Financial Conduct Authority says renewal letters must include price hikes, as it tackles overcharging of loyal policyholders
Millions of people should enjoy 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, medical, travel and pet insurance will have to clearly flag up the amount the customer paid the previous year alongside their quote for the coming 12 months.
Related: What price loyalty to an insurer? Policyholders should look again
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