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ABI response to FCA Policy Statement on renewals

The FCA has today published their Policy Statement on Increasing transparency and engagement at renewal. Commenting on this, James Bridge, ABI Assistant Director for Conduct Regulation, said:

James Bridge

It is positive news for customers that the FCA has taken on the ABI’s proposal for firms to disclose last year’s insurance premium at renewal. Showing this information should help customers better understand what they are being offered and decide whether to shop around or stay with their existing provider.

“We are disappointed, however, that the FCA has not taken our advice to exclude health and pet insurance products, as we are concerned that the broader application of these measures may lead to confusing and contradictory messaging on some renewal notices.”

"Since only a third of insurance policies are bought directly through an insurer, it’s important that the FCA is implementing this across the market to include brokers and intermediaries.”

Last updated 15/11/2016