Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
The watchdog brought in rules banning dual pricing in motor and home insurance at the start of this year.
The review assessed how firms satisfied themselves that they do not systematically discriminate against customers based on the number of years they have held their policy.
The FCA requested information from 48 brokers and 18 insurers of varying sizes and business models.
According to the FCA, the selected firms account for over 70% of the UK home and motor insurance market.
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