FCA premium finance crackdown saves consumers £100m
Since the the Financial Conduct Authority’s head of insurance Matt Brewis labelled premium finance a “poor product”, car and home insurance customers have saved more than £100m in the past year after insurers reduced how much they charge policyholders for paying premiums monthly rather than annually.
That is according to Consumer Intelligence, which tracks consumer insurance costs through its Insurance Behaviour Tracker.
The benchmarking service claims the average total instalment cost compared
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Personal
Intact’s Scaife unpicks software liability in motor claims
Motor insurers are not yet ready to tackle the complex liability and recovery challenges posed by connected and autonomous vehicles, according to Jess Scaife, director of technical motor and injury claims at Intact Insurance.
Thatcham’s Townsend issues warning on Chinese insurers
Motor insurers must adapt to rapidly changing risks or face potentially significant market disruption from Chinese insurers entering the UK market, according to Ben Townsend, head of automotive at Thatcham Research.
How vet reforms will redraw pet insurance competition
Greater transparency in veterinary pricing could transform how pet insurers price risk, design products and compete for increasingly informed customers, according to Scott Williams, head of pet at Hood Group.
Supporting domestic abuse victims in insurance
What brokers and insurance providers can do to support customers who are experiencing domestic abuse is the focus of the latest Insurance Post Podcast.
Big Interview: Jon Walker, Axa Insurance UK
Following the merger of Axa’s retail and commercial businesses under one brand, Axa Insurance UK’s CEO Jon Walker runs through the thinking behind the move plus what to expect next from the provider.
Fair value rules still fail brokers and consumers alike
Four-and-a-half years after the Financial Conduct Authority’s fair value rules arrived, Branko Bjelobaba, principal of compliance consultancy Branko Ltd, argues inconsistent data and vague metrics still make it difficult for brokers and consumers to compare insurance products properly.
Arag CEO urges MPs to signpost legal expenses cover
Arag has called on MPs to direct people involved in legal disputes towards legal expenses insurance and advice services, arguing greater awareness of support could lighten the justice system's load.
Two men jailed for £275k motor claims fraud
Two men have been jailed for a combined total of more than nine years after admitting their roles in a £275,500 fraud involving staged and fictitious motor collision claims.