FCA renewal transparency rules driving customer switching
Data shows drivers and homeowners who switch provider could save up to £100 a year as analysts say new rules are encouraging customers to shop around.
Rules by the Financial Conduct Authority (FCA) which require insurance providers to show this year’s and last year’s premium at the time of renewal are driving customers to switch according to research from Consumer Intelligence.
Its data showed that the average savings for moving car or home insurance after a year is £64 for drivers and £34 for householders in line with savings made before the FCA rules took effect.
Since April 2017 insurers and brokers must include the previous year’s
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