FCA Warns Insurers To Rebuild Trust Over Pricing

Law360, London (February 23, 2021, 5:31 PM GMT) -- The Financial Conduct Authority on Tuesday warned insurers they should rebuild consumer trust in the sector, as the watchdog gears up to publish its anticipated fix for unfair insurance pricing practices.

Sheldon Mills, the FCA's executive director of consumers and competition, told the Association of British Insurers' annual conference that customers should be able to trust their insurer is offering them competitive prices.

The watchdog will publish in the second quarter of the year its final report on so-called dual pricing — a common practice in the U.K. whereby an insurer will hike prices every year for long-term customers in order...

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