Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
With the Financial Conduct Authority’s (FCA) new rules on pricing, auto-renewal and data reporting remedies coming into effect on 1 January 2022, companies must now take heed of the regulator’s recent directives and make sure customers are getting ‘fair value’ when purchasing a policy.
The British Insurance Brokers Association (Biba) and the Association of British Insurers (ABI) have been supportive of the new measures and deemed the ban on dual pricing beneficial for customers.
David Sparkes
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