Policyholders often get lower quotes by phoning to protest, but FCA knows this farce is wrong
Here’s an intriguing idea the Financial Conduct Authority probably won’t adopt: get the entire population of the UK to renew, or switch, its car and home insurance policies on the same day every year.
Absurdly impractical? Almost certainly, but the proposal has been included for consideration in the FCA’s study of how to shake up the general insurance market and one can understand why. As the regulator rightly says, there are “a number of areas of potential consumer harm”. One is insurers’ common practice of whacking up renewal quotes in the hope that bored or unwary punters will tick the box without noticing they’re being gouged.
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