Insurance 'Price-Walking' Ban Set To Save £4.2B, FCA Says
By Najiyya Budaly (January 4, 2022, 11:49 AM GMT) -- A new ban on unfair pricing practices used by insurers that penalize existing policyholders will save consumers £4.2 billion ($5.7 billion) over the next decade, the City watchdog has said.
The Financial Conduct Authority said on Thursday that insurers are now banned from quoting existing customers a higher price to renew their home and motor insurance than they offer new consumers. The rules that ban so-called price-walking came into force on Saturday.
Price-walking distorts the way that the insurance market works, the FCA said: it allows insurance companies to offer below-cost prices to attract new customers at the expense of loyal...
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