Blog: Next steps for the insurance sector as FCA cracks down
Former head of GI at the FCA, Michael Sicsic, reflects on the regulator’s interim report into dual pricing.
Last week, the Financial Conduct Authority (FCA) released an interim report in its continuing market study into general insurance pricing practices, highlighting that the motor and home insurance markets are simply not working well for consumers.
The report confirms that consumers who do not switch or negotiate with their provider usually end up paying higher prices for their insurance. This so called ‘loyalty penalty’ impacts around six million policyholders.
The FCA has now made it clear
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