FCA's Insurance Dual Pricing Ban To Start From 2022

Law360, London (March 23, 2021, 11:54 AM GMT) -- The Financial Conduct Authority said on Tuesday that it will take action against insurers that continue to use unfair pricing practices from next year, as the regulator extends its deadline for implementing sweeping reform of the sector.

The watchdog will require insurers to charge existing home or motor insurance policyholders the same price they offer to new customers from next January. (iStock) The FCA said it expected insurers to have fully introduced its market fix by the end of 2021 for a ban on so-called price walking, which discriminates against existing customers. The reset of the deadline followed warnings from the...

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