Pricing models to come under scrutiny as part of Financial Conduct Authority study
Regulators are to investigate the insurance industry for potential racial bias and discrimination over the data that companies use to set their prices.
The Financial Conduct Authority said that while it had found no evidence of “direct discrimination”, insurers were using information within their pricing models that may implicitly or potentially explicitly relate to race or ethnicity, so there was a “risk of discriminating against consumers”.
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