About 10 million consumers should save nearly £120 a year after watchdog’s shake-up
About 10 million home and car insurance customers should save nearly £120 a year each after the UK financial regulator effectively banned the industry from charging higher premiums to loyal customers.
In its toughest crackdown on the insurance industry for many years, the Financial Conduct Authority said firms will have to offer a renewal price that is no higher than the price being offered to new customers. It said the move will save consumers – mostly elderly and low income groups that fail to shop around – about £3.7bn over the next 10 years.
