Is Your Insurance Company Breaking Competition Rules

The Financial Conduct Authority has issued yet another warning to general insurance companies that are not complying with rules that were introduced a year ago.

What is General Insurance?

General insurance are policies that usually have a limited term.  Most are annual renewal policies such as home insurance, motor insurance and private medical insurance.

What are the insurance rules being ignored?

When you receive your renewal details, these documents are supposed to clearly show:

• Your new premium alongside last year’s premium.
• A clear ‘shop around’ message reminding you that you may get a more competitive deal by shopping around.

The FCA found that many insurers were hiding the ‘shop around’ message in the small print and not making it clear and bold enough to draw attention to it.  It also found that some insurers had not implemented the new rules across all insurance policies or indeed not at all and others that even gave incorrect information on your last year’s premium.

Comment

These rules were introduced to promote consumer awareness, to encourage price competition and to encourage you to shop around to get the best deal for you.  If you are not happy or believe you have been mis-led or indeed not supplied correct insurance renewal information, you should initially contact your insurer.