FCA Warns Insurers Falling Short As Dual Pricing Rules Loom
By Martin Croucher (August 25, 2021, 12:07 PM BST) -- Too many insurers are failing to meet standards for protecting customers, and could face penalties after a major pricing shakeup takes effect in less than two months, the City watchdog warned on Wednesday.
The Financial Conduct Authority said that some insurance companies had failed to ensure policyholders were being charged a fair price for their cover. The warning came after a wider review by the watchdog into how well companies had implemented earlier guidance on product governance.
The regulator said insurers had in some cases failed to remove high broker commissions from products, in line with regulations issued in 2019, which...
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