FCA gets tough on renewal quotes
Proposals call on insurers to show last year’s premium on renewal notices.
The Financial Conduct Authority (FCA) has published proposals to require general insurance providers to publish details of last year's premium on renewal notices.
The proposals aim to address concerns that some consumers pay higher prices if they stay with the same insurer, particularly for a long period of time.
The FCA has found evidence of low levels of consumer engagement, switching, and a lack of competition when some types of insurance policies are renewed.
Christopher Woolard, director of
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