Insurance industry must recognise loyalty at last – The Yorkshire Post says

LOYALTY was long regarded as a priceless – and timeless – value of Britain until consumers found themselves being fleeced by an insurance industry intent on taking advantage of such goodwill.
By YP Comment
Published 23rd Sep 2020, 05:53 BST
Reforms to the pircing policy of the insurance industry have now been promised by the City regulator.Reforms to the pircing policy of the insurance industry have now been promised by the City regulator.
Reforms to the pircing policy of the insurance industry have now been promised by the City regulator.

The consequence of weak regulation was home and motor insurance firms imposing disproportionate price hikes on the more loyal policy-holders, especially those without the inclination or ability to shop around on the internet for the best deals, while offering heavily discounted rates to new online applicants.

And given the number of complaints that The Yorkshire Post and others received about this, it is welcome that the Financial Conduct Authority now says the renewal price for existing customers should, in future, be no higher than the equivalent new-business price.

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Yet, as a new consultation begins, let it be in no doubt that a speedy resolution is expected to this transparency test – this scandal has already gone on for far too long.

Motor insurers will face a new clampdown by the Financial Conduct Authority.Motor insurers will face a new clampdown by the Financial Conduct Authority.
Motor insurers will face a new clampdown by the Financial Conduct Authority.

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Thank you

James Mitchinson

Related topics:Yorkshire PostBritainYorkshire

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