Renewal rules add to burden on brokers
Change will be introduced as the market adjusts to Insurance Act and IPT increase
This August the Financial Conduct Authority (FCA) published new rules for retail general insurers to address concerns about the level of customer engagement around renewals.
When the proposals were made last December, many insurers welcomed them. But, according to some market specialists, the watchdog’s ultimate move to ensure personal lines renewal quotes include previous premiums is not much of a solution for consumers. Instead it adds to red tape and is perceived as a hassle for brokers.
The
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