FCA cracks down on MGA for unfair fees
The Financial Conduct Authority cracked down on an MGA with contract wordings that would have allowed it to charge a fee to customers for not renewing.
The FCA, in a public notice, said Policy Excess Insure Limited had an automatic renewal term that ‘purported to allow the firm to charge consumers with an administration fee for not renewing the policy’.
‘Unfair’ renewal feesPublishing the details of the firms failures on its website, the FCA said Policy Excess Insure, trading as Nova Direct, had terms on its website that allowed it to charge customers £4.99 if they opted out of the contract seven days before renewal.
Furthermore, there were
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