General insurance pricing practices – FCA publishes final report

The FCA’s final report emerged yesterday (22 September) and focuses on remedies for customer detriment arising from certain of the GI pricing practices it has been investigating in depth since it raised the topic in its 2017/18 Business Plan. The remedies proposed by the FCA include requirements for greater transparency for customers and improved reporting to the regulator. However, the most eye-catching remedy proposed is a ban on “price walking” (charging higher premiums for loyal customers), which the FCA CEO described as “radical” in the media coverage of the report.

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