FCA proposal on renewal information follows call from the ABI
Association of British Insurers
Responding to theannouncement by the Financial Conduct Authorityto consult on proposals to require the publication of the previous years premium on insurance renewal notices,Association of British Insurers Director General, Huw Evans, said:
"Publishing last year's price alongside the renewal quote up front is a good idea which insurers themselves proposed to the FCA last year. This will help customers and encourage them to engage with the policy they choose and what they get for their money.
"It will take time to implement such a big change across the whole insurance industry and we will work closely with the FCA to ensure this welcome reform is delivered on a realistic timescale."
The ABI wrote to the FCA in July 2014 proposing compulsory disclosure of the previous premium on renewal documents. Read about the ABI's letter.
