In a big win for our campaign, the Financial Conduct Authority has announced proposals which will require insurers to publish last year’s premium on renewal notices. It’s a simple change and a win for the more than 30,000 people who backed our campaign.
This announcement came as part of a package of proposals aimed at improving the renewals process for consumers. Other proposals include;
- Rules that require additional disclosure when customers have renewed the same product four times or more
- Guidance on how firms can improve their processes around renewals
- Guidance about records that firms maintain to demonstrate compliance, including a record of premiums
These proposals are now being consulted on, with the consultation period closing on 4 March 2016. We’ll be providing feedback on your behalf.