UK insurance watchdog cracks down on industry’s loyalty penalties
Customers who renew policies should pay no more than new clients, Financial Conduct Authority rules
22 September 2020 - 16:12
London — Britain’s Financial Conduct Authority (FCA) has proposed stopping insurers from charging existing car and home insurance customers more than new ones in the latest crackdown on an industry grappling with costly Covid-19 claims.
One week after the FCA successfully brought a test case against eight insurers over their denial of business-interruption claims, it said on Tuesday that customers who renewed home or motor insurance policies should pay no more than new clients using the same sales channel...
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