“No excuse” for renewal transparency failings
Brokers urged to heed the latest “shot across the bows” from the FCA.
Compliance experts have echoed the Financial Conduct Authority’s (FCA) warning on transparency rules when issuing renewal premiums.
Yesterday (3 April) the FCA slammed failings in the market as “simply unacceptable” and stressed that it will continue to take action on the issue.
The rules requiring firms to show the premium a customer paid last year clearly alongside the proposed renewal premium came into force in April 2017.
It needs to come with a “prominent, clear and straightforward
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