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Insurance firms will be forced to end price walking as FCA reveals rip-off remedies

By 2020-09-22T08:21:00

Moneysupermarket apologises

Firms have until January to feedback on the FCA’s final proposals for ending ‘opaque’ pricing practices

Firms will be forced to offer the same price for insurance products at renewal as they do for new business, the FCA said in its final report on pricing practices released today.

The proposed remedy aims to end the practise of so-called ‘price walking’, where customers - particularly in retail motor and household - are penalised by paying higher premiums upon renewal.

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