FCA announces radical proposals to shake up premium pricing in GI market to improve competition for customers
We know that the regulator has long been concerned about different (and lower) premiums been offered to new customers compared to loyal customers who may not shop around for their insurances (the so called “loyalty penalty”). The FCA says that its work in the area has identified 6 million policyholders paying high or very high margins in 2018, where if they had paid the average for their insured risk they could have saved £1.2 billion.…