Six million insurance holders ‘not getting a good deal’
The Financial Conduct Authority (FCA) published the findings alongside an interim report into the pricing of home and motor insurance.
It said that it was considering solutions to improve the market, which could include banning or restricting raising prices for loyal customers who renew year-on-year, or requiring firms to automatically move customers to cheaper equivalent deals.
And it added that if the six million people that weren’t getting a good deal paid the average price for their risk, they could save around £1.2 billion a year.
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