By Lars Mucklejohn The City regulator has announced a probe into the sale of pure protection insurance products amid concerns that “competition is not working well in the market”. On Wednesday, the Financial Conduct Authority (FCA) expressed concern that some commission arrangements could result in poor outcomes for policyholders. It added that it was worried some products may not be providing good value, like if the total premiums paid over a lifetime “far exceed” the biggest conceivable payout. Pure protection products are meant to help customers and their families manage their finances if t…