Brokers warn against cutting corners on renewal transparency
Firms advised not to take the regulator's message lightly.
Insurance experts have stressed the importance of following the renewal transparency rules after the Financial Conduct Authority (FCA) warned the sector about ongoing failings.
Yesterday (3 April) the regulator stated that it will take action against firms who are not implementing the rules which came into force on 1 April 2017.
To be compliant firms must show clearly the premium a customer paid last year alongside the proposed renewal premium and must encourage clients to shop around.
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