Finally! UK To Crack Down On Car And Home Insurance Hikes

UK FCA to protect consumers against loyalty penalties.

Moves are underway to protect British consumers from loyalty penalties in motor and home insurance, potentially saving customers 4.2 billion pounds in the next decade.

SOME insurers sneak up prices for existing customers when they renew policies each year. This means people have to spend hours looking around for better deals and are often offered bargain prices only to find themselves in the same position the following year when the price of the policy goes up again.

The Financial Conduct Authority (FCA) said it would create new rules to ensure consumers renewing quotes for home and motor insurance are not charged more than new customers.

“It is likely that firms will no longer offer unsustainably low-priced deals to some customers,” the FCA said.

There will also be new rules making it easier to cancel automatic policy renewals.

The Association of British Insurers (ABI) said they welcomed the announcement.

“It is vital that the new rules are applied across the whole insurance market, including price comparison websites and insurance brokers, with a uniform level of supervision and monitoring by the FCA, to ensure good customer outcomes,” said Charlotte Clark, director of regulation at the ABI.

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Written by

Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.


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