Paper mountain of regulation for brokers
Whether or not you agree that protected no claims bonuses are an add-on, if implemented it means a lot more paper work for brokers, says William Hughes
After two years of research the Competition and Markets Authority (CMA) has concluded that the protected no claims bonus (PNCB) is an add-on product. First and foremost, it isn’t.
Leaving that aside, however, because the CMA is convinced that it is an add-on product they are saying that customers don’t understand it and therefore insurers need to articulate in more detail what it covers and how it’s priced.
What is supposed to be in the interests of the customer, however, often proves to be to
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