The Financial Conduct Authority (FCA), the UK’s financial regulator, is taking steps to close the 'protection gap'—the difference between the financial risks people face and the insurance they have to cover them. Recent research shows that nearly 60% of UK adults have no life insurance, critical illness cover, or income protection. Alarmingly, almost 60% of these individuals have never even considered their need for such protection. The FCA is aiming to help households build financial resilience against unexpected events like serious illness, injury, or the loss of a loved one, which can lead to severe financial strain. This research was conducted in September and October 2025, surveying over 14,300 people across the UK. The FCA is particularly focused on groups that are less likely to have adequate protection, including renters, self-employed individuals, those in the gig economy, people on lower incomes, and those with pre-existing health conditions. These groups often face higher financial risks but may have fewer resources or access to insurance products. To address this, the FCA is working with various industry and government groups to raise awareness of protection insurance. The Money and Pensions Service and the Digital Property Market Steering Group will help prompt people to consider insurance at key life events, such as becoming a parent or moving into a new home. The Protection Distributors' Group will run targeted campaigns aimed at those less likely to take out insurance, while the Association of Mortgage Intermediaries will help financial advisors better discuss protection options with their clients. Graeme Reynolds, director of competition at the FCA, emphasized that while the insurance market is competitive for existing customers, the regulator is working to expand coverage so more people are protected when they need it most. The FCA also hopes to see more innovation in the insurance sector and will address any misunderstandings about its rules that might prevent people from getting coverage. The regulator plans to collaborate with the Association of British Insurers (ABI) to speed up the process of obtaining medical records, which can delay insurance applications. The FCA’s initiatives, supported by industry efforts, are expected to begin by the end of 2026, with significant progress anticipated within the next one to one-and-a-half years. The regulator will closely monitor the implementation and publish updates on progress by the end of 2027. Ewen Tweedie, an actuarial director at Broadstone, a financial services consultancy, noted that this presents an opportunity for insurance companies to rethink how they promote the importance of protection for all individuals.