Insurers to be hit with transparency rules from this weekend

Financial Conduct Authority

Customers must be given the previous year’s quote alongside a new quote from 1 April, under rules from the Financial Conduct Authority. In addition, insurance companies are to “encourage” customers to shop around for a better deal, with an additional prescribed message for customers who have renewed three or four times. “These rules are intended to encourage consumers to engage with their insurance renewal on both cover and price,” a spokesman for the FCA said. The Association of British I