FCA has finalised its package of remedies that will protect home and motor insurance customers from loyalty penalties and improve competition. The package of rules will:
- require insurers to offer renewing customers a price no higher than a new customer would pay;
- give easier ways of cancelling automatic renewals;
- require firms to do more to consider how they offer fair value to their customers; and
- require insurers to report home and motor insurance data to FCA.
The rules on systems and controls, product governance and premium finance disclosure will take effect from the end of September 2021, and the remainder from 1 January 2022.