The UK Financial Conduct Authority (FCA) is clamping down on high premiums for home and motor insurance. The regulator warned it could prohibit or restrict price hikes for customers who renew their policies each year. Approximately six million customers are paying higher premiums than necessary for their policies and could save £1.2bn ($1.5bn) every year if they paid the average premium price for their risk, the FCA said.
The UK Financial Conduct Authority (FCA) is clamping down on high premiums for home and motor insurance. The regulator warned it could prohibit or restrict price hikes for customers who renew their policies every year. Approximately six million customers are paying higher premiums than necessary for their policies and could save £1.2bn ($1.5bn) each year if they paid the average premium price for their risk, the FCA said.