we have the necessary documentation, we will then revise the customer’s claim as soon as possible.”

The central insurance watchdog of India, the Insurance Regulatory and Development Authority of India (IRDAI), recently stepped up its efforts to bring more people under health insurance. With the goal of “insurance for all” by 2047, the IRDAI’s latest norms hint at a more customer-centric approach, adding more clarity and inclusivity to the mix.

From the start of the financial year in April 2024, IRDAI made some very crucial changes in rules governing health insurance, including the slashing of cancellation fees on certain plans. These changes came via various notifications from the regulator.

While the rules came into effect earlier this year, the regulator gave insurance firms a transition time till the end of September to fully comply with the new rules that were released in March and May this year. This also included existing policies in force. So, if you are a health insurance policyholder, it would be beneficial to note the latest update to the rules.

1. Health insurance gets a no-claim bonus!

If you drive an automobile, you would be familiar with the concept of a no-claim bonus in vehicle insurance. According to the new changes to the rules, there are two ways in which the insurance companies can provide you with a bonus, as long as you haven’t filed any claims for the year.

They can offer the customer a choice for either a discounted premium for the upcoming year or an increase in the overall sum insured without changing the premium.

2. Cancelling a health insurance policy gives you a better refund

If you are not happy with the current health insurance policy and want to cancel it, it is now easier than ever. Yes, this applies even if you have made a claim. According to the new regulations, if a customer provides the insurance company with a written notice of seven days, you will get a refund in accordance with the time remaining in the policy. For instance, if you paid Rs 50,000 for a policy and decided to cancel it after six months have passed, you will get half of it—Rs 25,000—as a refund, provided you haven’t made any claims. IRDAI has also slashed the cancellation fees.

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3. Higher scrutiny on claims but less paperwork for the customer

The IRDAI has instructed the insurance companies to collect the relevant documents for each claim from the hospitals. On top of that, each claim will now go through a “claims review committee” by the insurance company for approval. If the claim is denied either fully or partially, the committee needs to give proper reasons and point to the exact documentation.

4. No more ‘missing’ important policy details and information

All insurers need to display prominent information regarding health insurance. For instance, they need to display which hospitals and healthcare providers can provide cashless claim settlements, which ones are included in the network, and a clear set of details needed from the customer for reimbursement if claimed in hospitals outside the network, along with steps to follow for cashless claim settlements and reimbursements. They also need to provide clear information on the time period needed to service the claims and process the reimbursements.

5. Insurers will be slapped with fines if they go against the ombudsman

The IRDAI increased the fines on insurance companies if they delay following an order from the ombudsman. If the insurer does not follow the order within 30 days, they also need to pay a penal interest in accordance with the ‘Protection of policyholders’ regulations published in the Gazette.

Most insurance companies have already updated their websites, as these rules have come into full effect since October began.