This is a friendly reminder to all our brokers that the FCA rules are changing this weekend. While there has been a large amount of coverage in the insurance news on this topic, here is a brief summary of what we all need to be aware of from now on.
The FCA has announced some important rule changes around general insurance renewal policies. Essentially, they want to encourage greater transparency for the consumer when their policy is due for renewal.
The deadline for the changes is the 1st April 2017.
Each renewal statement must show the following:
- Disclose last year’s premium
- Disclose renewal premium
- Clearly display any other fees that may be incurred before the fees are due
- Encourage customers to shop around, pronounced for long term (4 years or more) customers.
- Encourage customers to check that the level of cover is still adequate for their needs
All this information must be displayed in a clear and concise manner so that consumers can easily identify the keys facts.
More information and the complete consultation document and results can be found here. Important FCA rule change as of the 1st April 2017
