FCA Finalizes Rules For Insurance 'Loyalty Penalty' Ban

Law360, London (May 28, 2021, 11:28 AM BST) -- Britain's financial watchdog has issued final confirmation that it will introduce a ban from the start of next year on what it calls the insurance "loyalty penalty," which it believes will save consumers £4.2 billion ($6 billion) over the next decade.

The City watchdog has finalized plans to ban from Jan. 1 the insurance "loyalty penalty" so that home and motor insurers will no longer be able to charge long-term policyholders more than they offer to new clients. (Getty Images) The Financial Conduct Authority said that, from Jan. 1, home and motor insurers will no longer be able to charge long-term...

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