The Financial Conduct Authority (FCA) has warned it will take action against general insurance firms who are failing to properly implement rules introduced to increase transparency and encourage shopping around at renewal time.
It is simple, providers must show last year’s premium on renewal documents so customers can compare it with the renewal quote.
It is clear from the FCA Business Plan, just published for 2018/19, that the regulator finds the whole matter rather worrying and has concerns
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