The UK Financial Conduct Authority (FCA) is considering a ban on automatic insurance price increases after it emerged that more than one loyal customers were being overcharged around £200 ($246) in premiums. The regulator said the market "is not working well for all consumers". Other remedies could include forcing firms to find customers' cheaper deals. The FCA is set to publish a final report early next year.
The UK Financial Conduct Authority (FCA) is considering a ban on automatic insurance price increases after it emerged that about six million loyal customers were being overcharged around £200 ($246) in premiums. The regulator said the market "is not working well for all consumers". Other remedies could include forcing firms to find customers' cheaper deals. The FCA is set to publish a final report early next year.