Financial Conduct Authority says renewal letters must include price hikes,as it tackles overcharging of loyal policyholdersMillions of people should savor cheaper insurance after the City regulator announced measures to tackle the problem of companies bumping up the premiums of loyal policyholders.
The rule change will mean that all renewal letters relating to motor, home, and medical,travel and pet insurance will enjoy to clearly flag up the amount the customer paid the preceding year alongside their quote for the coming 12 months.
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Source: theguardian.com