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The U.K. Financial Conduct Authority acting CEO Tracey McDermott said that the professional conduct of insurers "has not always been something to write home about," reports Euronews.
Insurers needed to "meet the challenges" of keeping data safe against cyber attacks, said Ms. McDermott.
Overseas competition, low interest rates, an oversupply of capital in the sector and falling prices are among the challenges facing the insurance sector in addition to "significant regulatory and legislative change in recent years," added Ms. McDermott.