FCA renewal transparency rules driving customer switching
Data shows drivers and homeowners who switch provider could save up to £100 a year as analysts say new rules are encouraging customers to shop around.
Rules by the Financial Conduct Authority (FCA) which require insurance providers to show this year’s and last year’s premium at the time of renewal are driving customers to switch according to research from Consumer Intelligence.
Its data showed that the average savings for moving car or home insurance after a year is £64 for drivers and £34 for householders in line with savings made before the FCA rules took effect.
Since April 2017 insurers and brokers must include the previous year’s
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
FCA chair admits surprise at “stern reaction” to name-and-shame proposals
The chair of the Financial Conduct Authority has admitted that it was not expecting such a “stern reaction” to its consultation on its “name-and-shame” proposals.
Biba weighs in with “grave concerns” on FCA ‘name and shame’ proposals
The British Insurance Brokers’ Association has called on the Financial Conduct Authority to consider the risk of the damaging impact its proposal to name firms at the start of an investigation could have and flagged the danger of serious injustice for innocent businesses.
FCA warns on Tempcover clone
The Financial Conduct Authority has issued a warning of fraudsters trying to scam people by pretending to be short-term car insurance specialist broker Tempcover including on TikTok.
Committee calls out FCA response to concerns on investigation transparency proposal
The House of Lords Financial Services Regulation Committee has hit out at the Financial Conduct Authority, demanding a specific response to its request for a delay in proposals to name firms under investigation.
Motor still in spotlight as FOS confirms half-year GI complaints rise
The Financial Ombudsman Service has again flagged car and motorcycle insurance complaints as it calculated an 18% rise in general insurance cases.
ABI among trade bodies slamming FCA proposals to name firms under investigation
The Association of British Insurers and the London & International Insurance Brokers’ Association are part of a group of 16 trade bodies that have signed a letter to the Chancellor asking for help to push back against the Financial Conduct Authority’s proposals to be able to name firms at the start of an investigation.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Blog: Does size matter when it comes to complaining about the regulator?
With the Consumer Duty kicking in under a year ago, regulation continues to be at the forefront of everyone’s minds, with the cost of compliance comparably hitting smaller firms the most, argues Rosie Simms.
Most read
- Video Q&A: Close Brothers Premium Finance MD Shaun Hooper
- ‘Not right’: Biba CEO Trudgill reveals sad letter of small broker crushed by regulation
- Jensten wholesale division split sees MD Simon Taylor exit