Article preview: Existing insurance customers who pay more than new customers, as a result of the so-called loyalty penalty, could soon get better protection from the regulator. The Financial Conduct Authority (FCA) has published its final report after carrying out a market study into the pricing of home and motor insurance. The FCA is worried that these markets are not working well for consumers, and they are setting out proposals to deal with these issues. In their proposals, the FCA wants to see significant market reforms designed to enhance competition and ensure consumers will receive fair value. In doing so, the FCA hopes to increase trust in these insurance markets.
Dealing with the insurance loyalty penalty
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This 707-word blog post explains the FCA’s proposals for addressing the insurance market loyalty penalty, with new rules designed to improve competition and ensure that existing customers get access to the same prices at renewal as new customers using the same channels. Written on 22nd September 2020.
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