In conjunction with the Chartered Insurance Institute, Oliver Wyman interviewed 22 CEOs and senior executives from across the UK insurance industry to understand their views on, and response to, the Financial Conduct Authority’s Conduct Risk agenda. Participants covered a broad representation of the industry, including life insurers, general insurers, health insurers, and composites. This report presents our findings from the research and outlines the actions we believe insurers need to take in order to respond to the FCA’s main areas of concern.